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Indian equities finish higher, join Asian markets in trade deal rally

twitter-logoPTI | October 14, 2019 | Updated 17:41 IST

Mumbai, Oct 14 (PTI) Benchmark indices Sensex and Nifty managed to close with gains after a volatile session on Monday as positive sentiment reflected on domestic bourses after a breakthrough in US-China trade talks. After swinging 448 points during the day, the 30-share Sensex ended 87.39 points, or 0.23 per cent, higher at 38,214.47. It hit an intra-day high of 38,513.69 and a low of 38,066.13. Likewise, the NSE Nifty moved up 36.10 points, or 0.32 per cent, to 11,341.15. Gains on the benchmark gauges were restricted by cautious participants awaiting retail inflation data due after market hours. Meanwhile, wholesale inflation eased to more than three-year low of 0.33 per cent in September, official data showed. On the Sensex chart, Tata Motors was the top gainer rallying 5.32 per cent. ONGC rose 4.73 per cent after Oil Minister Dharmendra Pradhan said the state-owned firm was free to sell its stake in the HPCL. Among other prominent gainers were Bharti Airtel, IndusInd Bank, Sun Pharma, Axis Bank, Maruti Suzuki, Bajaj Auto and TCS. On the other hand, Infosys was the top laggard on the index, shedding 3.68 per cent, after the company reported a 2 per cent decline in its consolidated net profit for the July-September quarter. Other losers included Bajaj Finance, PowerGrid, L&T, Kotak Bank -- dropping up to 2.37 per cent. Sectorally, BSE telecom, realty, auto, oil and gas, metal, basic materials, healthcare and energy indices rallied up to 2.24 per cent. While BSE IT, teck, power and capital goods indices fell up to 0.90 per cent. Broader BSE midcap and smallcap indices too advanced up to 0.44 per cent. "Signs of progress in trade negotiations between US and China had a ripple effect on the Indian market. However, market pare gains towards close due to tepid outlook on second quarter results and expectation of rise in CPI inflation. Auto and banks gained in expectation of festival demand while PSU banks declined due to liquidity issues," Vinod Nair, Head of Research at Geojit Financial Services, said. Market sentiment, however, remained volatile amid concerns over an economic slowdown after the World Bank said India's growth rate is projected to fall to 6 per cent after a broad-based deceleration in the initial quarters of this fiscal year. Meanwhile, the Indian rupee depreciated 20 paise to close at 71.23 against the US dollar. Brent crude futures, the global oil benchmark, plunged 2.26 per cent to USD 59.14 per barrel. Asian stocks rallied on news that the US had reached a "very substantial" Phase 1 trade deal with China. Bourses in Shanghai, Hong Kong, Seoul and Tokyo ended significantly higher, while those in Europe were trading in the red as investors' focus remained on Brexit developments. PTI ANS MKJ

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