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Market opens higher amid inflation and Brexit worries

The September consumer inflation rate rose to 14-month high, close to 4 per cent.

, ETMarkets.com|
Oct 15, 2019, 10.01 AM IST
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Nifty Midcap was down 0.3 per cent and Nifty Smallcap was trading with a minor cut of 0.04 per cent.
Domestic stocks opened higher on Tuesday, tracking positive cues from other Asian markets.

Stocks in Asia gained as there were hopes that Britain had a chance to avoid a hard exit from the European Union at key negotiations this week. For India, upside though remained capped amid data showing a surge in domestic inflation to a 14-month high. Uncertainty over the progress of US-China trade talks also kept upside under check.

The 30-share Sensex climbed over 130 points in early trade to trade at 38,350. The NSE flagship Nifty50 edged 30 points higher to 11,370 level.

Adani Gas continued Monday’s rally and climbed 2 per cent in the early trade, after French energy giant Total SA decided to buy 37.4 per cent stake in gas distribution company.

Lakshmi Vilas Bank tanked 5 per cent after Reserve Bank of India imposed a penalty of Rs 1 crore on the bank for non-adherence to guidelines.

Newly-debutant IRCTC fell 1.6 per cent to Rs 717 on BSE after having a stellar debut on Monday.

Infosys emerged as the biggest loser on Nifty and Sensex, falling 2 per cent on both the exchanges. The scrip was trading at Rs 769 on NSE.

Most of the sectoral indices on NSE were trading in the red with Nifty Metal being the biggest loser, down over 1 per cent. FMCG and pharma indices were major gainers, each up about 0.5 per cent.

Broader markets were trading in the red, underperforming their headline peers. Nifty Midcap was down 0.3 per cent and Nifty Smallcap was trading with a minor cut of 0.04 per cent.

The September consumer inflation rate rose to 14-month high, close to 4 per cent. The gains were also capped by a crucial Brexit meeting scheduled later this week as traders waited for the outcome.

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