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    Market pares losses, Nifty above 11,700 level; IT stocks decline

    Market pares losses, Nifty above 11,700 level; IT stocks decline

    Market pares losses, Nifty above 11,700 level; IT stocks decline
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    By Mousumi Paul   IST (Published)

    The Indian market pared losses in the afternoon trade on Thursday with the Sensex trading at 39,256.77, up 148.86 points, or 0.37 percent, and the Nifty 50 trading at 11,732.40, up 40.95 points, or 0.35 percent at 12:00 PM.
    Indiabulls Housing Finance, Yes Bank, IndusInd Bank, Sun Pharma and Grasim were among the top gainers on the key indices, whereas UPL, Wipro, Tech Mahindra, Britannia and Axis Bank were among those who lost.
    Nifty Pharma was the best performing sector of the day on the back of gains from Piramal Enterprises, Sun Pharma, Divis Laboratories and others. Meanwhile, Nifty IT performed poorly due to losses in Wipro, Tech Mahindra and Infosys.
    Shares of Apollo Hospitals gained nearly 4 percent at the opening after HDFC said that it will buy a 51.2 percent stake in Apollo Munich Health Insurance. HDFC will acquire 50.8 percent in Apollo Munich for Rs 1,336 crore from Apollo Hospitals Group and 0.4 percent from a few employees for Rs 10.84 crore, the company said in its filing.
    ICRA cut the long-term rating of Reliance Power to ‘C’ from ‘BB’ following a 'significant deterioration' in the company’s financial position. “
    Meanwhile, Asian stocks rose higher on Thursday after the US Federal Reserve left interest rates unchanged but opened the door to cut rates on the horizon.
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