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Nifty above 10,400 mark; Hindalco top Nifty gainer

Equity benchmark indices opened higher led by gains in metal, pharma, private bank, realty and FMCG stocks.
Benchmark indices opened higher, following positive lead from global stocks after China’s comments on free trade. Today’s gain was led by Axis Bank, ICICI Bank, L&T, Kotak Mahindra Bank and TCS.

At 9:56 AM, the BSE Sensex was trading at 33,937, up 149 points, while the Nifty50 index was trading at 10,421, up 42 points.

The BSE Midcap and the BSE Smallcap indices were up by 0.47% and 0.53%, respectively.

Wipro stock slipped 2% after the company told the NSE that one of its telecom service provider clients in India filed a petition to initiate insolvency resolution process with the National Company Law Tribunal in February 2018.

Shares of Hindalco and NALCO rose over 4% on media reports saying that the supply may be disrupted after the U.S. imposed sanctions against Russian oligarchs, including Oleg Deripaska and his United Co. Rusal.

Volatility index India VIX was down 2.57% to 14.4850.

Hindalco (+5%), Axis Bank (+3.4%), Adani Ports (+3.2%), ICICI Bank (+2.6%) and Vedanta (+2.2%) were the top gainers on Nifty50.

BPCL (-2%), HPCL (-1.4%), Wipro (-1.3%), M&M (-1.1%) and Hero MotoCorp (-1.1%) were the top losers in today’s trade.

Out of 2,031 stocks traded on the NSE, 1,114 advanced, 458 declined and 459 remained unchanged today.

A total of 18 stocks registered a fresh 52-week high in trade today, while 11 stocks touched a new 52-week low on the NSE.

Asian indices opened flat as overnight US markets gave up most gains, while tension in President Trump’s personal affairs kept markets quiet.

Chinese President Xi Jinping reiterated pledged to open sectors from banking to auto manufacturing, in a speech that also warned against returning to a “Cold War mentality” amid trade disputes with U.S. counterpart Donald Trump, as per a media report.