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    Sensex gains 130 points, Nifty holds 11,700 level; Tata Steel jumps 3.4%

    Sensex gains 130 points, Nifty holds 11,700 level; Tata Steel jumps 3.4%

    Sensex gains 130 points, Nifty holds 11,700 level; Tata Steel jumps 3.4%
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    By Mousumi Paul   IST (Published)

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    Indian benchmark equity indices, the S&P BSE Sensex and NSE Nifty 50, consolidated gains in the afternoon session on Wednesday, aided by strong overseas fund flows.

    Indian benchmark equity indices, the S&P BSE Sensex and NSE Nifty 50, consolidated gains in the afternoon session on Wednesday, aided by strong overseas fund flows.
    At 12:18 pm, the Sensex was at 39,176.22, up 129.88 points, or 0.33 percent, while Nifty 50 was trading at 11,715.20, up 23.70 points or 0.20 percent.
    Tata Steel, Zee Entertainment, Kotak Mahindra Bank, Power Grid Corporation and Eicher Motors were among the top gainers on the key indices, whereas Indiabulls Housing Finance, YES Bank, UPL, Hero MotoCorp and Indian Oil Corporation led losses.
    Nifty Bank was the only sector in the green, led by Kotak Mahindra Bank, HDFC Bank and others.
    The Nifty Pharma index was the worst performing index during the afternoon session and was trading 1 percent lower, dragged by Piramal Enterprises, Glenmark, Aurobindo Pharma and other healthcare stocks.
    Shares of Jain Irrigation Systems tanked over 26 percent to a 52-week low after India Ratings and Research downgraded the company's Long-Term Issuer Rating to ‘IND BBB’ from ‘IND A-’.
    Jet Airways shares slumped 29 percent intraday and IRB Infrastructure fell 14 percent on the NSE. Both these stocks touched their 52-week low yet again, and have been trading down from the last three trading sessions.
    Meanwhile, Asian stocks rose higher on Wednesday following positive US-China trade developments. The global markets are optimistic also due to expectations of a stable interest rate by US Federal Reserve.
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