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Sensex jumps 250 pts to reclaim 40,000-mark; Nifty tops 11,800

roader marker outperformed the headline indices as Nifty Midcap index climbed 0.5 per cent.|
Oct 30, 2019, 09.56 AM IST
NEW DELHI: Domestic equity market opened with gains on Wednesday amid a better than expected earnings and government’s plans to tweak taxes on transaction regarding equity assets.

The 30-share Sensex jumped 269 points at 40,100 while NSE Nifty was trading 48 points higher at 11,835. Broader marker outperformed the headline indices as Nifty Midcap index climbed 0.5 per cent to 16,558 and Nifty Smallcap creeped 0.45 per cent to 5,733 in early trade.

Most sectoral indices were trading higher on NSE with Nifty FMCG and Nifty Bank as the biggest gainers, up 0.5 per cent each. Nifty Auto slid 0.31 per cent to 8,423 and Nifty Media shed 0.12 per cent to 1,736.

Among Sensex stocks, L&T was the biggest gainer, up 1.7 per cent at Rs 1485.55, followed by Bharti Airtel that rose 1.4 per cent to Rs 365.50. The telecom operator’s revenue from India mobile services jumped 7 per cent year-on-year during the September 2019 quarter to Rs 10,981.4 crore, as the subscriber base stood at 279.4 million.

BHEL was up 12 per cent at Rs 60 amid talks of divestment. Another government-controlled entity BEML was up 8 per cent at Rs 1,086 due to the similar reason.

In early trade, Asian share markets slipped on Wednesday, as the prospect of a rate cut by the Federal Reserve was countered by worries a Sino-US first-stage trade deal could be delayed.

MSCI's broadest index of Asia-Pacific shares outside Japan shed 0.33 per cent from Tuesday's three-month high while Japan's Nikkei lost 0.35 per cent after hitting a one-year high the previous day.

On Wall Street overnight, the S&P 500 index touched a record intraday high, led by strong earnings from drug manufacturers such as Merck and Pfizer, before ending down 0.08 per cent.

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