Closing Bell: Sensex ends over 300 points higher, Nifty above 10,750; consumption, metals gain big

It’s a strong start to the week, with the Sensex ending over 300 points higher, while the Nifty surged past 10,750 on the back of intense buying.

Buying counters were buzzing among sectors such as automobiles, consumption, energy, infrastructure, IT, metals and pharmaceuticals as well. In the broader markets, the Nifty Midcap index rose around half a percent.

Financials saw a rally as news reports indicated that the central bank was open to tweaking/review of PSU banks’ prompt corrective action (PCA) plan.

At the close of market hours, the Sensex closed up 317.72 points or 0.90% at 35774.88, while the Nifty was higher 81.20 points or 0.76% at 10763.40. The market breadth was narrow as 1,330 shares advanced, against a decline of 1,278 shares, while 160 shares were unchanged.

Yes Bank and ITC were the top gainers, while ONGC, ICICI Bank, Indiabulls Housing and GAIL lost the most.

Indian Sugar Mills Association has said that sugar output as of November 15, 2018 has been reported at 11.63 lakh tonnes against 13.73 lakh tonnes year on year.

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The Indian rupee is trading higher by 28 paise at 71.64 per dollar.

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: The company has obtained order aggregating to Rs 59 crore for design, manufacture, testing, supply and O&M of LED Street Lights & Poles and other related works for implementation of Greenfield Street Lighting Projects for ULBs in Odisha from Government of Odisha, Housing & Urban Department.

Research house maintained equal-weight call on the stock and raised target to Rs 615 from Rs 567 per share.

According to Morgan Stanley the near-term business outlook appears modest, while balance sheet remains stretched.

The prospects of unlocking value in IP pipeline are distant.

Former CEA reckons it is a bad idea to use RBI reserves for current spending: Report

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According to a report by CNBC-TV18, CG Power’s 40.56 lakh shares (0.6 percent equity) has been traded in a block on the National Stock Exchange at Rs 38.25 apiece.

The National Stock Exchange has launched an app and web platform ‘NSE goBID’ which will enable retail investors to buy government securities.

The app will be available to all registered investors with NSE’s trading members and will also facilitate trading members in acquiring new retail investors.

It will allow retail investors to make payment directly from their bank accounts using the Unified Payments Interface (UPI) and internet banking.

Through the app, retail investors can invest in treasury bills (T-Bills) of 91 days, 182 days and 364 days and various government bonds from one year to almost 40 years. Investment can be done almost every week after a one-time registration.