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    Markets at noon: Sensex, Nifty edge lower as IT, media shares weigh on indices

    Markets at noon: Sensex, Nifty edge lower as IT, media shares weigh on indices

    Markets at noon: Sensex, Nifty edge lower as IT, media shares weigh on indices
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    By Ajay Vaishnav   IST (Published)

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    The benchmark 30-share S&P BSE Sensex traded 130 points lower, or 0.32 percent, to 40,357.

    Indian shares edged lower on Tuesday, led by losses in information technology, media and realty stocks. Trade sentiment remained cautious amid reports that some states are proposing hiking goods and services tax (GST) rates to get closer to the revenue-neutral rate. Additionally, investors avoided riskier positions in equities ahead of US Federal Reserve meeting and over a December 15 deadline for the next round of US tariffs on Chinese imports to take effect.
    At 11.40 am, the benchmark 30-share S&P BSE Sensex traded 130 points lower, or 0.32 percent, to 40,357. The broader 50-share NSE Nifty50 declined 40 points, or 0.33 percent, to trade at 11,898.
    In Monday's session, the Sensex settled with gains of 42.28 points, or 0.10 percent, at 40,487. The Nifty50 closed 16 points, or 0.13 percent, higher at 11,937.50.
    Broader market indices underperformed with the Nifty MidCap 100 index down 0.75 percent. The Nifty SmallCap index too dropped well over half a percent. Sectoral indices on the National Stock Exchange were largely trading lower with maximum losses in Media, IT and Realty indexes.
    Nifty IT slipped 1.24 percent with 8 out of 10 constituents declining. Just Dial, Tata Consultancy Services, Tech Mahindra, HCL Technologies, MindTree, NIIT Technologies and Wipro shed between 1 and 3 percent.
    Among top gainers, Hindustan Unilever, Grasim, Titan, Sun Pharma and Cipla rose by up to 1.7 percent. Zee Entertainment Enterprises fell almost 3 percent, the worst performer among Nifty stocks. Bharti Infratel, GAIL, Tata Consultancy Services and IndusInd Bank were other top laggards, falling between 1 and 2.5 percent.
    Shares of public sector insurance companies gained as a report that the government may raise the foreign direct investment cap in the sector to 74 percent from the current 49 percent, allowing foreign ownership of insurance companies sparked hopes of strategic investments by foreign investors.
    Shares of YES Bank fell as much as 5 percent ahead of its board meet, where the bank’s board is likely to reject Canadian industrialist Erwin Singh Braich's $1.2 billion bid at its December 10 meeting. Yet another report related to the private bank indicated that billionaire investor Rakesh Jhunjhunwala might shelve plan to invest $25 million in Yes Bank.
    Foreign institutional investors (FIIs) emerged as net buyers in the capital market, infusing Rs 459.22 on Monday, while domestic institutional investors bought shares worth Rs 74.93 crore.
    In the currency markets, the Indian rupee traded at 70.89 per US dollar. The home currency appreciated by 10 paise to 70.94 against the greenback. The 10-year government bond yield was at 6.65 percent in morning trade.
    Asian equity markets eased slightly with Japan’s Nikkei flat. Hong Kong's Hang Seng was also flat. South Korea's Kospi advanced over half a percent.
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