The Indian market traded lower on Thursday amid tepid global cues and surging crude oil prices. Benchmark indices, however, cut some losses around noon after the government data showed that the wholesale price inflation eased to 2.76 percent in January, compared to 3.80 percent in December owing to cheaper food and fuel prices.
At 12.20 pm, the Sensex traded lower by 87 points, or 0.24 percent, at 35,947. The Nifty was trading at 10,754, lower by 39 points, or 0.36 percent. HDFC Bank, Reliance Industries and Infosys along with HDFC and L&T dragged indexes, while Yes Bank and ITC and ICICI Bank batted for the bulls.
Broader market indices traded with minor losses with the Nifty MidCap down by just 0.08 percent and the BSE MidCap lower by 0.13 percent.
As many as 31 sectors declined with gauges associated with telecom, oil and gas, metal and public sector enterprises falling the most. Media, banking, auto and consumer sectors gained among 11 advancing sectors.
still traded with gains of 24 percent, while Indiabulls Housing Finance, Zee Entertainment, Hero Moto, Adani Ports, IndusInd Bank, Sun Pharma and ICICI Bank were other major gainers, rising between a percent and 4 percent. Yes Bank shares
Dewan Housing Finance Limited (DHFL) shares erased losses around noon, surging over 8 percent. The stock jumped as much as 8.36 percent to Rs 119.80 per share intraday on the BSE after the fresh development that the resignation was in-line to get a new strategic partner within the given time frame.
Oil marketing companies slumped as
strengthened on optimism of a breakthrough deal from the latest China-US trade talks. BPCL, Indian Oil Corp, HPCL slipped between 4 and 5 percent. Coal India, Bharti Airtel, ONGC, NTPC and L&T were other major losers. crude oil prices
traded at 70.93 against the US dollar, after opening at 70.94. A strong dollar in overseas markets and a lower opening of the domestic equity market weighed on the rupee, rupee PTI reported.
On a net basis, foreign investors withdrew Rs 676.63 crore from stocks on Wednesday, according to provisional FPI data, the news agency added.
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