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Market volatile after record opening; bank, metal, auto shares dip

Market volatile after record opening; bank, metal, auto shares dip

Market volatile after record opening; bank, metal, auto shares dip
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By Ajay Vaishnav  Aug 23, 2018 12:21:23 PM IST (Published)

Indian equity indices traded flat around noon after hitting record highs amid mixed global cues.

Indian equity indices traded flat around noon after hitting record highs amid mixed global cues.

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Market turned negative on account of weakness in rupee, higher Brent crude prices and selling pressure in metal, bank and auto stocks amid lingering US-China trade war concerns.
That said, strong gains in Pharma along with good support from fast-moving consumer goods (FMCG) and information technology (IT) shares offset losses in other sectors.
The BSE Sensex was trading at 38,290.50, marginally up by 4.75 points or 0.01 percent, while the NSE Nifty 50 was lower by 6.05 points or 0.05 percent at 11,564.85 at 11:45 AM.
The 50-share broader NSE index traded in a range between an opening high of 11,620.70 and a low of 11,546.70. The Sensex has seen a high of 38,487 and a low of 38,227, after starting at 38,416.
Shares of L&T were higher by two percent on the BSE. Power Grid, NTPC, Hindustan Unilever, HDFC, TCS and Wipro shares also rose by up to 1.92 percent on the BSE among others.
HDFC twins surged by up to 0.83 percent, while Reliance Industries was higher by 0.65 percent. Tata Motors declined the most on the BSE index by 3.16 percent, followed by Vedanta, Kotak Bank, SBI, Bajaj Auto and Tata Steel.
On the NSE, Dr Reddy's Labs was the top gainer with 3.28 percent. L&T, Lupin, Power Grid and Cipla shares also rose by up to 1.83 percent.
Oil marketing companies' shares were trading lower with IOC, BPCL and HPCL declining by up to 2.79 percent.
The Nifty Bank was down by 0.61 percent. PSU Bank stocks were particularly under pressure as seen in the Nifty PSU Bank's sharp decline to 1.78 percent.
The Nifty Metal was other major laggard with 1.34 percent fall. The Nifty Pharma surged the most by 1.43 percent, while Realty, IT and FMCG also gained by up to 0.79 percent.
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