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Sensex slips after scaling new high, Nifty turns negative; Infosys gains ahead of Q1 results

Sensex slips after scaling new high, Nifty turns negative; Infosys gains ahead of Q1 results

Sensex slips after scaling new high, Nifty turns negative; Infosys gains ahead of Q1 results
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By Ajay Vaishnav  Jul 13, 2018 11:10:05 AM IST (Updated)

The BSE Sensex surged over 184 points, rising 0.51 percent, to 36,733.20 at 9.52am.

The BSE Sensex slipped lower after scaling new high, while the Nifty 50 turned negative around 11am. The Sensex traded at 36,572.63, rising by 24.22 points, or 0.07 percent, while the Nifty holds the 11,000 level. It traded at 11,008.50, down by 14.70 points, or 0.13 percent.

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Both MidCaps on benchmark indexes were under performing. Nifty MidCap was down by over a percent, while the BSE MidCap declined by 0.82 percent due to selling in bank, consumer and auto counters.
Among BSE sectoral indices, except Energy, Information Technology and Teck, all other indices traded lower with Telecom down most by 1.34 percent.
Sectoral indices on the NSE also traded lower, except Nifty IT. Nifty PSU Bank was lower by over 2 percent. Realty, FMCG, Media, and Auto were also down by up to 1.72 percent.
(Market update as of 11am)
Here's how markets fared in the opening session
Indian shares opened higher on Friday tracking positive global cues as focus shifts back on corporate earnings from US-China trade war concerns.
Investor mood is upbeat with Infosys first-quarter results due later in the day as well as after Reliance Industries joining the elite $100 billion market cap club.
Benchmark indexes, the BSE Sensex and the NSE Nifty 50, opened higher on Friday with the 50-share broader index over 100 points away from the record high.
The Sensex started the day at 36,635.10, rising 86.73 points, or 0.24 percent, while the Nifty opened at 11049.30, gaining 26.10 points, or 0.24 percent.
The BSE Sensex surged over 184 points, rising 0.51 percent, to 36,733.20 at 9.52 am. It scaled a new high at 36,740.07 in the first hour of trade.
The Nifty trades at 11,057.80, adding 34.60, or 0.31 percent. Reliance Industries surged to over 2 percent pulling the 30-share index to new high, well-supported by IT stocks led by TCS, Wipro and Infosys as well as HDFC Bank.
Fortis Healthcare, Infosys, Wipro opened higher, while HCL Technologies, Cyient shares declined. Nifty Bank traded flat with a negative bias, while Nifty midcap opened in the green. As many as 241 shares advanced on the BSE against 107 declines.
HCL Technologies’ shares snapped their six-day gaining streak after buyback announcement at Rs 1100 per share declining over 2 percent, while Fortis Healthcare gained over 3 percent after the board approved IHH’s bid at Rs 170 per share. Infosys trades over a percent ahead of its Q1 earnings today.
Other Sensex gainers include Wipro, Coal India, Adani Ports, L&T, with Wipro leading the pack. SBI and ICICI Bank declined over a percent, with other laggards including Bajaj Auto, Axis Bank, ONGC, Bharti Airtel.
Most BSE sectoral indices traded marginally higher, with energy, information technology, consumer durables, metal, oil & gas, trading between 0.5 percent and 1 percent.
BSE midcap is trading marginally lower, while the Nifty midcap was negative by 0.45 percent. As many as 24 scrips advanced on the NSE against 26 declines. Nifty sectoral indices were mixed with PSU Bank declining the most at 1.67 percent, while private banks and financial services were flat.
The rupee opened stronger against the US dollar at 68.37 on Friday, from its previous close of 68.57 on Thursday. The 10-year bond yield opens at 7.78 percent compared to its previous close of 7.77 percent. Bond yields and prices move in opposite directions. HDFC Bank’s Bhaskar Panda expects the rupee to trade in the range of 68.3-68.5 today.
Asian shares advanced higher on Friday, following gains on Wall Street. Nikkei has so far added over 450 points or 2.06 percent to its gains, while Hang Seng is up by over half a percent.
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