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Sensex, Nifty at day's high; Cipla, TCS stocks gain

Sensex, Nifty at day's high; Cipla, TCS stocks gain

According to government data, inflation based on wholesale prices eased marginally to 2.47 per cent in March on cheaper food articles, especially pulses and vegetables.

Gruh Finance gained 5% after the board also recommended a dividend of Rs3.30 per equity share of face value of Rs2 each for the financial year ended March 31, 2018.

Earlier in the day, benchmark Sensex fell as much as 300 points, or 0.9%, to 33,899.34, while the 50-share Nifty index declined 0.8%, or 85 points, to 10,396.35. However, towards the middle of the session, revival of buying, spread over a broad front, helped wiping out initial losses and touched the day's high of 34,341.46 before settling higher by 112.78 points, or 0.33 per cent, at 34,305.43.

The index had risen 1,173.88 points in the past seven sessions.

The broader NSE Nifty too, gained nearly half a per cent to close at 10,528.35.

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The 30-share index was trading lower by 77.41 points, or 0.23 per cent, at 34,115.24 at 1200 hrs, led by selling on IT, energy, consumer durables, telecom, auto, banking, oil & gas counters.

On the NSE, the top gainers were Cipla, Grasim Industries and Hero MotoCorp, while the top losers were Tata Motors, Infosys and Wipro.

Tata Motors Ltd shares declined over 2% after a news report said that Jaguar Land Rover is planning to cut almost 1,000 jobs as it scales back production at some of its United Kingdom sites.

Tata Motors (-4.6%), Infosys (-3.6%), Axis Bank (-1.5%), HPCL (-1.3%) and Titan (-1.2%) were the top losers on the NSE.

The rupee fell 20 paise to 65.40 against the United States dollar in early trade on global trade war concerns, dip in India's exports in March and a sharp drop in domestic equities.