Market trades flat, ICICI Bank pares gains (as of 11:28 am)

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The market is trading flat, with a positive bias, with the BSE Sensex at 35,379 points while the NSE Nifty trades at 10,738 points. ICICI Bank has pared its gains from surging by 4% in trade to now trading at a gain of below 2%. The market remains in check due to trade war fears and strong GDP numbers.

Market trades slightly higher, ICICI Bank off highs (as of 10:35 am)

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The market is trading slightly higher, almost flat with a positive bias, with the BSE Sensex trading at 35,362 points and the NSE Nifty trading at 10,736 points. ICICI Bank slipped from the opening gain of 4% to a 2% gain post the bank's clarification.

ICICI Bank update:

The bank denies the news of asking Chanda Kochhar to go on an indefinite leave. The stock is now currently off highs and is trading at 2% gain instead of the 4%.

The bank's official comment is as follows -

The ICICI Bank Board denies having asked Ms. Chanda Kochhar to go on leave.

She is on her annual leave which was planned in advance. Further, the Board

denies that it has appointed any search committee to find her successor.

How is the market faring? (as of 10 am)

The market is now trading higher with the BSE Sensex trading at 35,397 points and the NSE Nifty trading at 10,755 points as the investors are now being bullish on the robust GDP numbers. ICICI Bank continues to gain more than 3% in trade after the news that the bank asked Chanda Kochhar to go on an indefinite leave. The Nifty Midcap continues to lose in trade, with a 73-point loss and the Nifty Bank continues to trade at a loss, with a 35-point loss.

How did the market open?

The market has opened mixed on account of the global trade war fears as the benchmark indices trade in the green, while the Nifty Midcap and the Nifty Bank trade in the red.

The BSE Sensex opened flat, with a positive bias, at 35,297.37 points and the NSE Nifty, flat with a positive bias, opened at 10,719.30.

The banks underperformed in the opening trade as the Nifty Bank fell 150 points and Nifty Midcap index declined 40 points.

ICICI Bank rallied nearly 4% in trade after the buzz that Chanda Kochhar is likely to go on an indefinite leave.

The market opened slightly in the green because of the positive GDP data and the Asian cues slightly recovered before the market opened.

On Thursday, a late surge on the expiry day, along with a global recovery regarding the political turmoil in Italy, helped the market close firmly in the green.

The Sensex and the Nifty closed with a gain of over 1% for the May series after being flat for the most part of the series.

First Published:Jun 1, 2018 9:54 AM IST