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Sensex, Nifty Slip Into Red In Volatile Trade; LIC IPO In Focus

Sensex, Nifty Slip Into Red In Volatile Trade; LIC IPO In Focus

The overall market breadth stood strong as 1,608 shares were advancing while 854 were declining on BSE.

New Delhi:

Indian equity benchmarks on Wednesday traded higher in opening deals but soon gave up all of their gains amid a volatile session.

Trends on the Nifty Futures on Singapore Exchange (SGX Nifty) indicated a flat start for the domestic indices.

Investors turned their focus on the LIC IPO, which opened for subscription today. The Rs 21,000-crore IPO will be the biggest public issue ever.

The 30-share BSE Sensex slipped points or 0.05 per cent to 56,947 in early trade, while the broader NSE Nifty moved 7 points or 0.04 per cent down to trade at 17,062.

However, mid- and small-cap shares were positive as Nifty Midcap 100 climbed 0.35 per cent and small-cap gained 0.55 per cent.

Six out of the 15 sector gauges — compiled by the National Stock Exchange — were trading in the red. Nifty Consumer Durables and Nifty Pharma were underperforming the index by falling as much as 0.88 per cent and 0.98 per cent, respectively.

On the stock-specific front, Apollo Hospitals was the top loser as the stock cracked 2.96 per cent to Rs 4,177.30. Titan, Dr Reddy’s, Shree Cement and Bharti Airtel were also among the losers.

The overall market breadth stood strong as 1,608 shares were advancing while 854 were declining on BSE.

On the 30-share BSE index, Titan, Dr Reddy’s, Asian Paints, Bharti Airtel, Hindustan Unilever, Sun Pharma and M&M were among the top laggards.

In contrast, PowerGrid, NTPC, Infosys, Wipro, Kotak Mahindra Bank and IndusInd Bank, NTPC and Axis Bank were trading in the green.

Indian markets were closed on Tuesday due to Eid (Id-Ul-Fitr).


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