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Benchmark indices erased
early gains to end lower on Wednesday, with the benchmark BSE index
falling from a record high, as the opposition parties tabled a no-confidence
motion against Prime Minister Narendra Modi’s government.For the first time in
15 years, a no-confidence motion against the government was moved and accepted
in Lok Sabha today. Speaker Sumitra Mahajan said the notice, moved by the
Congress, Telugu Desam Party and Sharad Pawar's Nationalist Congress Party, will
be taken up on Friday.The S&P BSE Sensex ended at 36,373,
down 147 points while the broader Nifty50 index settled at 10,980, down 28
points.
The S&P BSE Sensex earlier today hit a fresh
record high of 36,747.87 in intra-day deals, surpassing its previous high
of 36,740.07 touched on Friday, July 13, 2018.Among sectoral
indices, NiftY Realty and the Nifty Metal indices were the worst hit in trade today. Jindal
Steel, Tata Steel. share price rallied 8 percent intraday to hit a fresh record
high of Rs 607.55 on Wednesday after posting healthy earnings with stable asset
quality in Q1.The private sector lender reported a 47.5 percent rise in its net
profit for the June quarter on the back of higher interest income and stable
asset quality.The bank posted a profit after tax of Rs 481.71 crore for the
quarter, up from Rs 326.56 crore reported in the corresponding period last
year.The bank's net interest income (NII) for the quarter grew 39.5 percent
year on year to Rs 1,037 crore. Non-interest income grew 72.75 percent to Rs
211 crore.
TOP GAINERS: L& T,RELIANCE
COMMUNICATIONS,ADANI ENTERPRISED LTD
MAJORLOOSERS: ASHOK LEYLAND,JINDALSTEL,TATASTEEL
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