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Sensex Jumps Over 150 Points From Day's Low, Nifty Tops 11,000

Gains in financial and automobile stocks helped the markets recover early losses.

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Sensex Jumps Over 150 Points From Day's Low, Nifty Tops 11,000

Domestic stock markets recovered early losses on Wednesday amid buying in financial and automobile stocks. The S&P BSE Sensex index, which fell as much as 62.02 points in the first hour of trade to touch 37,265.99, jumped 169.08 points from that level. The broader NSE Nifty benchmark recovered 52 points from the day's weakest level to hit 11,034.20. Strength in financial, auto and information technology stocks supported the markets however weakness in metal stocks kept the upside in check. 

However, the recovery was limited as metal stocks weighed amid choppy trade. At 10:17 am, the Sensex traded 21.58 points - or 0.06 per cent - higher at 37,349.59, while the Nifty was down 2.15 points - or 0.02 per cent - at 11,014.85. 

Top percentage gainers on the 50-scrip index at the time were Eicher Motors, Bajaj Finance, Maruti Suzuki, Infosys, Hero MotoCorp and Bajaj Auto, trading between 0.62 per cent and 1.22 per cent higher.

On the other hand, Tata Motors, Hindalco, Vedanta, Bharti Infratel and Tata Steel - trading between 2.02 per cent and 3.88 per cent lower - were the top losers. 

Infosys, HDFC Bank, TCS and HDFC were the top contributors to the advances in Sensex. 

Market breadth favoured sellers with 727 stocks trading higher on the BSE and 939 in the negative territory. On the NSE, 629 stocks advanced while 960 declined. 

The Reserve Bank of India will later in the day release the minutes of the bi-monthly policy review meeting of the MPC, which concluded on August 7. The minutes will contain statements from the six MPC members, offering more details on the RBI's take on the key interest rates in the coming months. 

Equities in other Asian markets flatlined as worries about global recession and endless trade wars vied with hopes for a lot more monetary and fiscal stimulus to keep growth going. 

MSCI's broadest index of Asia-Pacific shares outside Japan dithered either side of flat after three straight days of gains. Japan's Nikkei slipped 0.4 per cent, while Shanghai blue chips lost 0.1 per cent.

US President Donald Trump showed no signs of backing down in his tussle with China, declaring on Tuesday a confrontation was necessary even if it caused short-term harm to the US economy.

The Sensex and Nifty had ended 0.20 per cent and 0.30 per cent lower respectively on Tuesday, snapping their three-day winning run.

(With inputs from Reuters)



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