Sensex pares some losses to reclaim 34000; Nifty above 10400

Sensex pares some losses to reclaim 34000; Nifty above 10400

Benchmark equity indices recouped all the losses, with the Nifty reclaiming 10,500 mark backed by HDFC twins and ITC.

According to government data, inflation based on wholesale prices eased marginally to 2.47 per cent in March on cheaper food articles, especially pulses and vegetables.

However, at 10.35 am, the BSE Sensex was trading 34,142.63, 50.02 points or 0.15% lower, whereas the broader NSE Nifty was down 0.145 or 14.25 points to trade at 10,466.35.

The BSE Midcap and the BSE Smallcap indices were fell by 0.12% and 0.04%, respectively.

Fortis Healthcare stock fell 1% after it confirmed getting interest from IHH Healthcare Bhd.

Among Nifty50 stocks, Cipla was the top gainer, up 5.30 per cent followed by Grasim, UPL, Hero MotoCorp and Indiabulls Housing Finance, which rise between 2-2.70 per cent. While the Sensex recovered about 406 points from its intra day lows and closed 112 points or 0.33% higher at 34,305 level, the Nifty rose 0.46% higher at 10,528 level.

Tata Motors Ltd shares declined over 2% after a news report said that Jaguar Land Rover is planning to cut almost 1,000 jobs as it scales back production at some of its United Kingdom sites.

Other major losers were Tata Motors, Axis Bank, Tata Steel, ONGC, Reliance, and Bharti Airtel, falling by up to 2.71%.

The rupee fell 20 paise to 65.40 against the USA dollar in early trade on global trade war concerns, dip in India's exports in March and a sharp drop in domestic equities.

Asian indices opened with weakness which got bought into as no further escalation in the middle east saw value buying emerge.

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