Wednesday, 28 February 2018

Benchmark Indices Extended Losses In Opening On Wednesday

Benchmark indices extended losses in opening on Wednesday, tracking weakness in global peers and due to selling pressure in banking & financials.

The 30-share BSE Sensex was down 265.86 points or 0.77 percent at 34,080.53 and the 50-share NSE Nifty slipped 86.60 points or 0.82 percent to 10,467.70.

HPCL, ICICI Bank, Hindalco Industries, Eicher Motors, Axis Bank, Indiabulls Housing, Vedanta, Bajaj Finance and Bajaj Auto were losers in early trade. PNB plunged 5 percent. Nifty Midcap fell over a percent.

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The Indian Rupee Slipped To The 3 Months Low In The Early Trade On Wednesday

The Indian rupee slipped to the 3 months low in the early trade on Wednesday. It has opened lower by 25 paise at 65.12 per dollar versus 64.87 Tuesday.

Pramit Brahmbhatt of Veracity said, "A stronger dollar and weak domestic equity market will continue to put pressure on the rupee."

"We expect the spot USD-INR pair to trade in a range of 64.80- 65.20 today," he added.

The dollar stood near a three-week high against a basket of currencies on Wednesday, after Federal Reserve chairman Jerome Powell's upbeat views on the economy bolstered bets on further Fed interest rate hikes this year.

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Tuesday, 27 February 2018

Asian Shares Extended Their Recovery On Tuesday

Asian shares extended their recovery on Tuesday, hitting a three-week high as US borrowing costs eased ahead of Federal Reserve Chairman Jerome Powell's highly-anticipated first congressional testimony later in the day.

MSCI's broadest index of Asia-Pacific shares outside Japan rose 0.3 percent, building on its bounce from a two-month low touched on Feb 9. Japan's Nikkei rose 1.0 percent to three-week highs.

US stocks rose to more than three-week highs on Monday, recovering much of the losses sustained in a sell-off earlier this month, as a decline in Treasury yields assuaged investor concerns about rising interest rates and refocused attention on economic growth.

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Equity Benchmarks Began The Day On A Positive Note

Equity benchmarks began the day on a positive note, with the Nifty reclaiming 10,600-mark.

The Sensex is up 77.14 points or 0.22% at 34522.89, and the Nifty up 22.60 points or 0.21% at 10605.20. The market breadth was positive as 395 shares advanced, against a decline of 174 shares, while 88 shares are unchanged.

Financial stocks are under pressure, with Nifty PSU bank index is down over 1 percent. All other sectoral indices are trading in the green. Midcaps, too, are trading mildly higher. Auto stocks have continued their rally from Monday, while IT and pharma stocks have also joined the bandwagon.

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Monday, 26 February 2018

The Indian Rupee Opened Higher By 8 Paise At 64.65 Per Dollar On Monday

The Indian rupee opened higher by 8 paise at 64.65 per dollar on Monday versus 64.73 Friday.

Pramit Brahmbhatt of Veracity said, "The rupee will see marginal positive impact in today's session on back of positive cues from the domestic equity market."

"We expect the USD-INR pair to trade in a range of 64.50-65," he added.

Asian markets rose early on Monday, tracking gains seen on Wall Street as US bond yields receded from recent four-year highs in the last session.

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Equity Benchmarks Began The Week On A Positive Note

Equity benchmarks began the week on a positive note, tracking positive global cues.

The Sensex is up 109.15 points or 0.32% at 34251.30, while the Nifty is up 33.30 points or 0.32% at 10524.30. The market breadth is positive as 510 shares advanced, against a decline of 123 shares, while 102 shares are unchanged.

Nifty Pharma is likely to be witnessing some profit booking after days of upmove last week. All other sectoral indices are trading in the green, with financials and auto leading the pack.

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Friday, 23 February 2018

The Indian Rupee Opened Higher By 9 Paise At 64.95 Per Dollar On Friday

The Indian rupee opened higher by 9 paise at 64.95 per dollar on Friday versus previous close 65.04.

Bhaskar Panda of HDFC Bank said, "Worries of US rate hike, consequent rally in US yields, coupled with uncertainties due to the PNB episode has brought back pressure on the INR."

"The USD-INR pair has broken through crucial 64.80 levels and traded above 65 yesterday. Today, I expect the pair to consolidate in a range of 64.85-65.15 given the dollar fall overnight."

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Equities Have Begun The Day On A Positive Note, With The Nifty Clocking 10,400

Equities have begun the day on a positive note, with the Nifty clocking 10,400 in the first few minutes of the trade.

