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Sensex trades higher, Nifty near 10,800; Metals shine

Sensex trades higher, Nifty near 10,800; Metals shine

Sensex trades higher, Nifty near 10,800; Metals shine
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By Ankit Gohel  Jul 17, 2020 9:37:48 AM IST (Published)

The Indian equity benchmark indices opened higher on Friday following a positive trend in Asian peers.

The Indian equity benchmark indices opened higher on Friday following a positive trend in Asian peers. Better than expected corporate earnings for Q1FY21 also supported gains in the market.

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At 9:15 am, the Sensex opened 0.21 percent or 76.07 points higher at 36,547.75, while the Nifty50 index opened at 10,752.00, up 12.05 points, or 0.11 percent.
Broader markets supported with Nifty Smallcap100 and Nifty Midcap100 indices up 0.58 percent and 0.60 percent, respectively.
Among sectoral indices, the Nifty Metal index saw most gains, trading 1.6 percent higher followed by Nifty Bank, Nifty Financial Services, Nifty FMCG and Nifty Auto. Nifty IT index was trading under pressure.
Tata Steel, Bharti Infratel, JSW Steel, BPCL and HDFC were the Nifty50 top gainers, while HCL Technologies, Tech Mahindra, Wipro, TCS and Infosys were the top index losers.
HCL Technologies fell over 1 percent after it reported a net profit of Rs 2,925 crore in the first quarter of fiscal 2020. The company's revenue during the quarter was at Rs 17,841 crore. CNBC-TV18 poll had an estimated revenue of Rs 17,881 crore. Revenue in dollar terms was down 7.4 percent sequentially at $2,356 million. In constant currency terms, the revenue was down 7.2 percent, QoQ.
Cyient rallied over 9 percent after the company reported a 76.2 percent rise in Q1FY21 net profit to Rs 81.4 crore as against Rs 46.2 crore in the previous quarter. Revenue fell 7.6 percent to Rs 991.7 crore from Rs 1,073.6 crore, QoQ. EBIT increased 10.6 percent to Rs 50.2 crore while EBIT margin expanded by 90 bps to 5.1 percent, QoQ.
 
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