Equity indices close higher, RIL top gainer

Markets finish flat as Nifty closes in on 10600-mark

The BSE Sensex slipped 200 points from the day's high to close 35.19 points higher at 34450.77.

Global oil prices hit their highest levels since late 2014 due to expectations of renewed U.S. sanctions against Iran and as OPEC continued withholding supplies amid strong demand.

At 2:47 PM, the BSE Sensex was trading at 34,671, up 221 points, whilethe Nifty50 index was trading at 10,629, up 43 points.

IndusInd Bank and Mahindra & Mahindra were the top gainers, while HDFC Bank, Hero MotoCorp, Indiabulls Housing, and Hindalco were the top losers. The 30-share index rose 147.25 points, or 0.42 %, to 34,598.02.

Sectoral indices, led by realty, FMCG, auto, bankex and consumer durables, were trading in the positive zone with gains of up to 0.93 per cent.

Meanwhile, on a net basis, domestic institutional investors (DIIs) bought shares worth a net Rs 387.26 crore, while foreign portfolio investors (FPIs) sold shares worth a net Rs 259.08 crore yesterday, per provisional data showed.

"Market extended gains backed by index heavyweights while correction in metals and IT were due to ease in sanctions by the United States and tightening of H1-B visa procedure".

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"Major Asian markets have closed on a mixed note". The Nifty 50 too couldn't sustain its gains of 56 points and closed only 20.70 points higher at 10584.70.

Index heavyweights like Reliance Industries (RIL), Yes Bank, Adani Ports, Mahindra and Mahindra (M&M), and ICICI Bank were the top gainers on the BSE.

Sector-wise, the S&P BSE oil and gas index rose by 215.36 points, followed by capital goods index by 123.98 points and banking stocks by 110.66 points.

Anand James, Chief Market Strategist, Geojit Financial Services, said: "Earnings positivity and buoyancy in the Asian and European peers led the market further higher, despite negative closing in the USA towed by higher bond yields and fall in technology stocks".

MSCI's broadest index of Asia-Pacific shares outside Japan fell 0.25 percent.

Worldwide oil prices hit their highest levels since late 2014, pushed up by expectations of renewed USA sanctions against Iran and as OPEC continues withholding supplies amid strong demand.

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