A rebound in Reliance Industries shares helped Indian markets stay firm in noon trade trade. RIL shares were up 4% after falling nearly 10% over previous two sessions. Sun Pharma, IndusInd Bank, Nestle, Infosys and TCS were among the other top Sensex gainers.
The Sensex was up about 350 points while Nifty was firm above 11,900 in noon trade.
Emerging-market stocks and currencies swung today as US election tallies suggested the outcome of the presidential vote will be closer than polls had predicted.
In today’s trading, the Indian rupee weakened by 0.37% to 74.68 against the dollar, boosting shares of IT services companies that mostly earn their revenue in U.S. dollars but report it in Indian rupees.
Drugmaker Sun Pharmaceutical Industries rose nearly 6% after the company reported upbeat profit for the July-September quarter, boosting the Nifty pharma index about 2.2%.
India’s biggest lender State Bank of India was flat ahead of its earnings, scheduled for later in the day.
Wednesday 11:00? Reliance Industries Ltd.: 1,862.20? volume: 19,365,795.00
“11950 is the level to watch out for; if we can get past this, the markets could attempt 12100-12200 as a target in the near term and 12300-12400 in the medium term. On the downside, 11600 is now good support for the market,” said Manish Hathiramani, Proprietary Index Trader and Technical Analyst, Deen Dayal Investments.
News Source:- Livemint