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Nifty hovers around 10,150 mark; ICICI Bank, Axis Bank stocks slip

Benchmark equity indices opened on a positive note, with the Nifty hovering around 10,150 marks. Today’s gain was led by Kotak Mahindra Bank, Reliance Ind and L&T.

Benchmark equity indices opened higher today, led by gains in shares of IT, capital goods, oil and gas, power and teck companies.

At 10:45 AM, the BSE Sensex was trading at 33,057, up 88 points, while the Nifty50 index was trading at 10,149, up 36 points.

The BSE Midcap and the BSE Smallcap indices up 0.46% and 0.22%, respectively.

Shares of ICICI Bank hit a five-month low, down 5% on the NSE after the media reports suggested that the Enforcement Directorate (ED) has started an inquiry into the Rs3,250cr on loan sanctioned to the Videocon group and others by ICICI Bank, which was part of a consortium of lenders.

Bajaj Auto stock gained 1% after the company sales rose 22.8% to 3.34 lakh units versus 2.72 lakh units during the same period last year.

Shares of Can Fin Homes slipped 7% as Canara Bank called off the divestment process in the company.

Volatility index India VIX gained 2.34% to 16.1275.

Tata Motors (+3.2%), Kotak Mahindra Bank (+2.7%), L&T (+1.9%), Gail (+1.6%) and Maruti (+1.5%) were the top gainers on Nifty50.

ICICI Bank (-5%), Axis Bank (-2.4%), Coal India (-1.7%), Hindalco (-1.1%) and Bharti Airtel (-0.83%) were the top losers in today’s trade.

Out of 2,024 stocks traded on the NSE, 1,239 advanced, 429 declined and 356 remained unchanged today.

A total of seven stocks registered a fresh 52-week high in trade today, while 46 stocks touched a new 52-week low on the NSE.

On the global front, President Trump is expected to make his announcement on Chinese tariffs and investment measures “very, very shortly,” Commerce Secretary Wilbur Ross told Bloomberg TV on Thursday. The U.S. Trade Representative’s Office is due to hand over its recommended list of Chinese products to be hit by tariffs by the end of next week.

U.S. stocks soared as equity markets ended a tumultuous quarter on a high note. Gains in the S&P 500 were led by energy and tech, helped by a recovery in Amazon after the White House said Trump isn’t planning to take action against the company. Ten-year Treasury yields fell below 2.75% on U.S. consumer spending data, and the dollar slipped. WTI crude hovered beneath $65.

Most markets were closed on Friday. The U.S. reopens for trading Monday, but it’s still a holiday in Australia, Hong Kong, the U.K., Canada and most of Europe