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Market edges higher, Nifty above 11,000; banking stocks gain

Market edges higher, Nifty above 11,000; banking stocks gain

Market edges higher, Nifty above 11,000; banking stocks gain
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By Mousumi Paul  Sept 12, 2019 12:38:45 PM IST (Published)

The Indian equity benchmark indices recouped gains in the afternoon trade on Thursday driven by banking, metal and energy stocks ahead of the release of macroeconomic data. 

The Indian equity benchmark indices edged higher in the afternoon trade on Thursday driven by banking, metal and energy stocks ahead of the release of macroeconomic data.

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At 12:10 pm, the BSE Sensex was at 37,318.44, up 47.62 points or 0.13 percent and the Nifty was trading at 11,047, up 11.30 points or 0.10 percent.
Nifty Financial Services remained the best-performer led by Nifty Bank and Nifty PSU Bank. Most sectors traded in the green with the exception of Nifty IT, Nifty FMCG, Nifty Media and Nifty Auto.
Indiabulls Housing Finance, UltraTech Cement, ICICI Bank, Grasim and IndusInd Bank were the top gainers, while Yes Bank, Tata Motors, Eicher Motors, Maruti Suzuki and Zee Entertainment were the major laggards.
Shares of Walchandnagar Industries Ltd jumped as much as 11.4 percent to Rs 67.60 in early trade on Thursday, after the engineering firm won an order worth over Rs 77.20 crore from the Indian Space Research Organisation's (ISRO) Vikram Sarabhai Space Centre.
Paper stocks have seen tremendous gains of up to 50 percent in just last 3-4 trading sessions. In the last three trading sessions, Malu Paper rallied 49.49 percent, Ruchira Paper surged 39.76 percent, Star Paper rose 32.07 percent and JK Paper gained 30.79 percent. Other stocks like Orient Paper and Seshasayee Paper saw 26.39 percent gains, and West Coast Paper rose 18.45 percent.
Gold prices in India fell on Wednesday in absence of festive demand despite positive trends in global markets. Global gold prices edged higher supported by concerns over the global economy and the US-China trade war. In New Delhi, gold prices declined by Rs 372 to Rs 38,975 per 10 grams, while silver prices tumbled Rs 1,150 to Rs 48,590 per kilogram, reported PTI.
Meanwhile, stocks in Asia traded higher Thursday afternoon amid positive developments on the US-China trade front. Markets also expect further easing measures by the European Central Bank when it announces its decision on interest rates later today.
 
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