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Sensex, Nifty rangebound after flat start; L&T, M&M, TCS gain

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The broader NSE Nifty50 traded almost 9 points down at 11,044 at 12.22 pm, while the benchmark 30-share BSE Sensex was up 11 points, trading at 36,647.

Sensex, Nifty rangebound after flat start; L&T, M&M, TCS gain
Indian shares were rangebound in the afternoon session on Thursday, as markets consolidated after a 3-day rally.
The broader NSE Nifty50 traded 9 points down at 11,044 at 12.22 pm. The benchmark 30-share BSE Sensex was up 11 points, trading at 36,647.
Broader market indices were trading mildly in the red. As many as 24 sectors advanced led by Nifty PSU Banks, BSE Capital Goods, Nifty Infra, BSE Industrials and BSE Telecom. Media, metal and IT shares were trading lower among 19 falling sectoral indices.
Among index gainers, L&T, M&M, HPCL, Bharti Infratel, Tata Motors, Power Grid and Tata Consultancy Services, rose by up to 3 percent.
Yes Bank, Indiabulls Housing Finance, Wipro, Indian Oil Corp, Vedanta, Coal India, Infosys and NTPC slipped by up to 2.5 percent.
fell as much as 4.9 percent to Rs 141.40 per share in early trade as CARE rating downgraded long-term rating to the mortgage lender's debts worth about Rs 1.13 lakh crore, saying that the company has made limited progress on sell down of builder book and inflows from securitization deals.
Larsen & Toubro Ltd was the top contributor to the index, rising as much as 3.1 percent to Rs 1,357.3, its highest since January 16. Telecom stocks gained, with Vodafone Idea Ltd up 5.6 percent, while Bharti Airtel Ltd was trading 0.6 percent higher.
Singapore Telecommunications Ltd (Singtel) said it will buy roughly $525 million worth Bharti Airtel stock as part of the Indian telecoms operator's plan to raise $4.6 billion through new shares and bonds.
Morgan Stanley believes the market performance will only be broader in the near-term. "The market could start pricing in a strong election outcome in the coming weeks causing Nifty to break its four-month range to the upside. the broader markets are likely to outperform the benchmarks," Morgan Stanley said in a report dated March 6, 2019.
Also, catch all the action and updates in our Market Live blog.
-with inputs from agencies
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