Sensex Holds 28500; Dr Reddys Gains 2%, Tata Steel Down 3%

The market entered into consolidation mode after rallying mroe than 1 percent in previous session. The Sensex gained 30.98 points at 28535.91 and the Nifty advanced 8.55 points to 8642.05. The broader markets marginally outperformed benchmarks with the BSE Midcap and Smallcap indices rising 0.35 percent and 0.8 percent, respectively. More than two shares advanced for every share declining on the Bombay Stock Exchange.

The recent stock market run -- the Sensex is up 18 percent since the Narendra Modi government came to power -- has largely been based on hopes the government's steps to kickstart the economy will boost corporate earnings.

Dr Reddy's Labs rallied more than 2 percent followed by GAIL and Vedanta with 1 percent upside. However, Tata Steel topped the selling list on Sensex, down 2.8 percent. HUL, Tata Motors and Bharti Airtel slipped 1-1.6 percent.

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