Stock market midday report: Sensex down 23 points, Nifty around 17,400

After experiencing volatility in early deals, Indian equity benchmarks were trading flat in late morning deals, with frontline gauges trading near neutral lines, as investors remained on the sidelines awaiting information about the heavily mutated coronavirus variant and gauging how badly it could harm the global recovery.

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Globally, Asian markets were trading mixed. The Nikkei 225 gained 276.20 points or 1.00% to 28,029.57, the Straits Times gained 13.54 points or 0.44% to 3,105.65, the KOSPI gained 24.95 points or 0.85% to 2,970.22, and the Shanghai Composite gained 32.44 points or 0.91% to 3,606.28. The Hang Seng, on the other hand, sank 50.35 points or 0.21% to 23,738.58, the Taiwan Weighted dipped 27.74 points or 0.16% to 17,697.14, and the Jakarta Composite fell 29.98 points or 0.46% to 6,553.84.

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The BSE Sensex is now trading at 58438.09, down 23.20 points or 0.04% after ranging between 58269.62 and 58757.09. On the index, there were 14 stocks that advanced and 16 stocks that declined.

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The broader indices were trading in the green, with the BSE Midcap index up 0.78% and the Small-cap index up 1.07%.

Capital Goods was up 1.42%, Realty was up 1.42%, Basic Materials was up 1.22%, Industrials was up 1.11%, and Metal was up 0.89% on the BSE, while Telecom was down 0.59%, Energy was down 0.58%, Healthcare was down 0.40%, and FMCG was down 0.20%.

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The top gainers on the Sensex were Larsen & Toubro up by 1.57%, Ultratech Cement up by 1.38%, Tata Steel up by 1.20%, Indusind Bank up by 1.02%, and Axis Bank up by 0.64%. On the flip side, Bharti Airtel is down by 1.50%, Dr. Reddy’s Lab down by 1.34%, Power Grid Corporation down by 1.30%, Sun Pharma down by 0.99%, and ITC down by 0.98% were the top losers.

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The Nifty is currently trading at 17411.20, up by 9.55 points or 0.05% after trading in a range of 17351.60 and 17489.80. There were 27 stocks advancing against 23 stocks declining on the index.

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The top gainers on Nifty were UPL up by 2.13%, BPCL up by 2.09%, Larsen & Toubro up by 1.60%, Ultratech Cement up by 1.52%, and Indian Oil Corporation up by 1.41%. On the flip side, Bharti Airtel is down by 1.59%, Dr. Reddy’s Lab down by 1.39%, Power Grid Corporation down by 1.17%, SBI Life Insurance down by 1.15%, and Sun Pharma down by 1.04% were the top losers.

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