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Markets pare gain soon after opening, Sun Pharma tanks over 10%

Asian stocks gained early on Friday, as hopes for a thaw in the US-China trade conflict fed investor appetites for risk assets.

Markets pare gain soon after opening, Sun Pharma tanks over 10%

New Delhi: Markets opened in green on Friday amidst good earnings by RIL and HUL in the Q3, however minutes into the trading it pared gains.

The BSE Sensex fell 46.41 points or 0.13 percent to 36,327.67 while the NSE Nifty dropped 21.75 points or 0.20 percent to 10,883.45 in early trade.

The rupee depreciated 21 paise to 71.24 in early trade in the forex market amid strengthening American currency and rising crude prices.

Sun Pharma was the biggest loser on Sensex, cracking up to 10 percent in the Sensex pack. Other losers were Yes Bank, Bharti Airtel, HUL, Axis Bank, M&M, Coal India, Asian Paints, Tata Motors and TCS, shedding up to 1.49 percent.

ONGC, PowerGrid, RIL, Vedanta and Maruti were the top gainers, rising up to 1 percent.

On a net basis, foreign portfolio investors (FPIs) purchased shares worth Rs 842.13 crore Thursday, while domestic institutional investors (DIIs) were net sellers to the tune of Rs 727.46 crore, provisional data available with BSE showed.

Asian stocks gained early on Friday, as hopes for a thaw in the U.S.-China trade conflict fed investor appetites for risk assets, a Reuters report said.

Following Wall Street`s lead, MSCI`s broadest index of Asia-Pacific shares outside Japan added 0.25 percent. The index has gained nearly 1 percent this week. Australian stocks rose 0.6 percent, as did South Korea`s KOSPI while Japan`s Nikkei gained 0.7 percent.

With Agency Inputs