Nifty around 10,900, Sensex up 280 pts; IT stocks under pressure
The share price of GMR Infrastructure rose 2 percent in the early trade on Wednesday after the company emerged the highest bidder for the airport in Andhra Pradesh.
GMR Airports (GAL), a subsidiary of GMR Infrastructure, has emerged as the highest bidder for the development, operations and management of greenfield international airport at Bhogapuram, Andhra Pradesh (AP) on a PPP basis. Benchmark indices opened on a higher note on Wednesday with Nifty hovering around 10,900 level.
The Sensex is up 216.17 points at 36189.88, while Nifty is up 52.20 points at 10887.50. About 510 shares have advanced, 98 shares declined, and 21 shares are unchanged.
Yes Bank, Adani Ports, UltraTech, HPCL, ICICI Bank, RIL, JSW Steel are among major gainers, while Wipro, HCL Tech, TCS, Tech Mahindra are trading lower.
Among the sectors, except IT, all other indices are trading in green. Midcap and smallcap also trading with a 0.5 percent gain. Benchmark indices are trading mixed in the pre-opening session with Nifty above 10,800 level.
The Sensex is up 95.46 points at 36069.17, while Nifty is down 14.90 points at 10820.40.
Major gainers include IOB, Time Technoplast, Bharti Airtel, Tata Steel, Yes Bank, while losers are MGL, RIL, Allahabad Bank in the pre-opening. Oil prices rose on Wednesday after a report of declining crude inventories in the country and as producer club, OPEC seemed to stick to its supply cuts despite pressure from US President Donald Trump.
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