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    Afternoon Session: Markets touch day’s high; Banks, realty, auto stocks gain

    Afternoon Session: Markets touch day’s high; Banks, realty, auto stocks gain

    Afternoon Session: Markets touch day’s high; Banks, realty, auto stocks gain
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    By Ankit Gohel   IST (Updated)

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    Indian benchmark indices traded at the day’s high on Thursday afternoon aided by gains in realty, auto, IT, and banking stocks. However, selling in media and FMCG stocks capped the gains.

    Indian benchmark indices traded at the day’s high on Thursday afternoon aided by gains in realty, auto, IT, and banking stocks. However, selling in media and FMCG stocks capped the gains.
    Broader indices outperformed benchmark indices, with Nifty Midcap100 up 1.30 percent and Nifty Smallcap100 up 0.54 percent.
    At 12:10 pm, the Sensex was trading 69.09 points or 0.17 percent higher at 41,184.47, while the Nifty50 index was trading at 12,127.25, up 20.35 points or 0.17 percent.
    Nifty Realty index gained the most followed by Nifty PSU Banks, Nifty Auto, and Nifty IT sectors.
    YES Bank, Indian Oil Corporation, L&T, GAIL India, and Grasim Industries were the Nifty50 top gainers while Zee Entertainment Enterprises, UPL, Power Grid, Tech Mahindra, and Bajaj Finance led the losers.
    AU Small Finance Bank's share price rallied over 9 percent intraday on Thursday after the private sector lender reported strong net profit in the third quarter this financial year. The stock price touched its 52-week high of Rs 969.05 apiece on the BSE.
    Cipla shares fell over 2 percent in the early trade on Thursday after the United States Food and Drug Administration (USFDA) classified the inspection conducted at the company’s Goa manufacturing facility as official action indicated (OAI). The scrip touched an intraday low of Rs 460 after falling 2.49 percent on the BSE.
    Larsen & Toubro's stock price rose on Thursday despite weak earnings as valuations are compelling at 15 times FY21E PE against the historic average of 19-20 times. UBS said the stock is trading at its largest discount to the Nifty (15 percent discount compared with 25 percent 10-year average premium). Experts believe that strong ordering, margin improvement and expectation of special dividends from electrical and automation sale proceeds are likely to drive the stock's performance in 2020.
    Vodafone Idea shares surged over 7 percent intraday after telecom firms wrote to the Department of Telecommunications (DoT), requesting the government to wait for the Supreme Court's orders with regards to the firms seeking more time to pay their adjusted gross revenue (AGR) dues.
    Intraday, the stock price surged 7.14 percent at Rs 6 per share on the NSE.
    On the global front, Asian markets fell as investors remained anxious about the spread of a new flu-like virus in China just as millions prepared to travel for the lunar New Year.
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