Equity indices in narrow range, IndusInd Bank gains by 4.74%

IndusInd Bank gained by 4.74% at Rs 1,196.30 per share while Dr Reddy's advanced by 2.25% at Rs 3,352 apiece           

Mumbai: A day after clocking gains of over 1%, equity benchmark indices fell flat during early hours on Thursday with all sectoral parameters moving in a narrow range.

 At 10:15 am, the BSE S&P Sensex was down by 48 points to 41,275 while the Nifty 50 dropped by 19 points at 12,107.

 Nifty financial service, FMCG and metal were in the red while other sectoral indices at the National Stock Exchange gained with thin margins.

 Among stocks, pharma major slipped by 1.17% to Rs 442.25 per share while Kotak Mahindra Bank, HDFC, Hindalco, JSW Steel and Vedanta traded with a negative bias.

 However, IndusInd Bank gained by 4.74% at Rs 1,196.30 per share while Dr Reddy's advanced by 2.25% at Rs 3,352 apiece. Yes Bank, Axis Bank, Bharti Infratel and Tata Consultancy Service witnessed marginal gains.

 Meanwhile, Asian markets traded flat with Japan's Nikkei inching up by 0.19%. But South Korea's Kospi was lower by 0.68 per cent% and Hong Kong's Hang Seng was down by 0.81%.

 The People's Bank of China announced a reduction in the lending benchmark rate in a bid to offset the economic impact of coronavirus. More than 2,100 people have died and governments around the world are trying to prevent it from becoming a global pandemic.