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    Market opens higher, midcaps outperform, NBFC shares post gains; IT, consumer stocks down

    Market opens higher, midcaps outperform, NBFC shares post gains; IT, consumer stocks down

    Market opens higher, midcaps outperform, NBFC shares post gains; IT, consumer stocks down
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    By Ajay Vaishnav   IST (Updated)

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    The BSE Sensex jumped 90.23 points, or 0.26 percent, to 34,389.70 in initial trade, while the NSE Nifty50 also gained 28.50 points, or 0.28 percent, to 10,329.50. 

    Indian shares opened higher on Wednesday, tracking positive Asian cues and ahead of September quarter earnings of companies like Zee Entertainment Enterprises later in the day.
    With that said, persisting volatility in crude oil prices and the rupee is likely to keep overall investor sentiment cautious.
    The BSE Sensex jumped 90.23 points or 0.26 percent, to 34,389.70 in initial trade, while the NSE Nifty50 also gained 28.50 points or 0.28 percent, to 10,329.50.
    Broader market outperformed benchmark indexes with the Nifty MidCap rising 0.78 percent.
    Non-banking financial companies (NBFC) shares surged higher on positive news that SBI will provide liquidity support by enlarging its loan portfolio.
    However, India's largest public lender denied any specific deal to buy a large portion of loan portfolio from the Dewan Housing Finance Ltd.
    Shares of Bajaj Finance, Hero MotoCorp, Tata Motors, Bharti Infratel, Zee Enterprises moved higher by up to 3.50 percent.
    Stability in the rupee seem to impacted the IT shares, with HCL Tech, Infosys and Wipro shares among top laggards. HCL Tech, Infosys, Asian Paints, Wipro and Hindustan Unilever fell by up to 1.85 percent.
    Among sectoral indices, 38 sectors advanced with the Nifty Media leading the charge by rising 1.78 percent. A sharp jump in Zee Entertainment, which will declare its September quarter results later in the day, contributed to the upbeat mood in the sector.
    BSE Telecom, Auto, Oil & Gas, Capital Goods were among major gainers among sectoral indices, while Nifty IT was leading among the top 5 declining sectors. Sectoral indices associated with IT and FMCG were among major losers.
    Earlier, rupee opened stronger against the US dollar at 74.15. The home currency had closed at 74.39 against the greenback on Tuesday.
    Most Asian indices traded higher after the recent sell-off in markets, with Japan's Nikkei 225 snapping a four-session losing streak. The 10-year US bond yield, which had touched a fresh seven-year high, ended lower on Tuesday, easing investor concerns.
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