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Nifty above 11,950 mark; Yes Bank stock slips 3.5%

Equity benchmark indices opened strong for the fifth consecutive session ahead of the highly anticipated outcome of the Union Budget 2019, also on strong cues from Asian equities. The Sensex reclaimed 40,000 levels for the first time since June 11 and the market breadth is in favor of bulls as about 522 shares advanced against 309 declining shares on the BSE.

On the economy front, the Economic Survey projected GDP growth rebounding from a five-year low to 7% in the FY20.

The Sensex is trading higher 119 points to 40,027 while the broader Nifty50 trades at 11,978 level, with a gain of 31 points.

Indiabulls Housing, L&T, Coal India, Zee, and PowerGrid were among the top gainers on the Nifty50 in the initial trade, whereas Hindalco, Titan, Vedanta, Bharti Airtel, and Hero MotoCorp led the losses.

On the sectoral front, except Nifty Metal, all indices were trading positive in opening trade. The Realty index gained the most, up 0.8% followed by the Nifty PSU Bank up 0.4%, and the Nifty Pharma is up 0.3%.

Shares of Westlife Development rose 1% after ~3 lakh shares or 1.9% equity changed hands in a block deal.

Eveready Industries stock gained 2% after Yes Bank acquired 9.47% stake in the company.

The Indian rupee opened at 68.55 a dollar, lower by 6 paise compared to Thursday's close of 68.49 a dollar.

Meanwhile, Asian stocks saw modest gains on Thursday after their US counterparts rose to all-time highs in thin trading ahead of a holiday. The dollar was little changed, amid further comments on Chinese and European currency manipulation by President Donald Trump.

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