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Sensex, Nifty off day’s low; Vedanta top Nifty gainer

Benchmark indices erased all opening gains on Wednesday and trading lower amid mixed Asian cues.
Benchmark indices remained under pressure weighed down by weakness in ICICI Bank, Axis Bank, SBI, HDFC Bank and ITC.

At 11:03 AM, the BSE Sensex was trading at 33,844, down 35 points, while the Nifty50 index was trading at 10,376, down 26 points.

The BSE Midcap and the BSE Smallcap indices was down by 0.45% and 0.30%, respectively.

Fortis Healthcare rose in the early trade and now its trading lower. Manipal Heath Enterprises revised its offer to buy Fortis Healthcare’s hospital business after consulting with shareholders who expressed dissatisfaction with the earlier offer.

Hindalco and Vedanta rose in the range of 2-3% after aluminium prices rose in international markets after buyers stopped buying aluminium from the world’s largest manufacturer — Rusal following sanctions imposed by U.S.

Sun Pharma stock rose 1% after the pharma company has received approval from the US Food and Drug Administration for Paliperidone tablets, which will be available in 1.5-9 mg strength.

Mahanagar Gas stock fell over 3.5% after 7.6% equity change hands on the NSE in multiple blocks.

The rupee depreciated 15 paise to 65.15 against the US dollar ahead of the release of US Fed meeting minutes scheduled later in the day.

Volatility index India VIX was up 2.46% to 14.8550.

Vedanta (+2.7%), Hindalco (+1.89%), HCL Tech (+1.85%), ONGC (+1.6%) and TCS (+1.2%) were the top gainers on Nifty50.

HPCL (-6.7%), IOC (-5.2%), BPCL (-4.7%), Adani Ports (-2.4%) and SBI (-2.2%) were the top losers in today’s trade.

Out of 2,036 stocks traded on the NSE, 533 advanced, 1,056 declined and 477 remained unchanged today.

A total of 13 stocks registered a fresh 52-week high in trade today, while 12 stocks touched a new 52-week low on the NSE.

Asian indices opened flat as most markets had seen a sharp rally yesterday in anticipation of the US having a good day last night. Oil rally will see energy and commodities do well while financials could see some profit booking.