Midcaps are trading flat, while Nifty PSU Bank index was down around half a percent.
Unitech Case: The share price of United declined 12 percent intraday Wednesday after Supreme Court has stayed National Company Law Tribunal's (NCLT) order on government takeover of Unitech. The government is said to have apologised for having moved NCLT when the case was being heard at the apex court.
Supreme Court will hear Unitech case on January 12.
Market Check: The benchmark indices turned positive after a gap down opening in the early trade. The Sensex was up 122.37 points at 33350.36, and the Nifty was up 39.60 points at 10279.80.
About 1245 shares have advanced, 988 Shares Declined, and 113 shares are unchanged.
About 1219 shares have advanced, 1008 shares declined, and 108 shares are unchanged.
ONGC, Dr Reddy's Labs, Reliance Industries, Tata Motors, TCS, HPCL, BPCL, IOC, Bharti Infratel and GAIL are the top gainers on the indices, while top losers are Adani Ports, ICICI Bank, ITC, Tata Steel, SBI, Vedanta, HCL Tech and Power Grid Corp.
Buzzing Stock: Shares of MphasiS gained over 3 percent intraday on Wednesday after IIFL initiated coverage on the stock.
IIFL has a buy call on the stock with a target of Rs 810. This implies an upside of 14 percent from Tuesday’s closing price.
The brokerage house believes that the company is in the middle of a turnaround w.r.t growth & profitability. It envisages 13% CAGR each in HP & direct core, driven by strong new-gen-led deal wins.
Further, cost optimization and new-gen-led-deals drive 10%/12% Rev/EPS CAGR Over FY17-20.
Oil prices: Oil prices rose in early Asian trade on Wednesday as industry data showed a larger-than-expected drawdown in U.S. crude stockpiles.
Brent crude was up 50 cents, or 0.8 percent, at $63.84 a barrel by 0152 GMT. It had settled down $1.35, or 2.1 percent, at $63.34 on Tuesday on a wave of profit-taking after news of a key North Sea pipeline shutdown helped send the global benchmark above $65 for the first time since mid-2015.
US West Texas Intermediate crude was up 36 cents, or 0.6 percent, at $57.50 a barrel, having earlier settled down 85 cents at $57.14.
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