Indian equity benchmarks continued to trade lower in the late morning session, with both Sensex and Nifty trading in red, on the back of negative cues from other Asian markets. However, some losses got trimmed amid reports that India’s urban unemployment rate dipped to 7.6% during the April-June quarter from 12.6% during the corresponding quarter a year ago. It is a clear indication that the country’s economy is coming out of the grip of Covid-induced slowdown.

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The Sensex is trading at 58,909.48, down by 287.51 points or 0.49% after trading in a range of 58,722.89 and 58,970.68. On the index, there were 8 stocks advancing and 22 stocks declining.

The broader indices were trading in green with the BSE Midcap index up by 0.10% and the Small cap index up by 0.48%. The top gaining sectoral indices on the BSE were Basic Materials up by 0.52%, Telecom up by 0.48%, FMCG up by 0.39%, Consumer Durables up by 0.27%, and Healthcare up by 0.15%, while Auto down by 1.30%, TECK down by 0.66%, Bankex down by 0.65%, Realty down by 0.62% and IT down by 0.61% were the top losing indices on BSE.

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The top gainers on the Sensex were Ultratech Cement up by 3.35%, Nestle up by 0.92%, Bajaj Finance up by 0.86%, Bajaj Finserv up by 0.29%, and Asian Paints up by 0.20%. On the flip side, Bharti Airtel down by 1.78%, Tech Mahindra down by 1.65%, Mahindra & Mahindra down by 1.60%, Indusind Bank down by 1.54%, and HCL Tech. down by 1.20% were the top losers.

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The Nifty is trading at 17,582.05, down by 73.55 points or 0.42% after trading in a range of 17,484.30 and 17,593.80. On the index, there were 17 stocks advancing and 33 stocks declining.

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The top gainers on Nifty were Shree Cement up by 5.87%, Ultratech Cement up by 3.58%, Coal India up by 1.65%, Britannia up by 1.43%, and Nestle up by 1.07%. On the flip side, Tata Motors down by 2.61%, Bajaj Auto down by 2.58%, Bharti Airtel down by 1.79%, Tech Mahindra down by 1.65%, and Mahindra & Mahindra down by 1.64% were the top losers.

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Asian markets were trading mostly in red with the Hang Seng decreasing 370.40 points or 1.93% to 18,832.33, Taiwan Weighted dropping 267.15 points or 1.82% to 14,410.05, Straits Times trembled 19.66 points or 0.61% to 3,204.52, Nikkei 225 slipped 196.21 points or 0.71% to 27,430.30, KOSPI fell 37.39 points or 1.55% to 2,372.63, Shanghai Composite declined 0.48 points or 0.01% to 3,242.97 and Jakarta Composite lost 41.00 points or 0.57% to 7,192.16.