The Indian equity benchmark indices opened marginally higher on Thursday amidst weak global cues. The government's decision provide relief to telecom companies and sell stakes in CPSEs supported shares.
At 9:35 am, the Sensex was trading 39.16 points or 0.10 percent lower at 40,615.97, while the Nifty50 index was trading at 11,981.35, down 17.50 points or 0.15 percent. The Nifty Midcap and Smallcap indices were up 0.2 percent and 0.4 percent, respectively.
Zee Entertainment on an intraday basis rallied 18.56 percent after Essel group sells 15 crore Zee shares at a Rs 304/share. Share sale proceeds will be used to repay VTB Capital, domestic lenders like Birla MF, HDFC PMS.
Among the sectoral indices, the Nifty Media was the best-performing sector, rising 2.84 percent with Zee Entertainment as the top gainer. PSU Bank, auto and IT sectors also traded in green territory. Financial services, FMCG and metal declined.
Zee Entertainment, L&T, HCL Technologies, Infosys and IndusInd Bank were the top gainers while Bharti Infratel, BPCL, Bharti Airtel, Britannia and Axis Bank remained the top losers during the early opening session.
Meanwhile, on the global markets' front, shares slid on Thursday as a fresh row between Washington and Beijing over U.S. bills on Hong Kong could complicate their trade negotiation and delay a "phase one" deal that investors had initially hoped to be inked by now.
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