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Sensex gains 100 pts, Nifty nears 11,900; IT, bank stocks rise

Uncertainty over US’ decision of Dec 15 round of tariffs on Chinese goods capped gains.

Dec 11, 2019, 09.46 AM IST
Domestic equity indices opened higher in Wednesday's session amid gains in IT and banking counters.

Muted cues from Asian peers and uncertainty over US’ decision of December 15 round of tariffs on Chinese goods, however, capped gains.

Investors are beginning to suspect that even if US tariffs due to take effect on Sunday are delayed, it may be 2020 before Washington and Beijing can agree a broader rapprochement. They are also waiting for the outcome of Fed policy meeting that is underway.

The 30-share pack Sensex was up 93 points at 40,333 while NSE flagship Nifty edged 33 points higher to 11,888 in the opening trade. Broader market indices were in-line with their headline peers. Nifty Midcap and Nifty Smallcap each gained 0.22 per cent to 16,550 and 5,602, respectively.

India VIX, the measure of volatility in the market, slipped 5.66 per cent to 13.47.

Barring Nifty PSU Bank, all sectoral indices on NSE were trading with gains. Nifty Media was the biggest sectoral gainer as Dish TV surged 5 per cent to Rs 13.65 after it decided to merge operations with Airtel.

Vodafone Idea gained 6.1 per cent to Rs 6.96 on BSE. YES Bank tanked 5.74 per cent to Rs 47.65 after its board meeting on Tuesday ended with no major outcome.

TCS was the biggest gainer on Sensex, up 1.03 per cent at Rs 2,033. Meanwhile ITC was also up 1 per cent at Rs 238.

Globally, Asian stocks drifted on Wednesday as Sino-US trade talks showed little progress ahead of a weekend deadline for the imposition of additional U.S. tariffs, and the pound wobbled as opinion polls pointed to a tight British election on Thursday.

MSCI's broadest index of Asia-Pacific shares outside Japan drifted 0.1 per cent higher, as markets in the region wavered either side of flat. Japan's Nikkei traded 0.2 per cent lower, Australia's S&P/ASX 200 rose by the same margin.

Shanghai blue chips added 0.1 per cent. US stock futures were 0.1 per cent lower.

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