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Nifty trades above 10,400 mark; ICICI Bank, Axis Bank stocks surge

Benchmark equity indices continue to trade higher with the Nifty hovering around 10,400 mark.
Benchmark share indices managed to hold on their gains helped by a sharply higher opening in European markets. Gains in shares of metal and private bank stocks also supported domestic indices. The Nifty Metal index was up over 2% and was the top gainer among sectoral indices, while the Nifty Private bank index rose 0.96%.

At 1:28 PM, the BSE Sensex was trading at 33,896, up 108 points, while the Nifty50 index was trading at 10,410, up 32 points.

The BSE Midcap and the BSE Smallcap indices were up by 0.23% and 0.04%, respectively.

Shares of Welspun Corp advanced 2% after the company said it has been awarded a contract for supply of 417 K MTs of large diameter pipes for a water project in the MENA Region.

ICICI Bank was up 3.9% on the NSE, gaining 11% in past six trading sessions.

Axis Bank rallied over 4% after Shikha Sharma, the MD and CEO, decided to step down with effect from December 2018.

Wipro stock slipped 1% 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.

Volatility index India VIX was down 2% to 14.5700.

Axis Bank (+4%), ICICI Bank (+3.9%), Hindalco (+3.8%), Tata Steel (+2.7%) and Adani Ports (+2%) were the top gainers on Nifty50.

M&M (-1.8%), Bajaj Fin (-1.7%), Hero MotoCorp (-1.7%), Indiabulls HF (-1.6%) and Tata Motors (-1.2%) were the top losers in today’s trade.

Out of 2,046 stocks traded on the NSE, 813 advanced, 871 declined and 362 remained unchanged today.

A total of 22 stocks registered a fresh 52-week high in trade today, while 17 stocks touched a new 52-week low on the NSE.