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Sensex, Nifty trade flat; Federal Bank stocks down

Equity benchmark indices edge higher led by HDFC Bank, ICICI Bank, ONGC and Reliance Industries.

Benchmark indices erase morning gains, and the Nifty hover around 10,750-mark.

At 10:56 AM, the BSE Sensex was up 21 points at 35,341, and the Nifty was down two points at 10,740.

Eicher Motors stock gained 1% in the morning trade. The company’s consolidated revenue stood at Rs2,528.01cr, up 33.89% yoy and 11.41% qoq. Currently, the stock is trading marginally down.

Shares of Federal Bank slipped 12%. The bank’s Q4FY18 net profit was below estimates, which has declined by 43.5% yoy to Rs145cr against Rs256.6cr in Q4FY17.

Star Cement stock rose 1.5% after the company has received Rs200.05cr (on the expected lines) towards Subsidies claim from the Central Government.

In the broader market, the BSE Midcap was marginally lower by 0.15%, while the BSE Smallcap was marginally up by 0.15%.

Out of 2,015 stocks traded on the NSE, 874 advanced, 656 declined and 485 remained unchanged today.

ICICI Bank (+1.8%), M&M (+1.3%), Zee (+1.2%), Eicher (+1.1%) and Tech Mahindra (+0.98%) were the top gainers on the NSE.

Dr.Reddy’s (-1%), Grasim (-1%), IOC (-0.93%), Infratel (-0.86%) and Indiabulls HF (-0.85%) were the top losers on the NSE.

Asian markets opened in the green as value buying emerged in most markets after the recent consolidation.

The Indian rupee fell 10 paise to 67.37 per dollar against yesterday’s close of 67.25.