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Market trades lower after opening highs; Nifty Bank under pressure

Market trades lower after opening highs; Nifty Bank under pressure

Market trades lower after opening highs; Nifty Bank under pressure
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By Ajay Vaishnav  Aug 23, 2018 11:20:17 AM IST (Updated)

The BSE Sensex jumped nearly 131 points to start at 38,416, while the NSE Nifty 50 started at 11,620, surging by nearly 50 points, or 0.43 percent.

The BSE Sensex was trading at 38,275, lower by nearly 11 points, or 0.03 percent. The Nifty 50 was trading above 11,550 mark, at 11,559, trading lower by 11.60 points, or 0.10 percent at 11.10 am.

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BSE MidCap was flat, down by 0.03 percent, while SmallCap was lower by 0.31 percent. Except FMCG, Healthcare, IT, Utilities, Power and Teck all other sectoral indices were trading lower on the BSE.
On the NSE, only Pharma, IT and FMCG were trading higher among sectoral indices with maximum weakness seen in PSU Bank at 1.96 percent and Metal down by 1.46 percent.
Shares of Tata Motors, Vedanta, SBI, Kotak Mahindra, Bajaj Auto, BPCL, HPCL, Hindalco declined while Lupin, Cipla, Dr Reddy's Labs, Power Grid, HCL Technologies, HUL, HDFC, TCS, NTPC gained on indexes.
(Market update as of 11.15 am)
Equity market opens at record highs
Indian equity indices started on a strong note on Thursday amid mixed global cues.
The BSE Sensex jumped nearly 131 points to start at 38,416, while the NSE Nifty 50 started at 11,620, surging by nearly 50 points.
Indices trimmed gains in initial trade on account of short-selling seen in bank, auto and metal shares. At 9.16 am, the 30 share BSE index was trading higher by over 100 points, at 38,385.81. The 50-share broader NSE index was at 11,604.30, higher by 33.40 points.
Nifty Bank rose to 28,298, up by 0.14 percent.
Midcaps were trading in the green, Nifty MidCap hovered above flatline, while the BSE MidCap was trading higher by 0.31 percent.
Six out of 19 sectoral indices on the BSE index were trading negative with maximum pressure seen in Metal. BSE FMCG, healthcare, telecom, teck, and IT traded higher by up to 1.5 percent.
NSE sectoral indices were mixed with Nifty Pharma trading higher by 1.69 percent. FMCG and IT also traded higher.
PSU Bank was lower by 0.40 percent, while Nifty Bank and PVT Bank were down 0.21 percent and 0.25 percent, respectively.
Shares of Bharti Airtel, Sun Pharma, Power Grid, Wipro, HDFC, Lupin, Dr Reddy's Labs, Cipla surged higher on indexes, while Tata Motors, BPCL, Vedanta, HPCL, Kotak Mahindra, SBI were lower by up to 3.01 percent.
On the rupee front, the home currency opened weaker at 70.02 against the dollar after Tuesday’s close of 69.81.
Asian markets were trading mixed with Japan’s Nikkei marginally up by 0.18 percent, while Hong Kong's Hang Seng dipped by 0.61 percent. Chinese stocks were under pressure ahead of imposition of fresh 25 percent tariffs on $16 billion worth of Chinese goods by the US.
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