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Sensex drops 50 points , Nifty holds above 11,650; RIL gains ahead of Q2

Domestic equity market edged lower in Friday's trade after seeing smart gains the previous day. Investors were keening awaiting September quarter results of Reliance Industries, the most-valued firm on the Dalal Street. Concerns over China GDP that fell to a 27 year low of 6 per cent in September quarter also hurt the sentiment a bit.

At 9.30 am, the 30-share Sensex was down 62 points or 0.16 per cent at 38,989. The NSE Nifty was down 21 points at 11,565. Broader markets were trading with marginal gains, with Nifty Midcap and Nifty Smallcap up 0.5 per cent each.

Reliance Industries was up 0.6 per cent at Rs 1,404 ahead of its Q2 result. Analysts expect the September quarter profit to grow in double digits. Ambuja Cements was up 1.2 per cent to Rs 209.20. The cementmaker is also scheduled to releaase its Q2 numbers later today.

Zee Entertainment was down about 4 per cent to Rs 254.30 after the media house reported less-than-expected growth in profits. The company posted 6.73 per cent rise in consolidated net profit at Rs 412.09 crore.

Resultantly, Nifty Media was the biggest loser among sectors, down 1 per cent. Tata Motors which saw a spectacular rally on Thursday, was down 1.6 per cent as uncertainty over Brexit deal remained. Nifty Auto was trading flat with negative bias down 0.07 per cent in the early trade.

Asian stocks stumbled on Friday after China posted its weakest growth in nearly three decades, countering a global lift in sentiment on the UK and European Union striking a long-awaited Brexit deal.

China's economy grew 6 per cent in the third quarter -- the weakest pace in at least 27-1/2 years -- falling short of estimates, as the Sino-US trade war hit demand at home and abroad.

MSCI's broadest index of Asia-Pacific shares outside Japan was down 0.17 per cent by 0350 GMT, erasing earlier small gains. Australian shares dropped 0.61 per cent and Chinese blue-chips were off 0.65 per cent.
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