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Closing Bell: Nifty ends above 11K, Sensex gains 353 pts; metal stocks shine.

Benchmark indices ended higher but off day’s high on August 14 with Nifty finished above 11,000 level helped by the metal, infra and banking stocks.
At close, the Sensex was up 353.37 points at 37,311.53, while Nifty was up 103.50 points at 11,029.40. About 1297 shares have advanced, 1148 shares declined, and 142 shares are unchanged.
UPL, Bajaj Finserv, Vedanta, Tata Steel and Zee Entertainment were among major gainers on the Nifty, while losers were Sun Pharma, Indiabulls Housing, Wipro, Dr Reddy Labs and Coal India.
On the sectoral front, the buying was seen in the metal (up 2.3 percent), infra (up 1.6 percent) followed by banks, FMCG, energy and IT, while pharma stocks remained under pressure. BSE Midcap index was up 0.8 percent and smallcap index was up 0.4 percent.

Grasim Industries Q1 net falls 68.6%: The company has reported 68.6 percent fall in its Q1 standalone net profit at Rs 201.7 crore on one-time loss of Rs 290 crore on impairment in value of investment in payment bank.
Rupee off day’s high: The Indian rupee has erased some of its intraday gains but trading higher by 12 paise at 71.28 per dollar against previous close 71.40.
Shares of Dr Reddy’s Laboratories fell 8 percent on August 14 as there could be a delay in the launch of the generic female contraceptive drug in the US.
SBI to divest its stake in SBI Cards & Payment Services: State Bank of India at its meeting held today has given in-principle approval to explore the possibility of diluting SBI’s stake in SBI Cards & Payment Services Private Limited, a subsidiary company through IPO route, subject to the approval of RBI and other regulatory agencies.
L&T gains 2% on plan to raise Rs 1,400 crore: The company proposes to issue rated, listed, unsecured, redeemable non-convertible debentures aggregating up to Rs 1,400 crore on private placement basis.

The crucial resistance for Nifty spot is now seen at 11360 and above this 11480 Support for the immediate term is now placed at 10820 next support will be 10600.

Investment & trading in securities market is always subjected to market risks, past performance is not a guarantee of future performance.

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