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Benchmark indices were trading with marginal gains during the afternoon on Wednesday, led by auto, IT and metal stocks.
The market, after opening on a flat note, moved in a narrow range in the first half. Investors remained cautious ahead of the outcome of the US Federal Reserve meeting that will clear the air on interest rates later today. Indices were dragged by losses in heavyweights such as the HDFC twins.
At 1 pm, the BSE Sensex was trading at 59,132.00, up 126.73 points or 0.21 per cent. It hit an intraday high of 59,178.44 and a low of 58,879.83. The Nifty 50 was trading at 17,605.20, up 43.20 points or 0.25 per cent, near the day’s high of 17,610.45. It hit an intraday low of 17,524.00.
Tech Mahindra, Hindalco, Tata Motors, Coal India and Mahindra & Mahindra were the top gainers on the Nifty 50 while HDFC, Hindustan Unilever, HDFC Bank, Eicher Motors and Nestle India were the top laggards.
The recovery in the market and yesterday’s strong inflow from DIIs and FIIs show that markets have discounted possible fallout from likely default of Chinese real estate giant Evergrande. However, Thursday would be crucial as $83 million interest payment is due for Evergrande.
Realty, media indices zoom
On the sectoral front, a majority of indices were in the green. Nifty Realty and Nifty Media indices zoomed 8.27 per cent and 10.82 per cent, respectively.
Nifty Media gained on the back of gains in Zee Entertainment Ltd. The company’s shares surged 24 per cent after the announcement of a merger with Sony Pictures.
Apart from this, metals, IT, auto and PSU Bank also gained while financials and FMCG faced pressure.
Nifty Metal was up 1.47 per cent while Nifty IT was up 1.26 per cent. Nifty Auto was up 1.13 per cent while Nifty PSU Bank was up 1.22 per cent.
Meanwhile, Nifty Bank and Nifty Financial Services were down 0.14 per cent and 0.32 per cent, respectively. While Nifty FMCG was down 0.17 per cent.
Broader indices
Broader indices were also in the green.
Nifty Midcap 50 was up 2.53 per cent while Nifty Smallcap 50 was up 1.28 per cent. The S&P BSE Midcap was up 1.39 per cent while the S&P BSE Smallcap was up 1.27 per cent.
The volatility index was up 0.27 per cent at 16.57.
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