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Sensex, Nifty trade weak; Lupin, Sobha stocks gain

Benchmark equity indices were trading in the red on Friday, tracking negative clues from global markets.

Benchmark indices remained under pressure, weighed down by weakness in Infosys, L&T, Tata Motors and Axis Bank. Losses may, however, get capped by positive sentiment created by RBI monetary policy which sounded dovish and triggered a sharp rally in the previous session.

At 11:13 AM, the BSE Sensex was trading at 33,530, down 66 points, while the Nifty50 index was trading at 10,302, down 23 points.

The BSE Midcap and the BSE Smallcap indices was down by 0.13% and 0.04%, respectively.

Magma FinCorp slipped over 4.5% after 10% equity or about 2.4cr shares changed hands in block deals.

IndiGo stock fell 1.5% after it dropped out of the race to acquire the debt-laden Air India.

Sobha stock surged 9% after the company said that its new sales volume in the fourth quarter rose 40.4 percent at 10.15 lakh square feet.

Volatility index India VIX was up 2.1% to 14.7975.

HPCL (+2%), BPCL (+1.80%), Adani Ports (+1.6%), Lupin (+1.6%), Cipla (+1.3%) were the top gainers on Nifty50.

SBI (-1.6%), Vedanta (-1.6%), Infosys (-1%), Tata Motors (-1.3%) and L&T (-1.3%) were the top losers in today’s trade.

Out of 2,020 stocks traded on the NSE, 723 advanced, 870 declined and 427 remained unchanged today.

A total of nine stocks registered a fresh 52-week high in trade today, while 15 stocks touched a new 52-week low on the NSE.

Asian indices opened mixed with the Japanese Nikkei and South Korean Kospi trading in the red, as after market, President Trump sent negative signals by imposing trade tariffs worth US$100bn on Chinese products. The volatility has again resurfaced, which will mean more gyrations on stocks, bonds and currencies.