The Sensex and Nifty closed higher on Wednesday amid volatile trade, extending their winning streak to a fifth straight day. Stocks of oil marketing companies such as HPCL, BPCL and International Olympic Committee reeled under pressure and fell up to 1.07 per cent. Banking stocks, led by private lenders, succumbed to profit-booking after recent gains. The recent upsurge in the market has led Sensex to gain more than 800 points since mid-last week.
Chinese President Xi Jinping promised to lower import tariffs on products including cars, easing concerns over an escalating U.S.
In the morning, Sensex opened marginally lower at 33,866, down 13 points while Nifty was trading at around 10,399.95.
Investors are focusing on key macroeconomic data, including retail inflation and industrial production numbers due tomorrow and corporate results starting Friday.
More than 100 reported killed in Algerian military plane crash
Kenitzer said the plane caught fire after takeoff from Scottsdale Airport, but it's still unclear what caused the fire. At least 105 are terribly dead in the crash, including 26 from Western Sahara As per reports of ZEE News.
Amazon, Twitter and Moviepass — Business Briefs
The e-commerce giant reported $0.52 earnings per share for the quarter, missing the Zacks' consensus estimate of $0.80 by $0.28. MSCI's broad index of shares in Asia Pacific apart from Japan last traded higher by 0.53 percent. 674 are held by Fcg Ltd.
Facebook Releasing Unsend Message Feature Amid Cambridge Analytica Scandal
Hearings over the issue are scheduled in the US , and the European Union is considering what actions to take against the company. It says Facebook representatives in Indonesia could face up to 12 years in prison and a fine of $871,000, if convicted.
Oil marketing companies came under pressure after Bloomberg reported that the goverment has asked OMCs to bear the burden of rising crude prices up to Rs 1 per litre. Hindustan Petroleum Corp closed 7.7 per cent lower, Bharat Petroleum Corp plunged 7.5 per cent while Indian Oil Corp settled 6.7 per cent lower.
The gauge had gained 861.18 points in the previous four sessions.
ICICI Bank Ltd dropped as much as 2.2 percent and State Bank of India declined 2.5 percent, heading for their first session of fall in five. Sector-wise, Nifty FMCG rose 1.13% followed by Nifty Pvt Bank 0.92%.
Among the top gainers, Vedanta surged 4.5 per cent while TCS, Sun Pharma, Eicher Motors and HCL Tech finished with gains of 2-2.6 per cent.