The Sensex is up 98.71 points or 0.29% at 33918.21, and the Nifty is up 36.40 points or 0.35% at 10419.10. The market breadth is positive as 554 shares have advanced, 216 shares declined, while 94 shares are unchanged.

All sectoral indices have commenced trade in the green, while, in the broader market, midcaps are up around half a percent.

Sun Pharma has continued its gain from the previous sessions and is the top gainer on the Sensex. Along with it, Tata Steel and Aurobindo Pharma were the other gainers. Meanwhile, Hero MotoCorp, Coal India and Asian Paints were the top losers.

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Thursday, 22 February 2018

Benchmark Indices Began The Day On A Negative Note

Benchmark indices began the day on a negative note, with the Sensex cracking over 100 points. The Nifty was trading below 10,350-mark.

The Sensex is currently down 117.85 points or 0.35% at 33727.01, and the Nifty is down 52.95 points or 0.51% at 10344.50. The market breadth favours the decline as 192 shares advanced, against a decline of 329 shares , while 91 shares are unchanged.

All sectoral indices are trading in the red, while midcaps are also trading weak. Nifty PSU bank index is down over 1 percent.

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The Indian Rupee Declined In The Early Trade On Thursday

The Indian rupee declined in the early trade on Thursday. It has opened lower by 29 paise at 65.05 per dollar versus 64.76 Wednesday.

Mohan Shenoi of Kotak Mahindra Bank said, "US FOMC minutes caused market volatility with US treasury yields touching a new high, US stock markets reversing early gains and dollar strengthening further."

"Recent negative developments in Indian banking sector has put pressure on the rupee. The USD-INR is expected to trade in a range of 64.75-65.05 for the day."

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Wednesday, 21 February 2018

The Indian Rupee Opened Lower By 11 Paise At 64.90 Per Dollar On Wednesday

The Indian rupee opened lower by 11 paise at 64.90 per dollar on Wednesday versus previous close 64.79.

Pramit Brahmbhatt of Veracity said, "Rupee will trade with a negative bias on back of stronger dollar as well as weakness in the domestic equity market. 64.80 is the immediate support for the rupee and more weakness can be seen beyond the support."

"The trading range for the spot USD-INR is expected to be 64.50-65," he added.

The US dollar rose to a six-year high as it extends the rebound from a three-year low helped by rising treasury yields and profit-booking by forex traders.

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The Equity Market Has Begun The Day On A Positive Note

The equity market has begun the day on a positive note, with the Sensex gaining over 100 points, while the Nifty reclaimed 10,400.

The Sensex is up 168.98 points or 0.50% at 33872.57, while the Nifty is up 46.60 points or 0.45% at 10407.00. The market breadth is positive as 358 shares advanced, against a decline of 138 shares, while 81 shares are unchanged.

Almost all sectoral indices are trading in the green, with IT and PSU banks being top gainers. Meanwhile, midcaps are also trading positive.

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Tuesday, 20 February 2018

Indian Rupee Falls 31 Paise Against US Dollar In Opening Trade

The rupee depreciated 31 paise to 64.52 against the US dollar in opening trade at the interbank forex market today on increased demand for the greenback from importers and banks.

A strong dollar in overseas markets weighed on the Indian rupee, a currency dealer said.

On Friday, the rupee had ended 30 paise lower at 64.21 against the US dollar on rising global crude prices and worsening trade deficit.

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Benchmark Indices Opened Mildly Higher With The Sensex Rising Over 100 Points

Benchmark indices opened mildly higher with the Sensex rising over 100 points but immediately trimmed gains to trade flat as volatility continued ahead of expiry of February futures & options contracts later this week.

The 30-share BSE Sensex was up 19.27 points at 33,793.93 and the 50-share NSE Nifty fell 3 points to 10,375.40. Nifty Midcap index fell 73 points.

PNB, Allahabad Bank, Union Bank, Bank of Baroda, Bank of India, GMR Infrastructure, Adani Power, JSPL, Nalco and Jaiprakash Associates were down 1-4 percent.

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Friday, 16 February 2018

Equity Benchmarks Extended Previous Day's Gains On Last Day Of The Week

Equity benchmarks extended previous day's gains on last day of the week, with the Sensex, Nifty Bank and Midcap indices rising around 150 points each, tracking positive global cues.

The 30-share BSE Sensex was up 149.65 points at 34,447.12 and the 50-share NSE Nifty rose 48.30 points to 10,593.80.

