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Market advances in close; Nifty reclaims 10,800 ahead of OPEC meet outcome

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Among stocks, M&M, ITC and Bharti Infratel gained the most, while Reliance, Wipro, and Grasim were the top losers.

Market advances in close; Nifty reclaims 10,800 ahead of OPEC meet outcome
The market advanced in the close with the BSE Sensex closing at 35,685 points and the NSE Nifty closing at 10,822 points ahead of the OPEC meet outcome. IDBI Bank gained more than two percent in trade after the LIC stake deal buzz.
Bajaj Finance, Sun PharmaBajaj FinservBharti Infratel and M&M were the top Nifty gainers while HPCL, Reliance, Eicher Motors, UPL and IndusInd Bank were the top Nifty losers.
(Above mentioned: Closing Bell update as of 03:35 pm)
What happened in the market so far?
The Indian markets continued to trade lower tracking cues from Asian and global peers with overall sentiment being cautious ahead of a key OPEC meeting in Vienna which could cut a deal to raise production to stem rising oil prices. The Asian markets remained subdued as the US-China trade tensions seemed to escalate.
Adding to this is the Modi government’s decision to impose retaliatory tariffs on US almond imports, joining the European Union and China against President Donald Trump’s tariff hikes on steel and aluminium. India has also imposed a 120 percent duty on the import of walnuts from the US. These duties come along with a host of tariffs on other farm, steel and iron products from the US.
What could further shake the markets is that Iran’s oil minister has reportedly walked out of the ongoing OPEC meet. The regional rivals, Iran and Saudi Arabia, took divergent views on the oil cartel’s strategy to control output. The Saudi Arabia wants to ramp up the crude oil production.
The 30-share benchmark S&P BSE Sensex was trading lower by 15.14 points, or 0.04 percent lower, at 35,417.25 at 11.42am. The broader 50-share NSE Nifty 50 was trading lower by 8.40 points, or 0.08 percent lower, at 10,732.70.
Most Nifty sectoral indices were in the red, with the Nifty Energy down by 1.11%. Nifty FMCG gained around 1 percent.
Among stocks, M&M, ITC and Bharti Infratel gained the most, while Reliance, Wipro, and Grasim were the top losers.
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