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Market trades flat; Nifty below 11,300 mark; SBI, Eicher in focus

Barring IT and FMCG, all indices were trading in the green. Nifty Media was the top gainer, up 1.14% followed by Nifty Realty, banking and financial services.
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Equity benchmark indices opened on a flat note on Friday as sentiment remained cautious as higher US tariffs on Chinese goods loom. Investors will also focus on March industrial production data.

However, the stock market rose as the rally was led by Reliance Industries, HDFC Bank, ICICI Bank and Axis Bank.

Barring IT and FMCG, all other indices were trading in the green. Nifty Media was the top gainer, up 1.14% followed by Nifty Realty, banking and financial services.

Shares of Voltas Ltd fell 4% after its consolidated net profit fell 2% to Rs141.74cr for the fourth quarter ended March 2019.

SBI shares edged higher ahead of its earnings.

Shares of HCL Tech slipped 4% after the IT company reported PAT decline of 1.6% qoq to Rs2,568cr against median consensus estimates of Rs2,538cr.

The Sensex gained 26 points at 37,585 and the Nifty50 was marginally higher 2 points at 11,303. The market breadth was positive on the NSE with 945 shares advancing, 583 shares declining, and 550 remaining unchanged.

Zee, Yes Bank, and Indiabulls HF are among major the losers on the NSE, while gainers include HCL Tech, Infratel, and BPCL.

The Volatility gauge, India VIX is marginally up 0.36% at 25.57.

The most active stocks on the NSE are Reliance Industries, Voltas, and HCL Tech.

Oil prices rose on Friday amid renewed optimism that a trade deal could be struck between Washington and Beijing, calming fears that a protracted tariff war would harm global economic growth.

On the currency front, the rupee opened lower by 11 paise at 70.05 per dollar vs. previous close 69.94/$.

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