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Markets were trading flat in noon trades on Tuesday paring most of the gains weighed down by profit taking in IT and HDFC Group shares.
At 2:30PM, the Sensex was up 10 points at 19,621 and the Nifty was up 3 points at 5,942.
The broader markets outperformed the BSE benchmark index with the mid and smallcap indices gaining 0.5-0.6% as compared to the 0.3% rise on Sensex.
European markets rebounded on Tuesday to open higher amid positive cues from the global markets with bank shares leading the gains. Among the major indices in the region, CAC-40, DAX and FTSE were trading up 0.5-0.6% each.
Asian shares recovered from their lowest in about six months but investors cautiously awaited a key U.S. jobs report later in the week as the latest U.S. factory data blurred the outlook for the U.S. Federal Reserve's stimulus program.
Chinese shares were the biggest drag on regional bourses, with Shanghai shares shedding 1.2%. Japan's Nikkei stock average ended up 2% while Hang Seng and Straits Times ended flat with positive bias.
BSE Healthcare index was the top gainer among sectoral indices on the BSE up 1.8% followed by capital goods, auto, power, FMCG, oil and gas indices. Consumer Durables index was the top loser down 1% followed by IT and Metal indices.
Among other shares, Idea Cellular was up over 4% at Rs 136 amid reports that the telecom major is in talks with Axiata of Malaysia to sell off its tower business.
In the Sensex pack, ICICI Bank, L&T, Mahindra & Mahindra and Reliance Industries were among the top gainers up 0.4-1.9% each.
Among pharma shares, Cipla was up 3% while Dr Reddys Labs was up 1.8%.
Software shares were marginally down amid a strong rupee. Infosys was down 0.5% on profit taking after sharp gains on Monday. TCS was down 0.5%. HDFC and HDFC Bank were down 0.9-1.3% each.
The market breadth was positive. 1,166 stocks advanced while 1,059 stocks declined on the BSE.
