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(As on Jan 17, 2017, 11:46)

Markets erase early gains; RIL dips over 2%

Tracking mixed cues from fellow Asian peers, Indian equity benchmarks reversed early gains and were trading in the negative territory during late morning deals on Tuesday dragged down by Reliance Industries, Adani Ports & Special Economic Zone and Lupin stocks.



At 11:16 hours, the 30-share barometer index of Bombay Stock Exchange, Sensex was at 27,254.37 down by 33.8 points or 0.12 per cent while the NSE Nifty was at 8,399.85 down by 12.95 points or 0.15 per cent.



Meanwhile, caution prevailed as Deltacorp, Havells, Mastek and NIITTech will unveil their December quarter report cards today, influenced sentiment at domestic markets.



Markets witnessed selling pressure mainly in the metal and oil & gas sector stocks.



Shares of oil to telecom major Reliance Industries Ltd slide over 2 per cent after the company reported a rise of 3.6 per cent in its consolidated net profit after taxes at Rs 7,506 crore for the October-December quarter of FY17. The consolidated net profit of the Indian conglomerate stood at Rs 7,245 crore during the same period a year ago.



Major show spoilers were Reliance Industries Ltd. (Rs. 1047.95,-2.70%), Adani Ports & Special Economic Zone Ltd. (Rs. 296.50,-1.12%), Lupin Ltd. (Rs. 1494.45,-0.93%), Tata Steel Ltd. (Rs. 454.70,-0.81%), Housing Development Finance Corporation Ltd. (Rs. 1246.90,-0.71%), among others.



The top gainers of the BSE Sensex pack were Hindustan Unilever Ltd. (Rs. 840.55,+1.63%), Axis Bank Ltd. (Rs. 482.50,+1.17%), Asian Paints Ltd. (Rs. 945.55,+1.16%), Larsen & Toubro Ltd. (Rs. 1456.65,+0.97%), Sun Pharmaceutical Industries Ltd. (Rs. 649.75,+0.96%), among others.



The market breadth, indicating the overall strength of the market, was positive. On BSE, out of the total 2,470 shares traded, 1,302 advanced while 1,004 shares declined and 164 remained unchanged.



On the global front, Asian markets were trading mixed as traders waited for British PM Theresa May to lay out plans to exit the EU, which traders fear will see Britain lose access to the bloc's single market.

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