Sensex, Nifty pare gains after hitting fresh highs, track cues from global equities

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Updated: January 16, 2020 11:31:22 AM

At 11 AM, S&P Sensex was trading flat at 41,858 points while Nifty 50 was ruling at 12,337 points, down 6 points or 0.05 per cent higher.

S&P BSE Sensex has hit 42,000-level for the first time (Bloomberg image)

Benchmark stock market indices have pared early gains after Sensex and Nifty scaled record high levels on Thursday in the early trade taking cues from global equities after Washington and Beijing signed an initial trade deal aimed at diffusing their 18-month tariff war. S&P BSE Sensex has hit 42,000-level for the first time, jumps 134.58 pts in opening trade. While the broader Nifty 50 index scaled fresh high after breaching through the previous record of 12,374.3, to touch 12,389 points.

Meanwhile, the broader markets continued with their good run, outperforming the benchmark indices. “On the broader front, Midcap and Smallcap Indices outperformed and buying was visible across space,” as per the Motilal Oswal Retail Research. The S&P BSE MidCap index was trading 74 points, or 0.47 per cent higher at 15,532 points and the S&P BSE SmallCap index gained 71 points, or 0.49 per cent.

At 11 AM, S&P Sensex was trading flat at 41,858 points while Nifty 50 was ruling at 12,337 points, down 6 points or 0.05 per cent higher. Power Grid, Bharti Airtel, Nestle India, Hindustan Unilever, each up over 1 per cent, are among the top gainers in the Sensex pack. Conversely, Tata Steel (down 1.61 per cent), NTPC (down 1.49 per cent), Hero MotoCorp (down 1.02 per cent) and Tech Mahindra (down 1 per cent), were among the top laggards. However, Reliance Industries, TCS and Hindustan Unilever were among the top index contributors.

All the sectoral indices were trading mixed. Nifty Metal index was down 1.59 per cent, dragged by Vedanta, Coal India, JSW Steel, Jindal Steel, each down upto 2 per cent. While Nifty Auto, Nifty FMCG, Nifty Pharma and Nifty Realty were trading in green.

Meanwhile, the merchandise exports contracted 1.8 per cent in December, declining for fifth month in a row month, even as the trade deficit fell to $11.25 billion from a year ago period, the government data released on Wednesday showed. In December 2019, the exports fell to $27.36 billion as against the corresponding period a year ago. The imports also declined  8.8 per cent to $38.61 billion, the data also showed.

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