Markets trim early gains; Nifty hovers around 7,600

Index heavyweights RIL & ITC contributed the most to the Sensex gains

Benchmark share indices trimmed early gains amid profit taking at higher levels even as index heavyweights Reliance Industries and ITC continued to trade firm.

At 10am, S&P BSE Sensex was up 85 points at 24,937 and Nifty50 was up 23 points at 7,591.

Index heavyweights Reliance Industries and ITC contributed the most to the Sensex gains alongwith Tata Motors and HDFC Bank.
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(Updated at 9:35am)
Benchmark share indices continued to trade firm ring and value buying at lower levels after the sharp correction in the previous session.

At 9:35am, S&P BSE Sensex was up 165 points at 25,017 and Nifty50 was up 45 points at 7,614.

In the broader market, the BSE Midcap and Smallcap indices were up over 1% each. Market breadth was strong with 1,327 gainers and 200 losers on the BSE.

On Thursday, markets lost ground for the fourth straight session to end at their lowest closing level in four months, amid a sell-off in global stocks, after further depreciation of the Chinese yuan rekindled fears of a growth slowdown in the world's second largest economy while slump in crude oil prices also dampened sentiment.

"For the Nifty resistance is seen at 7586 above 7609 and 7659. Support for the Nifty is seen at 7550 below 7541, 7502" Geojit BNP Paribas Financial Services said in a note.

Meanwhile, foreign portfolio investors (FPIs) sold shares worth Rs 1051.74 crore on Thursday as per provisional data released by the stock exchanges.

GLOBAL MARKETS

Asian markets were trading higher with China shares leading the gains after China announced late on Thursday it suspended its new stock market circuit breaker introduced only on Monday as the system failed to reduce market volatility. The benchmark Shanghai Composite was up 2.3% while Japan's Nikkei was up 0.6%. Further, Straits Times and Hang Seng were up over 1% each.

SECTORS & STOCKS

All sectoral indices on the BSE were in the green led by Power index up 1.2% followed by Oil&Gas, Power, Realty and Healthcare indices.

Index heavyweights Reliance Industries was up 1.3% and ITC gained nearly 1% contributing the most to the Sensex gains.

Tata Motors rebounded after the sharp correction in the previous session. The stock was up 2.4%.

In the IT pack, Infosys, Wipro and TCS were up 0.5%-0.6% each.

Other gainers include, HDFC Bank, Sun Pharma and Axis Bank among others.