Closing Bell: Sensex ends 550 points higher, Nifty closes at 10,386; midcaps up 2%

Wednesday’s session has ended on a strong note, with the Sensex soaring over 500 points, while the Nifty closed above 10,350-mark. A strong surge in financials along with IT names were responsible for pushing the indices higher.

Pharmaceuticals joined the bandwagon as well and a combination of all these factors boosted the market.

Automobiles, consumption, infrastructure, and PSU banks were the other big gainers. In the broader markets, the Nifty Midcap index rose around 2 percent.

At the close of market hours, the Sensex ended up 550.92 points or 1.63% at 34,442.05, while the Nifty was higher by 188.20 points or 1.85% at 10,386.60. The market breadth is positive as 1,593 shares advanced, 946 shares declined, while 1,114 shares were unchanged.

Its net profit rose 13.4 percent at Rs 105.1 crore against Rs92.7 crore, revenue rose 24.8 percent at Rs 357.8 crore against Rs286.7 crore, YoY.

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: Consolidated net profit down 41.5 percent at Rs 265 crore against Rs 455 crore. Revenue was unchanged at Rs 3,951 crore, YoY.

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Indian rupee has recovered from the day's low of 74.14. It is trading lower by 20 paise 73.88 per dollar, after a weak opening at 73.92.

: Benchmark indices gained further ground in the afternoon trade with Nifty trading cloer to 10,350 level.

The Sensex is up 406.41 points or 1.20% at 34297.54, while Nifty up 138.10 points or 1.35% at 10336.50. About 1409 shares have advanced, 941 shares declined, and 1297 shares are unchanged.

Reliance Industries, HDFC, Infosys, ICICI Bank and TCS are the positive contributors to the Sensex.

: Company's Q2 net profit was up 10.4 percent at Rs 90.9 crore against Rs 82.4 crore. Revenue was down 17.9 percent at Rs 1,015 crore versus Rs 1,236.8 crore, YoY.

PNB Housing Finance has raised Rs 2,450 crore through commercial papers. The stock has surged over 7 percent.

Equity benchmarks have extended their gains, with the Nifty soaring past 10,250.

The Sensex is up 219.04 points or 0.65% at 34110.17, while the Nifty is higher 74.90 points or 0.73% at 10273.30. The market breadth is positive as 1,279 shares advanced, against a decline of 1,021 shares, while 1,346 shares were unchanged.

IT stocks have further extended their gains, while pharmaceuticals and PSU banks were higher as well. Metals, infra and automobiles were the other big losers. The midcap index was higher by a percent.

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