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Published: Sun, February 11, 2018
Economy | By Melissa Porter

Sensex up 200 pts, Nifty exams 10550; IT, pharma acquire

Sensex up 200 pts, Nifty exams 10550; IT, pharma acquire

This is the weakest closing since 4th January when it had ended at 33,970. It was trading at 34,565.03 by surging 482.32 points, or 1.41 per cent at 1230 hrs.The index had lost 113.23 points in the previous session following the Reserve Bank's decision to leave interest rates unchanged that caught the market by surprise.

The Sensex and Nifty closed lower in Friday's trade on U.S. markets correction on high govt bond yields which send the local market into a tailspin.

The broad-based Nifty fell by 121.90 points or 1.15 per cent to end at 10,454.95. Both BSE Bankex and Nifty Bank indices dropped up to 1.76 per cent. The increasing volatility in the market has spread fears of rising inflation which will ultimately result in frequent U.S. central bank rate hikes.

"The 10-year-bond yield fell from yesterday's high of 7.61 per cent to 7.49 per cent and rupee strengthened which is positive for investors", Nair said.

On the other hand, Tata Steel (1.83%), Dr Reddy'S Laboratories (0.73%), Asian Paints (0.67%), Hindustan Unilever (0.57%), and Tata Consultancy Services (0.20%) were the biggest gainers in the Sensex. The Small-Cap index advanced 0.23 pc.

Indian shares slumped more than 1 percent on Friday, in line with Asian peers, as the global rout in equities returned, while lingering concerns over inflation back home weighed on the market.

At 10.35 am, the Nikkei 225 index in Japan was trading at 21,324.91, 565.95 points. or 2.59% lower while the Hang Seng index in Hong Kong was trading at 29,422.99, 1,028.28 points, or 3.38% lower.

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