Closing Bell: Sensex up 257 pts, Nifty ends above 10,800 but market breadth in favour of bears

Closing Bell: Sensex up 257 pts, Nifty ends above 10,800 but market breadth in favour of bears.

Asian shares are trading mixed amid trade and economic concerns; OPEC meeting ahead.

Market Closing: Benchmark indices closed sharply higher led by the recovery in the last hour of trade, backed by banking & financial stocks.

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The Sensex gained 257.21 points at 35,689.60 and the Nifty rose 80.80 points to 10,821.90.

Sun Pharma, Cipla, Dr. Reddy's Labs, Bajaj Finance, Baja Finserv, M&M and Indiabulls Housing Finance rallied 2-5 percent.

HDFC, HDFC Bank, Axis Bank, SBI, ICICI Bank, Bharti Airtel, L&T and HUL gained 1-2.6 percent while RIL fell nearly 2 percent.

HPCL and UPL were under pressure.

Nifty Midcap index gained 80 points.

Hexaware, Adani Transmission, United Spirits, Ujjivan Financial, IDBI Bank, Fortis Healthcare, Can Fin Homes, Jet Airways, InterGlobe Aviation, Infibeam, Jubilant Foodworks, Bombay Dyeing, Manappuram Finance and Havells gained up to 8 percent.

NIIT Tech, Shree Renuka Sugars, Avant Feeds and PNB were under pressure.

Rupee Update: The Indian rupee appreciated further in afternoon, rising 21 paise to 67.77 against the dollar, after increased selling of the US currency by exporters and banks.

OPEC Meeting: Saudi Oil Minister Khalid Al-Falih said he proposed to increase oil supply by 1 mbpd. "1 mbpd supply will be distributed among nations based on their ability to produce."

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Roughly 2/3rd supply increases will come from OPEC countries, he said, adding OPEC will meet again in September & make adjustments as needed.

He said no one should expect immediate flood of oil.

"We support increase of 1 mbpd or less if it supports the market," Kuwait Oil Minister Bakheet Al-Rashidi said.

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