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Sensex, Nifty trade volatile; Reliance, Axis Bank stocks surge

Equity benchmark indices oscillated between gains and losses in the opening trade on Wednesday. The Indian rupee extended gains for the eighth consecutive trading session. The local unit opened higher by 68.85 per dollar.

The Sensex was up 43 points at 39,859, while the Nifty gained 16 points to trade at 11,926 levels.

On the sectoral front, IT, metal and FMCG are trading marginally lower on the NSE, while buying is seen in the auto, infra and energy space.

HDFC, ITC, TCS, and Vedanta are among top losers on the Sensex, while Reliance, Axis Bank, IndusInd Bank, and HDFC Bank surged in the morning trade.

On the economy front, Finance minister Nirmala Sitharaman will present her first Union Budget in the Parliament on July 5.

The Volatility gauge, India VIX was up 0.30% at 14.64.

The most active stocks on the NSE are Yes Bank, HDFC Bank, and SBI.

Meanwhile, oil prices edged higher after a more than 4% fall in the previous session, as extended output cuts by OPEC and its allies helped underpin prices despite growing concerns about weak demand.

Shares of Kalpataru Power surged 3% after the company has entered into binding agreements with CLP India  Private Limited  to  sell its  stake in  3  (Three)  power  transmission  assets  namely,  Kalpataru  Satpura  Transco  Private  Limited  (KSTPL),  Alipurduar  Transmission  Limited  (ATL)  and  Kohima  Mariani  Transmission  Limited  (KMTL)  (referred  jointly  as  SPVs),  for an estimated enterprise value of Rs3,275cr.

Shares of Graphite India fell 2% after the company received a nod from Karnataka State Government to close Bengaluru plant.  

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