Benchmark indices recouped losses in afternoon trade, with the Nifty climbing above 8800 level supported by oil and telecom stocks. All eyes are on Federal Reserve chief Janet Yellen’s semiannual testimony that may give a hint for further rate hike.
The 30-share BSE Sensex was up 25.36 points at 28376.98 and the 50-share NSE Nifty rose 2.25 points to 8807.30 despite weak breadth. About 1656 shares declined against 1044 advancing shares on the BSE.
Sameer Goel of Deutsche Bank says that the market is not thinking beyond the two US Fed rate hikes, which is already factored in, thus the emerging market currencies will be under pressure but the pain will not be severe.
On the other hand, if the dollar strengthens due to risk conditions triggered by concerns regarding trade that will spell bad news for the currencies in the emerging markets.
Reliance Industries and Bharti Airtel were biggest contributors to Sensex’s gains, up more than 2 percent followed by ONGC and GAIL.
Adani Ports rose 1.4 percent after reporting better-than-expected earnings barring margin. However, HUL, Axis Bank, Hero Motocorp and Maruti Suzuki were down 1-2 percent.
European markets were lower as investors eyed a slew of corporate earnings.
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