Punjab National Bank lost another 2 percent on top of 21 percent fall in previous two consecutive sessions. Gitanjali Gems tanked 19 percent on top of 20 percent correction in previous session.

Nifty Midcap as well as Nifty Bank indices rallied 150 points each.

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Mahindra Said The Company Has Been Keen To Invest In The Shared Mobility

Auto major Mahindra & Mahindra today said it will invest up to Rs 176 crore in car and bicycle rental firm Zoomcar India and Zoomcar Inc, its US incorporated holding parent company.

Under the aegis of the deal, Mahindra Group would invest up to Rs 176 crore in Zoomcar India or Zoomcar Inc. which, when converted to common stock of Zoomcar Inc on a fully diluted basis, would constitute approximately 16 percent stake in Zoomcar Inc, the company said in a statement.

Mahindra said the company has been keen to invest in the shared mobility space as a part of its strategy to participate in sustainable mobility solutions.

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Thursday, 15 February 2018

Benchmark Indices As Well As Broader Markets Gained Around Half A Percent Each

Benchmark indices as well as broader markets gained around half a percent each, following positive lead from global peers.

The 30-share BSE Sensex was up 145.73 points at 34,301.68 and the 50-share NSE Nifty gained 46.80 points at 10,547.70.

About three shares advanced for every share falling on the BSE. PNB plunged 8 percent and Gitanjali Gems lost 18 percent on transaction fraud. Axis Bank slipped nearly 2 percent.

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The Indian Rupee Opened Higher By 14 Paise At 63.95 Per Dollar On Thursday

The Indian rupee opened higher by 14 paise at 63.95 per dollar on Thursday against previous close 64.09.

Mohan Shenoi of Kotak Mahindra Bank said, "Higher than expected US CPI has increased the probability of Fed rate hikes to 4 times this year including March. This coupled with sudden spurt in oil prices weakened the dollar and exerted upward pressure on US Treasury yields."

"In-line with the global trend, the rupee is expected to strengthen against dollar today with a trading range of between 63.85-64.15."

"The bond market in India is expected to be bearish today on the back of higher crude oil prices and US Treasury yields."

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Wednesday, 14 February 2018

Sensex Off Opening Highs; PSU Bank Index Down 2%, Heavyweights Gain

Share price of Precision Camshafts gained 4 percent in the morning on receiving multiple orders worth Rs 275 crore.

The company has won additional contracts from OEM's including Ford, general Motors and Mahindra & Mahindra.

The company's Q3FY18 net profit declined 51 percent at Rs 6.65 crore against Rs 13.71 crore in the same quarter last fiscal.

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Benchmark Indices Started Off The Day Higher On Wednesday

Benchmark indices started off the day higher on Wednesday, with the Sensex rising around 100 points, tracking positive global cues.

The 30-share BSE Sensex was up 86.64 points at 34,387.11 and the 50-share NSE Nifty gained 29.70 points at 10,569.50.

About 1,101 shares advanced against 353 declining shares on the BSE. Nifty Midcap index was up 142 points.

Voltamp Transformers, NRB Bearings, Kolte-Patil, DLF, IOL Chemicals, Ester, Dilip Buildcon, NMDC, Britannia Industries, Ashok Leyland and Minda Industries gained 1-4 percent whereas JK Tyre and Motherson Sumi lost 2-4 percent post earnings.

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Monday, 12 February 2018

L&T Shares Gained More Than 1 Percent In Morning As Its Subsidiary

L&T shares gained more than 1 percent in morning as its subsidiary L&T Hydrocarbon Engineering has signed a major field development EPC contract with Al Dhafra Petroleum Operations Company Limited, Abu Dhabi, UAE, with a value in excess of Rs 2,200 crore.

Al Dhafra Petroleum is a joint venture between ADNOC and Korea National Oil Corporation and GS Energy, which is represented by Korean Abu Dhabi Oil Consortium.

The scope of the contract includes engineering, procurement, construction & commissioning of flow lines, gathering facilities & pipelines to transfer crude oil & gas from Haliba fields to processing facility at Asab and installation of 132 kV and 33 kV overhead electrical transmission lines to supply power.

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Benchmark Indices As Well As Broader Markets Opened The Truncated Week

Benchmark indices as well as broader markets opened the truncated week sharply higher on Monday, driven by bargain hunting after sell-off last week.

The 30-share BSE Sensex was up 212.02 points at 34,217.78 and the 50-share NSE Nifty gained 69.10 points at 10,524.10.

