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Market trades positive, Nifty reclaims 10,900

Market trades positive, Nifty reclaims 10,900

Market trades positive, Nifty reclaims 10,900
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By Ajay Vaishnav  Jan 16, 2019 10:27:17 AM IST (Published)

The Indian market sustained gains after a positive start on Wednesday, shrugging off weakness in Asian markets over tepid global cues. Asian investors traded cautiously after Britain's Theresa May government lost the vote on Brexit.

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Benchmark indices were largely helped by index heavyweight Reliance Industries and Infosys along with bank shares. Investor sentiment also remained upbeat ahead of the announcement of third quarter results of bluechip companies such as Wipro, Hindustan Unilever and others.
The broader 50-share Nifty reclaimed 10,900 in initial trade, rising nearly 23 points, or 0.21 percent, to 10,909.70. The Sensex was also up 72.82 points, or 0.20 percent, at 36391.15. The Sensex traded 109 points higher, or 0.30 percent, at 36,427.27 at 10.18 am, while the Nifty was at 10,912.75, up by 26 points, or 0.24 percent.
Broader markets also surged with the Nifty MidCap rising nearly 50 points. The Nifty MidCap and BSE MidCap extended gains by over half a percent, outperforming their frontline peers.
Nifty Media was leading 38 advancing sectors, which also included BSE Energy. Apart from Nifty Pharma, Nifty FMCG, Realty, BSE FMCG and Nifty IT declined.
Vedanta, Yes Bank, and Zee Entertainment were among top gainers, while Sun Pharma, Bharti Airtel, JSW Steel and Dr Reddy’s were among top laggards.
shares surged nearly 4 percent leading among index gainers after Q3 results beat estimates and domestic advertising revenue rose more than 20 percent on year basis.
State Bank of India shares gained over a percent after the public sector lender put a major non-performing asset worth Rs 15,400 crore on the block.
Shares of Dr. Redy's Laboratories slipped as the US Food and Drug Administration issued four observations to the company's Srikakulam formulations plant's unit-I, in Andhra Pradesh.
The Indian rupee opened slightly higher against the greenback on Wednesday, on easing worries over fiscal deficit as oil prices dipped on increasing signs of a global economic slowdown. It opened at 7.02 against the US dollar.
Asian shares were under pressure with Japan's Nikkei trading 0.7 percent lower. Hong Kong's Hang Seng slipped by 0.10 percent. The Shanghai Composite Index was mildly in the red, but South Korea's Kospi was in the green.
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