Equity benchmarks have witnessed a positive start on Wednesday,
with the Sensex rising over 100 points, while the Nifty was above 10,450-mark.
the Sensex is up 135.66 points or 0.40% at 33947.92, and the Nifty up
40.30 points or 0.39% at 10482.50. The market breadth is healthy as 601 shares
have advanced against a decline of 172 shares, while 504 shares are unchanged.
Midcaps were
trading in the positive zone after it fell around one percent on Tuesday.
Reliance
Industries and ICICI Bank are the top gainers, while Dr Reddy’s Labs, ONGC and
Aurobindo Pharma have lost the most.
The Indian rupee slipped in the early trade on Wednesday. It has opened lower
by 7 paise at 63.55 per dollar versus 63.48 yesterday.
Pramit
Brahmbhatt of Veracity said, "Rupee will continue its northward journey on
the back of sudden FII inflow. Thus trading range for the spot USD-INR will be
63.30-63.60."
The dollar near
3-month low, weighed down by expectations of a slower pace of interest rate
increases by the Federal Reserve amid a tepid US Inflation picture.
On the global
markets, Asian stocks struck a fresh decade high on Wednesday as risk appetites
were whetted by a bevy of upbeat manufacturing surveys that confirmed a
synchronised upturn in world growth was well under way.
Activity was
especially strong in Europe, lifting bond yields there and driving the euro to
within a whisker of its highest in three years against a beleaguered US dollar.
Investors also
piled into emerging market trades. MSCI's index of Asia-Pacific shares outside
Japan edged up another 0.1 percent, having jumped 1.4 percent on Tuesday in its
best performance since last March.
Meanwhile, US
stocks rose in the first session of the new year and the Nasdaq closed above
7,000 for the first time on Tuesday as investors were optimistic that 2018 will
bring more gains for the market.
The Nasdaq, driven by gains in Apple , Facebook , Amazon and
Alphabet , breached 6,000 in April of last year and closed above 5,000 in 2015
for the first time in 15 years. The technology index added 1.4 percent on
Tuesday, following a 37-percent surge in 2017 that made it the best-performing
S&P 500 sector.
The S&P 500 also hit a record high close. Besides
technology, S&P consumer discretionary, healthcare, energy and materials
indexes all were up more than 1 percent on the day.
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