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Sensex pares gains to turn flat, Nifty tests 8,700; Wipro top loser post Q2

Business Today logo Business Today 24-10-2016

The S&P BSE Sensex on Monday pared all its gains to turn flat, while the broader Nifty50 tested its crucial 8,700-mark.

The headline indices tracking Asian stocks which drifted without clear direction on Monday after Wall Street's sluggish performance late last week, while fresh comments from a Federal Reserve official boosted bets of a rate hike by year-end.

At 09:30 am, the 30-share index was trading at 28,123, up 46.05 points, while the broad-based 50-share index was quoting 8,698, up 5.15 points.

"Unless the index closes above the 8745 resistance, we would continue to advise traders to wait on sidelines. In case of failure to cross the resistance, it would lead to another leg of corrective move towards 8630 and 8540," said Angel Broking in a research note.

ICICI Bank was the top gainer on both the benchmark indices and added over 2 per cent on the bourses. Wipro stock tanked over 4 per cent and was the top loser after the IT company reported its September quarter earnings on Friday.

Among Asian markets, China's Shanghai Composite added over 1 per cent, while Japan's Nikkei and Hong Kong's Hang Seng index added 0.18 per cent, and 0.31 per cent, respectively.

On Friday, US markets closed mildly positive, as the latest batch of earnings results came in.

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