Closing Bell: Bulls take charge on D-Street as Sensex ends 629 pts higher; Nifty above 10,700

Bulls took charge right from the word go and consistently traded in the green. But intense buying in the last hour helped the market end on an even stronger note. The Nifty, not only managed to clock 10,700, but also closed above this mark.

Buying was visible across all sectors, with maximum gains seen among automobiles, metals, banks, infrastructure and consumption names. In the broader market, the Nifty Midcap index ended 3 percent higher.

At the close of market hours, the Sensex closed up 629.06 points or 1.79% at 35779.07, while the Nifty rose 188.40 points or 1.79% at 10737.60. The market breadth was positive as 1,882 shares advanced, against a decline of 645 shares, while 139 shares were unchanged.

Hero MotoCorp, Bharti Airtel, and Indiabulls Housing gained the most, while Dr Reddy’s Laboratories, and Bharti Infratel lost the most.

:​Ramco Systems has secured deal from a leading adversary air (ADAIR) services provider to the US defence forces, to manage its fleet of fighteraircraft used for highly complex training fleet and defence contract requirements.

Rating Agency CARE Ratings has reaffirmed CARE A1+ rating on Shree Cements' Commercial Papers of Rs 300 crore.

Benchmark indices extend the gain in the afternoon trade with Nifty above 10,700, while Sensexis up over 500 points.

At 14:47 hrs IST, the Sensex is up 539.36 points or 1.53% at 35689.37, while Nifty up 162.50 points or 1.54% at 10711.70.About 1797 shares have advanced, 621 shares declined, and 115 shares are unchanged.

Torrent Power has ought a nod from Gujarat regulator to hike tariffs so that it could offset under-recoveries. The company said that the tariff hike will help it recover Rs 275 crore.

UK PM May to face vote of no confidence in her leadership

Shaktikanta Das, the new Governor of the Reserve Bank of India (RBI), is taking charge of the central bank in less than propitious circumstances. His predecessor’s resignation was clearly a protest against the government trying to impose its will on the institution. In that context, Das’ most important task is a simple one --he will have to prove that he is his own man.

Admittedly, the new incumbent at Mint Street starts off with a handicap. While his vast experience in managing economic affairs is not in question, he has an unfortunate reputation as the man under whom the government launched its controversial demonetisation programme. The speed with which he has been appointed has also raised questions whether this was the government’s game plan all along.

While several bureaucrats from the Finance Ministry have gone on to become excellent RBI governors and have asserted their independence, they did not assume office in similar circumstances. Simply put, Das will have to prove his independence. The dice is loaded against him, which means that given the circumstances, he will initially be seen to have been appointed to obey the diktats of the Finance Ministry. He will not only have to take an independent line, but must be seen to do so. He will have to work extra hard to show he is no pushover.

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The company has approved additional annual clinker capacity of 1.4 million tonnes (taking the total clinker capacity to 3.1 million tonnes), additional cement grinding capacity of 1.8 million tonnes and Captive Power Plan & Waste Heat Recovery System at Marwar Mundwa at an additional estimated cost of Rs.960 crores taking the total investment to Rs 2,350 crore.

Here are 5 factors that are driving Nifty, Sensex higher today

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ACC Board Grants Nod to set up a greenfield integrated cement plan at Ametha.

Vivimed Labs said that its 50:50 joint venture (JV), Strides Vivimed has received an approval from the US Food and Drug Administration for Albendazole Tablets. The drug is used at certain infections caused by tapeworm. It also prevents newly hatched insect lawae (worms) from growing or multiplying in the body.