Midday report: Sensex gains 538 points, Nifty up 169 points

Indian benchmark indices continued to rally during midday trading on Friday, with both Sensex and Nifty trading higher, despite negative cues from other Asian markets. Sentiments remained positive, amid a private report stating that India received the highest aid for trade in 2020 at $2.7 billion from developed countries even as the receipts declined during the pandemic year compared to $3.9 billion received in 2019. On the global front, Asian markets were trading mostly in red, as overall consumer prices in the Tokyo region of Japan were up 2.5% on year in July.

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The Sensex is trading at 57,396.40, up by 538.61 points or 0.95% after trading in a range of 57,104.81 and 57,531.75. On the index, 22 stocks advanced and 8 stocks declined.

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The broader indices were trading in green with the BSE Midcap index up by 0.81%, while the Small cap index was up by 1.11%. The top gaining sectoral indices on the BSE were Metal up by 4.22%, Basic Materials up by 2.17%, IT up by 1.67%, TECK up by 1.60%, and Consumer Durables up by 1.52%, while Healthcare down by 0.35% and FMCG down by 0.04% were the only losing indices on BSE.

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The top gainers on the Sensex were Tata Steel up by 7.67%, Indusind Bank up by 2.69%, Bajaj Finserv up by 2.26%, Infosys up by 2.11%, and NTPC up by 1.90%. On the flip side, Dr. Reddy’s Lab is down by 3.72%, Sun Pharma down by 0.82%, Hindustan Unilever down by 0.61%, SBI down by 0.48%, and Nestle down by 0.42% were the top losers.

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The Nifty is trading at 17,098.40, up by 168.80 points or 1.00% after trading in a range of 17,018.15 and 17,141.75. On the index, 38 stocks advanced and 12 stocks declined.

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The top gainers on Nifty were SBI Life Insurance up by 8.61%, Tata Steel up by 7.72%, Hindalco up by 4.32%, JSW Steel up by 2.59%, and ONGC up by 2.57%. On the flip side, Dr. Reddy’s Lab was down by 3.76%, Cipla down by 0.81%, Sun Pharma down by 0.77%, Hindustan Unilever down by 0.62%, and SBI down by 0.49% were the top losers.

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Asian markets were trading mostly in red with Straits Times trembling 16.01 points or 0.5% to 3,204.64, Shanghai Composite declined 23.72 points or 0.72% to 3,258.86, Nikkei 225 slipped 67.32 points or 0.24% to 27,748.16 and Hang Seng decreased 473.78 points or 2.3% to 20,148.90. On the flip side, Taiwan Weighted strengthened 87.85 points or 0.59% to 14,979.75, Jakarta Composite soared 32.62 points or 0.47% to 6,989.44 and KOSPI rose 10.92 points or 0.45% to 2,446.19.