Stock market midday report: Sensex gains 205 points, Nifty up 62 points

Indian equity indices maintained their gains in the mid-day session, despite bearish indications from other Asian markets. Heavy purchasing in telecom and capital goods helped key indices hold their gains.

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Asian markets were trading mostly in the red with Shanghai Composite declining 13.92 points or 0.42% to 3,290.80, Straits Times trembled 22.61 points or 0.71% to 3,147.68, Jakarta Composite lost 54.09 points or 0.79% to 6,820.65 and Hang Seng decreased 285.39 points or 1.37% to 20,604.83. On the flip side, Taiwan Weighted strengthened 136.23 points or 0.92% to 14,869.45, Nikkei 225 surged 41.83 points or 0.15% to 27,722.09 and KOSPI rose 17.72 points or 0.74% to 2,404.57.

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The Sensex is now trading at 55602.58, up 205.05 points or 0.37% after moving in a range of 55,270.75 and 55,626.45. On the index, 26 stocks advanced and 4 stocks declined.

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The broader indices were trading in green with the BSE Midcap index up by 0.98%, while the Small cap index was up by 0.73%. The top gaining sectoral indices on the BSE were Telecom up by 2.16%, Capital Goods up by 1.28%, Industrials up by 1.03%, Realty up by 0.85% and Basic Materials up by 0.84%, while Consumer Durables down by 0.14% was the only losing index on BSE.

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The Nifty is presently trading at 16,583.80, up 62.95 points or 0.38% after moving in a range of 16,483.90 and 16,592.10. On the index, 44 equities advanced while only six declined.

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The top gainers on Nifty were Indusind Bank up by 7.02%, UPL up by 2.46%, Hindalco up by 2.23%, Adani Ports & SEZ up by 1.61% and Tata Consumer Products up by 1.19%. On the flip side, Tech Mahindra is down by 1.17%, SBI Life Insurance is down by 0.96%, Reliance Industries is down by 0.83%, Kotak Mahindra Bank is down by 0.77% and ONGC is down by 0.08% were the top losers.