About five shares advanced for every share falling on the BSE. Nifty Midcap index was up over a percent.

NALCO, Oil India, Bata India, Sun TV Network, Marico and Amara Raja Batteries rallied 3-7 percent.

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Friday, 9 February 2018

Benchmark Indices Opened Lower, Tracking Weakness In Global Peers


Benchmark indices opened lower, tracking weakness in global peers. The 30-share BSE Sensex was down 526.26 points or 1.53 percent at 33,886.90, and the 50-share NSE Nifty fell 177.50 points or 1.68 percent to 10,399.40.

Glenmark Pharma shares tanked 9 percent after company's net profit dropped 78 percent to Rs 104.7 crore in the third quarter ended December – on plunging US sales, despite growth in domestic formulations and other geographies.

The company posted net profit of Rs 477.1 crore in the same period of previous year. The revenues declined 13.6 percent to Rs 2203.7 crore. A year ago it was Rs 2549.6 crore. On sequentially too, the net profit fell 51 percent.

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The Indian Rupee Slipped In The Early Trade On Friday

The Indian rupee slipped in the early trade on Friday. It has opened lower by 16 paise at 64.42 per dollar versus 64.26 yesterday.

Bhaskar Panda of HDFC Bank said, "The USD-INR market has been little more volatile than before reflecting global sentiments. I am expecting a higher opening today and a range of 64.20-64.40 for the day."

He further added, "The 10-year benchmark bond yield has come down from the recent high of 7.60 percent and this is a healthy correction. I expect it to trade in a range of 7.43-7.48 percent for the day."

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Thursday, 8 February 2018

Aurobindo Pharma Said Its Fiscal Third Quarter Profit Rose 2.8 Percent

Aurobindo Pharma said its fiscal third-quarter profit rose 2.8 percent to Rs 595 crore, helped by higher sales of generic drugs in US and Europe markets.

The company posted a net profit of Rs 579 crore in the same period previous year. Total revenue rose 11.2 percent to Rs 4369.2 crore.

The company took a one-time charge of Rs 66.4 crore for the quarter due to US deferred tax assets and liabilities based on the new tax law which has resulted in reduction in federal corporate tax from 35 percent to 21 percent.

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Benchmark Indices Rebounded With Mild Gains On Thursday

Benchmark indices rebounded with mild gains on Thursday after shedding more than 2,000 points in previous seven consecutive sessions.

The 30-share BSE Sensex was up 94.37 points at 34,177.08 and the 50-share NSE Nifty gained 23.30 points at 10,500.

Cipla rallies 5 percent. Sun Pharma lost 2.6 percent post Taro earnings and Aurobindo Pharma was down 1 percent post Q3 earnings. IOC shed nearly 4 percent as stock goes ex-dividend.

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Wednesday, 7 February 2018

LIC Housing Finance On A Small Rally, The Kind We Can See Today

"LIC Housing Finance on a small rally, the kind we can see today, is actually a short sell."

"In Jubilant Foodworks, the trade has gone; I do not think the stock is a buying opportunity now. In fact, the trade is in stocks like Apollo Hospitals which is doing rather well, and even HDFC if the market is stable on the long side."

"If the Nifty stabilises, then there is a buying opportunity in HDFC, the housing company. Actually the banks at some point will become a short sell if the Nifty does not cross 10,600."

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"Mahindra and Mahindra Is A Buying Opportunity Otherwise Also Outperformer

"Mahindra and Mahindra is a buying opportunity otherwise also. It is an outperformer and among the commercial vehicles group, it is doing the best. So that is a buy for the day and perhaps you can even carry it if it closes strong."

"ITC is building a base and coming out. I don’t see a big rally in the stock, but for a short term trader, ITC is an excellent opportunity. It is also withstanding the declines that the other stocks see on and off."

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Tuesday, 6 February 2018

Tata Motors Cracks 10% Post Weak Q3 JLR Show; Analysts Slash Earnings Estimates

Tata Motors share price crashed as much as 10 percent in morning Tuesday after disappointing set of Jaguar Land Rover earnings and weak equity market conditions, though standalone performance was strong. Analysts retained their ratings but slashed earnings estimates.

The stock touched its 52-week low of Rs 357 in opening today. At 09:44 hours IST, it was quoting at Rs 366.05, down Rs 30.00, or 7.57 percent on the BSE.

Consolidated profit growth of nearly 11-fold year-on-year at Rs 1,215 crore for December quarter was much below CNBC-TV18 poll of Rs 3,040 crore. The multi-fold growth was due to low base in year-ago quarter, but sequentially the bottomline declined 51 percent.

