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    Afternoon Session: Markets rally 2% on buying across the board, Nifty above 11,900

    Afternoon Session: Markets rally 2% on buying across the board, Nifty above 11,900

    Afternoon Session: Markets rally 2% on buying across the board, Nifty above 11,900
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    By Ankit Gohel   IST (Published)

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    Indian benchmark indices, Sensex and Nifty, jumped two percent on Tuesday afternoon led by low-level buying across the board amid positive macro-economic cues. A slump in crude oil prices also boosted trade sentiment.

    Indian benchmark indices, Sensex and Nifty, jumped two percent on Tuesday afternoon led by low-level buying across the board amid positive macro-economic cues. A slump in crude oil prices also boosted trade sentiment.
    Broader markets supported the rally, with Nifty Smallcap100 up 1.63 percent and the Nifty Midcap100 index rising 0.98 percent.
    At 1:10 pm, the Sensex jumped 1.95 percent or 776.06 points at 40,648.37 and the Nifty was trading 1.93 percent or 226.20 points higher at 11,934.10.
    Buying was witnessed across sectors, led by Nifty Metals, Nifty Media and Nifty Financial Services surging 2 percent each, while Nifty Bank, Nifty Auto, Nifty IT, Nifty Pharma and Nifty Realty were up 1 percent each.
    Bajaj Finserv, HeroMoto Corp, Bharti Infratel, Indian Oil Corporation and GAIL India were the Nifty50 top gainers, while Bajaj Auto, YES Bank, Hindustan Unilever, Eicher Motors and Tata Consultancy Services led the losses.
    Bajaj Auto shares fell after it reported a 3 percent decline in its total sales for January 2020 at 394,473 units as against 407,150 units it sold in January 2019. The sales were below Nomura’s estimations of 4.05 lakh units during the month.
    Shriram Transport Finance Company shares surged over 12 percent after the company reported third-quarter earnings above estimates with net profit rising 38.4 percent and improvement in asset quality. The non-banking financial company on Monday reported a consolidated net profit of Rs 879.16 crore for the third quarter ended December 2019 as against a CNBC-TV18 poll estimates of Rs 701.2 crore.
    The share price of GlaxoSmithKline Pharmaceuticals slumped over 13 percent in Tuesday's trade, a day after the company posted a loss in its third-quarter results. The pharma major reported a consolidated net loss of Rs 661.16 crore for the December 2019 quarter, mainly on account of financial impact related to the voluntary recall of Zinetac.
    Globally, Asian stocks bounced on Tuesday with Chinese markets reversing some of their previous plunge amid official efforts to calm coronavirus fears, although investor sentiment remained fragile with oil near 13-month lows.
    Check out our in-depth Market Coverage, Business News & get real-time Stock Market Updates on CNBC-TV18. Also, Watch our channels CNBC-TV18, CNBC Awaaz and CNBC Bajar Live on-the-go!
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