Nifty hovers around 11,880, HCL Tech gains over 4 pc post Q1 results

Equity indices swung wildly during early trading on Thursday but mostly remained at near-flat levels as the announcement of repo rate cut of 35 basis points by the Reserve Bank India a day earlier failed to cheer investors.

At 10:15 am, the BSE S & P Sensex was up 96 points at 36,787 while the Nifty 50 edged up 31 points to 10,886. At the National Stock Exchange, sectoral indices were mixed with financial services, metal and private banks in the red while others were in the positive zone.

Among stocks, HCL Tech gained by 4.4 per cent to trade at Rs 1,067.60 per share. Bharti Infratel was up by 2.8 per cent, Bharti Airtel by 1.9 per cent, Hero MotoCorp by 1.7 per cent and Tata Motors by 1.6 per cent.

However, Tata Steel was down by 3.5 per cent to Rs 368.40 per share. Cipla, IndusInd Bank, Tech Mahindra and Asian Paints were among other prominent losers.

Meanwhile, Asian shares struggled to rally as data showed Chinese exports rose 3.3 per cent in July from a year earlier. Imports also declined by less than expected, suggesting some resilience to the drawn-out US-China tariff war.

MSCI's broadest index of Asia-Pacific shares outside Japan bounced 0.6 per cent even though it was still down more than 7 per cent over the past two weeks. Japan's Nikkei edged up 0.6 per cent while Chinese blue chips rose 0.9 per cent.

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