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Market recovers after volatile trade; Sensex up nearly 100 points

Market recovers after volatile trade; Sensex up nearly 100 points

Market recovers after volatile trade; Sensex up nearly 100 points
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By Ajay Vaishnav  Jan 8, 2019 10:39:35 AM IST (Updated)

Benchmark equity indices turned positive after initial volatile on weak Asian cues, ahead of the outcome of the two-day US-China trade talks.

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, down from the 7.4 percent growth projected by the Reserve Bank of India. Additionally, the uptrend in global oil prices and its impact on the rupee also impacted risk appetite in equities.
At 10:32 am, the Sensex was trading at 35,947, up nearly 100 points and the Nifty was at 10,794, trading marginally higher.
Earlier, the 30-share BSE index settled at 35,964.62, up 114 .46 points, or 0.03 percent at 9.08 am, while the broader 50-share NSE index was at 10,786.25, up 14.45 points, or 0.1 percent.
Broader market indices also slipped with the Nifty MidCap down by nearly 22 points, or 0.12 percent, at 17,636. The Bank Nifty plunged by over 100 points, or 0.37 percent, to 27,204.
BSE Metal was leading the 27 advancing sectors, which also included Nifty IT and Nifty Pharma. BSE Power dipped 0.46 percent, the weakest among 16 declining sectors. BSE Finance, BSE Energy and Bankex were other major notable sectoral losers.
Among losers, shares of Indiabulls Housing Finance, HPCL, BPCL, Grasim and M&M fell between 0.74 percent and 1.08 percent. Public sector downstream oil companies fell as crude oil prices strengthened.
Among gainers, Tata Motors was up 1.11 percent on growth in Jaguar Land Rover sales in the United Kingdom, while Sun Pharma, Eicher Motors, Dr Reddy's Labs and Vedanta gained between half a percent and 0.86 percent.
Shares of Gruh Finance, Bandhan Bank and HDFC fell after merger announcement.
Gruh Finance fell nearly 14 percent on unfavourable share swap deal, while Bandhan Bank declined 4.21 percent on expensive valuation of Gruh Finance., while HDFC also dipped 0.60 percent as the non-banking financial company holds substantial shares in Bandhan Bank.
Meanwhile, the Indian rupee opened weaker against the US dollar on Tuesday. The home currency opened at 69.84, up from Monday's close of 69.68.
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