Mumbai: The market has opened firm with the Sensex gaining 151 points at 28803.50. The Nifty is at 8752, up 50.75 points. About 702 shares have advanced, 136 shares declined, and 93 shares are unchanged.
SBI, ICICI Bank, BHEL, Sesa Sterlite and HDFC are top gainers in the Sensex. Among the losers are Bajaj Auto, M&M, HUL, Hindalco and Bharti Airtel.
The Indian rupee opened flat at 62.77 per dollar against previous day's closing value of 62.78 a dollar. The euro is struggle just above a fresh 12-year low early as the European Central Bank kicked off its 1 trillion euro bond-buying campaign.
Meanwhile, the dollar climbs further, fueled in part by expectations the Federal Reserve is not far from lifting interest rates. Mohan Shenoi of Kotak Mahindra Bank said, "Strong US jobs data last week has increased expectations of an early Fed rate hike. Safe heaven dollar buying has resulted in a dollar rally and weak equities across the board."
Among global markets, in the US, stocks closed mildly lower as equities failed to recover from Tuesday's sell-off, amid continued concern over dollar gains and the timing of a fed interest rate hike.
Asian markets were trading higher on Thursday morning. Nikkei was higher as the yen is sitting pretty at 121 versus the dollar. Kospi reversed its losses as the Bank of Korea surprised markets by cutting interest rates to a fresh record low.
They cut its base rate for the first time in five months by 25 basis points to 1.75 per cent. The Korean won traded at its lowest level since July 2013 aiding exporters.
In commodities, Brent crude rebounds from a 1-month low and is inching towards US dollar 58 dollar per barrel. From precious metals space, gold slips further to US dollar 1150 an ounce following a robust dollar and expectations of higher US interest rates curbed appetite for the metal.
Comments
0 comment