Stock market midday report: Sensex up 171 points, Nifty around 16,080

On the tail of bearish indications from other Asian markets, Indian equity benchmarks traded around their intraday lows but slightly recovered in the mid-day session. Traders were wary, citing research that said the present price situation leaves little room for rationalising GST rates on products and services.

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Asian markets were trading mostly in red with Taiwan Weighted dropping 108.59 points or 0.67% to 15,995.44, Nikkei 225 slipped 41.14 points or 0.15% to 26,636.66, Hang Seng decreased 25.47 points or 0.13% to 20,145.80 and KOSPI fell 4.48 points or 0.17% to 2,612.74. On the flip side, Shanghai Composite gained 20.35 points or 0.65% to 3,127.81 and Straits Times advanced 26.02 points or 0.82% to 3,205.60.

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Sensex is presently trading at 53,921.04, up by 171.78 points or 0.32% after trading in a range of 53,425.25 and 54,102.36. There were 18 stocks advancing against 12 stocks declining on the index.

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The broader indices were trading in red with the BSE Midcap index being down by 0.83%, while the Small cap index was down by 1.30%. The top gaining sectoral indices on the BSE were Bankex up by 0.35%, IT up by 0.21%, TECK up by 0.18% and Metal up by 0.11%, while Power down by 2.45%, Utilities down by 2.44%, Oil & Gas down by 1.85%, Energy down by 1.82% and Industrials down by 1.78% were the top losing indices on BSE.

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The top gainers on the Sensex were HDFC Bank up by 1.21%, HDFC up by 1.04%, Axis Bank up by 0.93%, TCS up by 0.74% and Wipro up by 0.70%. On the flip side, Bajaj Finance was down by 2.66%, ITC down by 2.64%, Asian Paints down by 2.61%, Larsen & Toubro down by 2.42% and Reliance Industries down by 2.26% were the top losers.

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Nifty is currently trading at 16,080.55, up by 54.75 points or 0.34% after trading in a range of 15,903.70 and 16,129.90. There were 29 stocks advancing against 21 stocks declining on the index.

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The top gainers on Nifty were HDFC Bank up by 1.22%, JSW Steel up by 1.14%, Tata Steel up by 0.95%, Axis Bank up by 0.95% and Nestle up by 0.93%. On the flip side, Adani Ports & SEZ down by 4.20%, UPL down by 3.71%, BPCL down by 3.57%, Apollo Hospital Ent. down by 2.82% and Bajaj Finance down by 2.82% were the top losers.