Market trades slightly higher, Nifty above 11,700; Zee Entertainment, L&T, Yes Bank among top losers

Source: cnbctv18.com

The Indian market was trading slightly higher around noon on Tuesday, with the Sensex trading at 39,160.83, up 40.61 points, or 0.10 percent, and the Nifty 50 trading at 11,712.55, up 12.90 points, or 0.11 percent.

Asian shares tumbled on Tuesday after investors turned cautious ahead of the meeting between US President Donald Trump and Chinese President Xi Jinping later this week.

NTPC, JSW Steel, BPCL, Power Grid Corporation and M&M were among the top gainers on the key indices, whereas Zee Entertainment, Yes Bank, Bharti Infratel, IndusInd Bank and L&T led the losses.

The Nifty Realty index remained the best-performing index while the Nifty Media was the worst-performing index.

Shares of Torrent Power surged 10 percent to its day’s high of Rs 266.60 after the company received a favourable order from Gujarat Electricity Regulatory Commission. The order allows Unosugen plant to charge Annual Fixed Cost (excluding water charges) as determined by the GERC or Rs 228 crores per annum; whichever is lower.

The share price of IFCI rose 5 percent after the company approved the sale of company’s remaining stake of 1,20,66,871 equity shares comprising of 2.44 percent of the total equity shares of the NSE.

Natco Pharma shares snapped a three-day gaining streak and fell over 2 percent as concerns over the drugmaker’s Kothur formulations unit resurfaced, on which the US Food and Drug Administration had issued nine observations.