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    Market turns negative after starting New Year's Day with minor gains; Aviation stocks gain on ATF price cut

    Market turns negative after starting New Year's Day with minor gains; Aviation stocks gain on ATF price cut

    Market turns negative after starting New Year's Day with minor gains; Aviation stocks gain on ATF price cut
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    By Ajay Vaishnav   IST (Published)

    Shares turned negative after starting the first trade of 2019 with minor gains on Tuesday on lack of cues from Asian markets which remained closed for New Year’s Day.
    At 9.40 am, the Sensex was down by nearly 80 points to trade below the 36,000-mark. The Nifty slipped by 21 points, at 10,841 points. Midcap stocks slipped marginally by 0.10 percent.
    The Sensex gained 48 points, or 0.13 percent, to 36,116 in early trade, while the Nifty50 edged up by 15 points, or 0.14 percent. The Nifty Midcap Index surged mildly by nearly 8 points, or 0.05 percent, to 17,885. The Nifty Bank added 31 points, or 0.11 percent, to trade at 27,191.
    Sectoral indexes were mixed with as many as 31 stocks advancing against 12 declining. BSE Metal was leading with gains of nearly 1.5 percent, while BSE Telecom declined the most by 0.76 percent.
    Among Nifty losers, Tech Mahindra declined nearly a percent, while Indiabulls Housing Finance, Power Grid, Hindalco and Gail were othe major laggards, falling by up to 0.91 percent.
    Bharti Airtel and Axis Bank surged by up to 0.91 percent on large block deals. Other major gainers were Bharti Infratel, Cipla and Sun Pharma, rising by up to 0.64 percent.
    Shares of aviation companies climbed as prices of aviation turbine fuel have been cut by around Rs 9,990 per kilo litre to Rs 58,060.97. Aviation stocks reacted positively to the news with shares of InterGlobe Aviation, the parent company and operator of IndiGo airlines, rising more than a percent.
    The financially beleaguered Jet Airways' stocks surged over 2 percent, while the BSE-listed SpiceJet shares rose 1.35 percent. Fuel costs account for nearly 40 percent of aviation companies' total expenses and a fall in the prices of air turbine fuel likely will improve profitability of these companies.
    on Tuesday, gaining 15 paise against the green back from Monday's close of 69.77, as increased global risk appetite weighed on demand for safe haven currencies.
    Asian markets are largely closed today on account of New Year holiday.
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