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Sensex, Nifty Down Marginally After Volatile Start

After opening slightly lower and breaking into positive territory subsequently, the Indian stock market faltered Friday morning due to lack of support at higher levels.

The mood remains a bit cautious after yesterday's strong gains. The overnight sharp fall on Wall Street and worries about rising coronavirus cases weigh on sentiment.

Geopolitical tensions have slightly eased after foreign ministers of the two countries agreed that troops must quickly disengage from a border standoff. The two foreign ministers have reportedly agreed that the current situation in the border areas is not in the interest of either side.

The benchmark BSE Sensex, which fell to 38,738.22 after advancing to a high of 38,978.52, is down 22.58 points or 0.06% at 38,817.74.

The National Stock Exchange's Nifty is down 8 points or 0.07% at 11,441.25, after moving between 11.447.80 and 11,493.50.

On Thursday, the Sensex climbed 646.40 points or 1.69% to 38,840.32, while the broader Nifty index of the National Stock Exchange ended with a gain of 171.25 points or 1.52% at 11,449.25.

IndusInd Bank is down more than 2%. HCL Technologies is lower by about 1.4%, while Axis Bank, Bajaj Finance, Asian Paints, Nestle, Power Grid Corporation, Infosys and ICICI Bank are down 0.5 to 1%.

Titan Industries is gaining more than 2.5%. Maruti Suzuki is up by about 1%, while Hindustan Unilever is rising 0.85%.

Bharti Infratel, up 3.5%, is the top gainer in the Nifty 50 index. Britannia Industries is advancing 2.75%, while HDFC Life is up 1.2%. Dr Reddy's Laboratories and Mahindra & Mahindra are up with modest gains.

Adani Ports is down more than 2%. Eicher Motors, Indian Oil Corporation, Coal India and Tata Motors are lower by 0.7 to 1%.

YES Bank is gaining more than 3%. The bank announced on Thursday that it has fully repaid the Rs 50,000 crore provided by RBI as a special liquidity facility (SLF) amid the crisis faced by the lender earlier this year.

Hindustan Aeronautics Limited reported a profit of Rs 148.65 crore for the first quarter of this financial year compared with a profit of Rs 564.69 crore in the year-ago quarter. Revenue dropped to Rs 1,736.7 crore from Rs 3,289.5 crore a year ago. The stock is up with a modest gain of 0.3%.

Hindustan Copper Limited shares are up more than 6% on strong results. The company said it posted a net profit of Rs 29.8 crore in the first quarter as against a profit of Rs 21.2 crore in the corresponding quarter last year.

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