Stocks in the news:Top advancers were Tech Mahindra, Zee, Hindustan Petroleum, Indiabulls Housing Finance.
Market Opens: Benchmark indices started on a positive note on Wednesday with Nifty trading above 10,950 level. The Sensex is up 98.30 points at 36715.11, while Nifty is up 42.60 points at 10977. About 392 shares have advanced, 202 shares declined, and 33 shares are unchanged. Jubilant Food, Tech Mahindra, HPCL, Zee Entertainment, Indiabulls Housing are trading higher, while NTPC, Dr Reddy's Lab, Adani Ports, UltraTech Cement are among major losers.
Tech Mahindra Surges To Record High - Shares of the information technology company rose as much as 5.8 per cent to hit a new all-time high at Rs 794.60. The stock was the top performer on Nifty. The company’s quarterly profit rose in the three months ended December, led by its communications and enterprise businesses.
Infosys Hit A New All-Time High - Shares of the Bengaluru-based software developer halted a two-day fall. The stock rose as much as 1.4 per cent to hit a new all-time high at Rs 765.65. The stock has returned 33 per cent in the past 12 months. The Relative Strength Index was above 70, indicating that the stock may be overbought.
Rupee Opens: The Indian rupee opened flat at 71.55 per dollar on Wednesday versus previous close 71.56.
Oil prices: Crude slips as service slowdown adds to warning signs on the economy
Oil sank for a second straight day as service-sector orders fed worries about the economy and traders received another report of booming U.S. crude supplies. Futures in New York fell 1.7 per cent on Tuesday, after a volatile session that bounced between gains and losses. Prices maintained the decline after an oil-industry report was said to show crude stockpiles growing for the third consecutive week.
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