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Market live: Sensex, Nifty open higher, shares of Axis Bank, Airtel fall 1% each

LiveMint logoLiveMint 26-07-2017 Livemint

Mumbai: The BSE Sensex opens higher at 32,291.50 points on Wednesday. The broader Nifty, too, opened higher at 9,984.35 in morning trade, slightly below the 10,000 mark it crossed in opening trade on Wednesday.

The Indian rupee weakens marginally against the US dollar amid thin trading as traders wait for the outcome of a Federal Open Market Committee meeting. According to a Bloomberg report, the US Federal Reserve is expected to keep rates on hold, traders are looking for comments that it could make on its balance-sheet reduction plan.

Stocks in Asia trade in the green following the firmer lead on Wall Street Tuesday and as oil prices extended gains.

Here are the latest updates and developments from the markets:

9.40am: BSE Sensex trades higher by 50.90 points, or 0.16%, to 32,285.12, while the Nifty 50 rises 19.90 points, or 0.20%, to 9,984.45.

9.45am: Axis Bank Ltd fell 1% to Rs539. Axis Bank on Tuesday reported a 16.07% decline in its net profit for the June quarter as bad loans continued to mount and provisions soared. This is the sixth consecutive quarter in which Axis Bank has posted a decline in profit.

9.30am: Bharti Airtel Ltd fell 1% to Rs423.55. It’s first quarter profit plunged 75%, the third straight quarterly decline, as new entrant Reliance Jio Infocomm Ltd sparked a price war aimed at upending the telecom sector.

9.25am: Navin Fluorine International Ltd rises 5% to Rs655.85. Net profit of Navin Fluorine International rose 12.51% to Rs49.11 crore in the quarter ended June 2017 as against Rs43.65 crore during the quarter ended June 2016. Sales rose 38.46% to Rs225.43 crore in the quarter ended June 2017 as against Rs162.81 crore during the quarter ended June 2016.

9.20am: TD Power Systems Ltd rises 3% to Rs241.95 after the company said it got orders worth Rs750 crore from a European firm in India for manufacture and supply of components of traction motors used in electric locomotives to be supplied to Indian Railways.

9.15am: The rupee opened at 64.43 a dollar. At 9.15am, the rupee was trading at 64.42 a dollar, down 0.07% from its Tuesday’s close of 64.38.

9.10am: The 10-year bond yield was at 6.447%, compared to its previous close of 6.43%. Bond yields and prices move in opposite directions.

9.05am: Asian currencies were trading lower.South Korean won was down 0.34%, Taiwan dollar 0.08%, Malaysian ringgit 0.08%, Thai Baht 0.07%, China renminbi 0.05%, Indonesian rupiah 0.04%, Singapore dollar 0.04%. However, China Offshore spot was up 0.08%.

9.00am: US stocks traded mostly higher on Tuesday after a slew of major companies reported better-than-expected quarterly results. The dollar index, which measures the US currency’s strength against major currencies, was trading at 94.06, up 0.01% from its previous close of 94.054.

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