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Nifty below 10,750 mark; ITC, HUL stocks lead

Benchmark indices erased morning losses amid recovery in banking stocks, rupee and fall in crude oil prices.

Benchmark indices recovered from losses partially amid rupee recovery and fall in crude oil prices.

At 2:29 PM, the BSE Sensex was trading at 35,436, down 101 points, while the Nifty50 index was trading at 10,757, down 44 points.

Sugar stocks were seen under pressure during Wednesday’s trade. Shares of Uttam Sugar Mills and Kesar Enterprise slipped 3-4% on NSE.

Shares of Reliance Communication tanked 16% today following news that the National Company Law Tribunal (NCLT) has accepted a petition from the Indian unit of network-equipment maker Ericsson AB.  Shares of ADAG stocks were trading lower for the second straight day.

On the sectoral front, realty, FMCG and IT were trading in the green. The Nifty PSU Bank, financial services and Bank Nifty index were down.

In the broader market, the BSE Midcap was marginally up by 0.08%, while the BSE Smallcap was up 0.11%.

Indiabulls Real Estate stock zoomed 11% ahead of board meeting to consider share buyback proposal.

Punjab National Bank’s stock tanked 12% after the bank reported net loss of Rs13,416.9cr, which was below estimates, as against Rs261.9cr reported in the corresponding quarter last year. The bank’s net interest income (NII) for the quarter has declined by 16.8% to Rs3,063.4cr as against Rs3,683.5cr yoy.

HUL (+3%), Wipro (+2.3%), Lupin (+1.9%), Yes Bank (+1.7%) and Tata Motors (+0.81%) were the top gainers on Nifty50.

Cipla (-2.7%), UltraTech (-2.6%), ICICI Bank (-2.2%), Hero MotoCorp (-2.2%) and GAIL (-1.9%) were the top losers in today’s trade.

Out of 2,045 stocks traded on the NSE, 601 advanced, 1,077 declined and 367 remained unchanged today.

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