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Sensex down 150 points in opening trade, Nifty slips below 10400

Sensex down 150 points in opening trade, Nifty slips below 10400

Index major ITC surged 4.09 per cent after cigarette cess was kept unchanged at the GST Council meet.

Mumbai- The key Indian equity indices on Monday witnessed the biggest intra-day gains in around two years with the benchmark BSE Sensex index surging by over 600 points and the Nifty50 of the National Stock Exchange (NSE) by nearly 200 points.

India's annual wholesale price inflation eased in February for the third straight month, official data showed today, helping limit overall losses in the broader market.

IT, technology, FMCG, capital goods, oil & gas, metal and auto stocks saw the highest amount of trading due to the release of crucial IIP and inflation data scheduled for yesterday evening. Strong economic indicators have bolstered the US Federal Reserve's case for higher interest rates and have given fresh impetus to the bull market in global equities. The Nifty50, however, ended marginally in the green.

Around 1 p.m., the wider Nifty50 of the National Stock Exchange (NSE) rose by 40.70 points or 0.39 per cent to trade at 10,462.10 points.

On the other side, Tata Steel, IOC, HDFC, and HPCL were down up to 3 percent. On Tuesday, the RBI had banned the practice of issuing letters of undertaking (LOUs) by lenders to prevent the recurrence of PNB-like frauds that is given an valuation of around Rs 13,000 crore involving Nirav Modi and Mehul Choksi.

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The BSE Sensex spurted 611 points - its biggest single-day gain in two years. Major gainers were Wipro, Bharti Airtel, SBI, Sun Pharma, rising up to 2.15 per cent.

The losers were Coal India by 2.46 pc to Rs 297.20, SBIN by 1.34 pc to Rs 249.75, Tata MotorsDVR by 0.80 pc to Rs 191.05 and Powergrid by 0.46 pc to Rs 193.95.

Meanwhile, the BSE mid cap and small cap indices were trading with minor gains of 0.06% and 0.11% respectively.

Key indices in rest of Asia declined, with Japan's Nikkei falling 0.87% and Hong Kong's Hang Seng shed 0.53% while Shanghai Composite Index down 0.57%.

FTSE was higher 0.24 per cent.