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Markets shed gains after the rise.

Markets opened higher on Friday, but the rally soon fizzled out as the Sensex and the Nifty erased the early gains. The gains were seen in the wake of the reforms announced by the Union government by allowing FDI in the insurance and pension sectors.

HDFC was the top loser on the index which fell 3 percent after multiple block deals.

Following the news of FDI being allowed in the insurance & pensions, Reliance Capital and Max India were up 3-5 percent while Bajaj Finserv gained 0.7 percent. Aditya Birla Nuvo rose 2 percent and Aditya Birla Money was up 8 percent.

BHEL went up over 1 percent. Tata Motors was up 2.5 percent gains.

M&M, HUL, L&T, Bajaj Auto, Coal India, ONGC, Tata Power, Hero Motocorp, Tata Steel and Maruti gained in early trade.

Infosys, Sun Pharma, ICICI Bank, Cipla, TCS, Dr Reddy’s Labs, Bharti and State Bank of India were under pressure.



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