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Market close higher, private bank, pharma shares rise, RIL chips in

Market close higher, private bank, pharma shares rise, RIL chips in

Market close higher, private bank, pharma shares rise, RIL chips in
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By Ajay Vaishnav  Aug 14, 2018 4:04:00 PM IST (Updated)

The BSE Sensex was trading at 37,816.87, higher by 171.97 points, while the NSE Nifty 50 was trading higher by 60.70 points to 11,416.45.

Indian equity markets bounced back on Tuesday, reversing losses from the last two trading sessions, on the back of strong macro-economic data and corporate earnings.

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The BSE Sensex eneded 207 points higher, or rising by 0.55 percent, to 37,852, while the NSE Nifty 50 settled at 11,435.10, rising by 79 points, or 0.70 percent.
Sustained buying was seen in most sectors, but particularly in private bank shares, pharma, metal, FMCG, auto and realty as well as in index heavyweight stocks like Reliance Industries.
Shares of Sun Pharma, Yes Bank, ICICI Bank, Axis Bank, Reliance surged on the BSE index, while Hero MotoCrop, L&T, Adani Ports, Bharti Airtel, Vedanta declined.
BSE MidCap rose 0.89 percent, while SmallCap ended higher by 0.53 percent. BSE LargeCap index also rose by 0.63 percent. BSE Industrials, Telecom, Capital Goods and Power ended in the negative zone among BSE Sectoral indices where Healthcare, Realty, Bankex, Healthcare and Energy surged the most.
Nifty MidCap ended higher by over a percent, while Nifty Bank was up 0.82 percent at close. Nifty Pharma surged 3.21 percent after Sun Pharma beat street estimates and posted strong Q1 results. Nifty PVT Bank increased by 1.11 percent.
(Market update as of 3.40 pm)
Sensex, Nifty sustain gains despite rupee weakness
Indian equity indexes held on to gains from the opening trade on Tuesday, taking support from favourable retail inflation data, unfazed from the weakness in the Indian rupee which plunged to new historic lows against the US dollar.
The BSE Sensex was trading at 37,816.87, higher by 171.97 points, while the NSE Nifty 50 was trading higher by 60.70 points to 11,416.45.
The July wholesale price index was reported at 5.09 percent on Tuesday.
Despite domestic currency's weakness, trade sentiment remain buoyed as sustained buying was seen in interest rate sensitive sectors of realty, banks, consumer durable and FMCG.
IT stocks surged after the Indian rupee declined to historic low levels, breaching the psychological 70 per dollar mark. It hit 70.10 against the US dollar intra-day, forcing the Reserve Bank of India to intervene, ultimately recovering 30 paise from the lows, according to CNBC-TV18.
The rupee fall didn't go well with oil marketing companies with shares of BPCL, HPCL and IOC all edging lower.
Six out of 19 sectoral indices on the BSE were trading in the negative zone with Telecom, Capital Goods and Oil & Gas trading lower by up to 0.42 percent. IT and Realty trade higher by over a percent.
Midcaps were higher but below half a percent mark with the BSE MidCap trading near flatline.
Shares of Axis Bank, Hindustan Unilever, Yes Bank, Wipro, ICICI Bank, UltraTech Cement, Tech Mahindra, Eicher Motors, Bajaj Finance rose on indexes while UPL, Adani Ports, HPCL, Vedanta, Bharti Infratel, Vedanta, L&T, Bharti Airtel, ONGC declined.
Asian stocks were mixed, with Japan's Nikkei gaining by over 2 percent and Hong Kong's Hang Seng falling nearly 1.5 percent.
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