Sensex declines by 62 points, Nifty trades below 8800

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Broader Nifty surged over 45 points or 0.52 per cent to start the morning trade at 8814.85 level. The banking sub-index of NSE, Nifty Bank ended 0.31 per cent higher led by gains in Bank of Baroda, which closed 2.09 per cent higher ahead of its earnings announcement for the December quarter.

The Sensex opened higher at 28,386.08 and later drifted to 28,305.91.

IndusInd Bank, Kotak Mahindra Bank, HDFC Bank and Axis Bank also gained between 0.5-1.7 per cent lifting the Nifty Bank index. "It was a lacklustre day on the sectoral front too, wherein majority ended on flat note", said Mr. Jayant Manglik, President, Retail Distribution, Religare Securities.

Other Asian markets rose broadly and European stocks were trading higher in early trade, as U.S. President Donald Trump vowed to announce "phenomenal" tax reform plan in next few weeks and encouraging data out of China and the United Kingdom spurred optimism about the global economy. Mid-cap index declined 38 points but Small-cap rose 18 points.

Meanwhile, Foreign portfolio investors (FPIs) bought shares worth a net Rs 201.13 crore yesterday, as per the provisional data released by the stock exchanges.

Top gainers in the Sensex-30 pack: Adani Ports (up 2.5 per cent), TCS (up 2.4 per cent), Infosys (up 2.1 per cent), Tata Steel (up 1.7 per cent) and NTPC (up 1 per cent).

On the other hand Aurobindo Pharm (down 4.06 per cent ), BPCL (down 1.77 per cent ), Lupin (down 1.67 per cent ), Dr Reddy's Labs (down 1.56 per cent ) and GAIL (down 1.50 per cent ) ended in red.