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Market trades higher on positive Asian cues; HDFC twins, SBI lift indexes

Market trades higher on positive Asian cues; HDFC twins, SBI lift indexes

Market trades higher on positive Asian cues; HDFC twins, SBI lift indexes
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By Ajay Vaishnav  Oct 22, 2018 9:56:35 AM IST (Published)

The Indian market started on a strong note on Monday, tracking a sharp recovery in Asian indices and due to good performance by index heavyweight HDFC Bank, HDFC along with SBI.

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At 9.20 am, the BSE Sensex traded at 34,590.23 points, up 0.8 percent, while the NSE Nifty50 gained 0.6 percent to trade at 10,360.60 points.
Broader markets started in the green but underperformed frontline indexes, while 36 sectoral indexes advanced led by Nifty Finance which traded more than a percent higher. Seven sectors declined with the BSE IT falling the highest by 0.87 percent.
HDFC Bank jumped 2 percent after reporting higher-than-expected growth in net profit for the July-September quarter on the back of robust growth in loans. Other bank and financial stocks also jumped with the Nifty Bank rising 1.4 percent in early trade.
The State Bank of India shares climbed 1.3 percent on reports that lenders have picked ArcelorMittal as the preferred bidder for the assets of beleaguered Essar Steel. Indiabulls Housing Finance gained 4 percent in trade.
The Indian rupee opened nearly unchanged at 73.30 against the US dollar on Monday. The home currency closed at 73.32 against the greenback on Friday.
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