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Nifty hits 8550, Sensex firm; Wipro tanks 5%, Reliance up 1%
Reliance, GAIL, M&M, Coal India and Cipla are top gainers in the Sensex while Wipro is down 5 percent. Other losers in the Sensex are ICICI Bank, Infosys, ONGC and Axis Bank.
After a slow opening, the market has quickly picked pace on Wednesday. The Sensex is up 86.99 points or 0.3 percent at 27874.61 and the Nifty is up 22.60 points or 0.3 at 8551.15. About 507 shares have advanced, 233 shares declined, and 35 shares are unchanged.
M&M's tech, product development spend at Rs 1,938 cr in FY16 The company, which is betting big on innovation and aims to be among the top 50 'Most Admired' brands in the world by 2021, also filed 173 patents in 2015-16.
Public sector Indian Bank today said it is adequately funded and will meet its capital requirements through internal accruals. Hailing infusion of Rs 22,915 crore capital into 13 PSU banks by the Centre as an "intelligent move", Indian Bank Managing Director and CEO Mahesh Kumar Jain said it would help the lenders to focus on credit growth.