Markets trade higher; media stocks lead

Yes Bank extended yesterday's losses and is down 5% in early trade after the board of the bank updated that the binding offer of US$1.2bn submitted by Erwin Singh Braich / SPGP Holdings continues to be under discussion.

Dec 11, 2019 03:12 IST India Infoline News Service

Indian benchmark indices opened slightly higher on Wednesday, with the Sensex up 76 points at 40,316, and the Nifty trading around 11,880 levels. (9.20 AM)

Sectorally, all indices traded in the positive led by Nifty Media.

Nifty Media plunged by ~2% in Tuesday's session, however, is trading higher by 0.6% today driven by Dish TV (+5%) and ZEEL.

Yes Bank extended yesterday's losses and is down 5% in early trade after the board of the bank updated that the binding offer of US$1.2bn submitted by Erwin Singh Braich / SPGP Holdings continues to be under discussion.

Among the top gainers in early trade were Bharti Infratel, ZEEL, and Tata Steel, and top losers included Yes Bank, SBI, and Eicher Motors.

The Indian rupee opened slightly higher at 70.89/$ on Wednesday vs. its previous close of 70.92/$.

Meanwhile, stocks on Wall Street slipped as the tariff deadline came closer. Asian stocks were also mixed amid uncertainty regarding the additional tariffs on China due to take force Dec 15 onwards.
 

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