The Indian market continued to trade higher around noon on Wednesday led by gains in IT and metal stocks. At 1:18 PM, the Sensex was trading at 41,499, up 146 points and the Nifty was trading at 12,207, up 42 points.

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The Nifty PSU Bank index fell over 2 percent followed by Nifty Media, Nifty FMCG and Nifty Realty. Meanwhile, fall in Indian rupee led to gains in IT stocks, making Nifty IT the best-performing index. Nifty Metals and Nifty Pharma also performed well.

JSW Steel, Mahindra & Mahindra, Tata Steel, Sun Pharmaceuticals Industries and Wipro were the Nifty50 top gainers while Hindustan Unilever, GAIL India, Zee Entertainment Enterprises, State Bank of India and Bharat Petroleum Corporation Ltd were the top losers.

Shares of PC Jeweller fell over 7 percent, touching an intra-day low price of Rs 24 apiece, continuing its two-day losing streak, after market regulator Securities and Exchange Board of India (Sebi) served notice to the company’s MD Balram Garg over charges of insider trading. The small-cap jewellery stock has lost over 10 percent in the last two sessions, reversing the 15 percent surge in the last one week.

On the global markets front, Asian stocks took a breather at 18-month peaks on Wednesday having climbed for five straight sessions, while the British pound was licking its wounds as revived Brexit fears came back to bite it.

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First Published:Dec 18, 2019 1:22 PM IST