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Market off the day's lows led by midcaps; financials, IT, consumer shares drag indexes

Market off the day's lows led by midcaps; financials, IT, consumer shares drag indexes

Market off the day's lows led by midcaps; financials, IT, consumer shares drag indexes
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By Ajay Vaishnav  Oct 26, 2018 12:32:34 PM IST (Updated)

Indian shares traded lower on Friday noon dragged lower by financial, IT and consumer stocks. 

Indian shares traded lower on Friday noon dragged lower by financial, IT and consumer stocks. Benchmark indexes recovered from the day's lows on buying in midcaps, particularly non-banking financial companies (NBFCs) whose valuations have sharply came down due to last few week's sell-off.

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The Nifty traded at 10,084, down by 40 points or 0.40 percent, while the Sensex was lower by 145 points or 0.43 percent, to trade at 33,545.
Broader market indexes outperformed their front-line peers, with the BSE MidCap trading higher by 0.47 percent, while the Nifty MidCap rose more than half a percent.
Sectoral advances also improved in performance with as many as 11 sectors advancing compared to just two in the opening session. BSE Consumer Durables was leading among sectoral gainers with 1.33 percent rise. Other gainers were BSE Energy, Telecom, Auto and PSU Banks, rising by up to 0.95 percent.
BSE IT led 32 declining sectors with losses of 1.56 percent. Other prominent sectors trading under pressure included Nifty IT, BSE Teck, Nifty CPSE and BSE Power declining by up to 1.47 percent.
Indiabulls Housing Finance, Tata Motors, Titan Company, Tata Steel, Hero MotoCorp, Bharti Airtel and Reliance Industries Ltd were among top index gainers, rising by up to 4 percent.
Yes Bank, which plummeted by 15 percent in early trade, remained top index loser. The private bank shares continued to trade weak by nearly 5 percent as its Q2 earnings came below expectations.
HCL Technologies, Zee Entertainment, Axis Bank, JSW Steel, Infosys, TCS and NTPC were other major laggards, dipping by up to 3.26 percent.
The rupee traded at 73.38 against the US dollar, marginally recovering from the opening low of 73.42 against the greenback.
Asian markets traded under pressure skiding to 20-month lows, despite a recovery in Wall Street overnight. Hang Seng was down by nearly a percent, while Japan's Nikkei slipped 0.40 percent.
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