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Benchmark Indices Crashed In Opening, Tracking Weak Lead

Benchmark indices crashed in opening, tracking weak lead from global peers.

The 30-share BSE Sensex was down 1,240.45 points or 3.57 percent at 33,516.71 and the 50-share NSE Nifty fell 369.60 points or 3.47 percent at 10296.90.

Tata Motors crashed 10 percent post earnings. Crude oil futures extended falls from the previous session on Tuesday, with the Brent benchmark dropping 1 percent as global financial markets headed south in the wake of Wall Street's biggest one-day decline since 2011.

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Monday, 5 February 2018

Benchmark Indices Opened The Week Sharply Lower On Monday

Benchmark indices opened the week sharply lower on Monday, with the Sensex falling more than 500 points, tracking weakness across the globe.

The 30-share BSE Sensex was down 527.75 points or 1.50 percent at 34,539 and the 50-share NSE Nifty fell 166.40 points or 1.55 percent to 10,594.20.

About five shares declined for every share rising on the BSE.

Vakrangee, Inox Wind, HCC, IFCI, Westlife Development, Union Bank of India, Gujarat Gas, Future Consumer and Jain Irrigation were down 2-10 percent.

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Asia Markets Trade Lower; Major Indexes In Japan, South Korea, Australia And China Fall

Asia markets fell across the board in Monday morning trade, following a sharp decline in US stocks on Friday amid a stronger-than-expected jobs report that sent interest rates higher.

In Australia, the ASX 200 fell 1.41 percent to 6,034.80 in late-morning trade, with most sectors trading lower. The heavily weighted financial subindex was down 1.26 percent, while the energy and materials sectors fell 2.39 percent and 1.96 percent, respectively.

The biggest banking names in the country fell: Shares of ANZ were down 1.48 percent, Commonwealth Bank declined 1.15 percent, Westpac was down 1.45 percent and the National Australia Bank fell 1.42 percent.

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Friday, 2 February 2018

Benchmark Indices Opened Sharply Lower As Investors Digested Union Budget 2018

Benchmark indices opened sharply lower as investors digested Union Budget 2018 and focussed on more corporate earnings.

The 30-share BSE Sensex was down 270.47 points at 35,636.19 and the 50-share NSE Nifty fell 83.20 points to 10,933.70.

Axis Bank, Yes Bank, SBI, Indiabulls Housing Finance, Adani Ports, SBI, ICICI Bank, Kotak Mahindra Bank, Sun Pharma, Tata Steel and UPL were early losers.

Hindalco, HCL Technologies, Bajaj Auto and ITC were early gainers.

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The Indian Rupee Opened Lower By 9 Paise At 64.11 Per Dollar On Friday

The Indian rupee opened lower by 9 paise at 64.11 per dollar on Friday against previous close 64.02.

Rupee fall lowest level since December 28, 2017. Pramit Brahmbhatt of Veracity said, "The rupee will remain negative on back of negative cues from domestic equity market. The trading range for the spot USD-INR pair will be 63.80-64.20."

The US dollar took a hit against a basket of currencies as investors digest a slew of economic data across Europe.

The dollar index, which tracks the greenback against a basket of six major rivals holds just above a three-year low.

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Thursday, 1 February 2018

The Indian Market Is Trading Strong On The Budget Day

The Indian market is trading strong on the Budget Day, led by gains in Bank Nifty among other sectoral indices. Midcaps have continued their corrective phase. The Nifty midcap index is down about half a percent.

The Sensex is up 128.89 points or 0.36% at 36093.91, and the Nifty up 30.90 points or 0.28% at 11058.60. The market breadth is positive as 1084 shares have advanced, 548 shares declined, and 157 shares are unchanged.

L&T and M&M are the top gainers on both indices, while Tata Steel, Infosys, Vedanta and Bharti Infratel lost the most.

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The Market Has Begun The Budget Day Trading Session On A Positive Note

The market has begun the Budget Day trading session on a positive note, with the Sensex gaining over 100 points.

The Sensex was up 126.19 points at 36091.21, while the Nifty was up 40.70 points at 11068.40. The market breadth was narrow as 385 shares advanced, against a decline of 216 shares, while 122 shares are unchanged.

Larsen & Toubro, SBI, and HPCL gained the most on both indices, while NTPC and Infosys have lost the most.

The Bank Nifty is trading 0.28 percent higher. Other sectoral indices are trading in the green, barring Nifty pharma.

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