Friday, 22 August 2014

Indian Share Market reclaims at 7900 and trade above.

The market has opened marginally higher. The Sensex is up 71.56 points 26431.67 and the Nifty up 13.45 points at 7904.55. About 485 shares have advanced, 122 shares declined, and 22 shares are unchanged. Axis Bank, TCS, HDFC Bank, Hero Motocorp and Tata Power are top gainers in the Sensex. Among the losers are Sun Pharma, M&M and Bharti Airtel. The Indian rupee opened higher by 18 paise on Friday at 60.49 per dollar versus 60.67 Thursday.The dollar is hovering just below its 2014 peak against a basket of major currencies. Breaking its three-session string of gains, the Indian rupee on Thursday retreated from three-week highs and ended six paise down at 60.67 against the greenback on importer demand for US currency, amid a firm dollar overseas. However, a marginal recovery in local equities and continued capital inflows restricted the rupee fall. Yesterday, the dollar rallied against its key rivals after the Federal Reserve Released meeting minutes suggesting the pace of labour market gains is getting quicker and improvement in job market might force the Fed to hike key lending rates. The market is now looking for the outcome of Fed Chairwoman Janet Yellen’s speech at the Jackson Hole economic conference. Global markets are awash with positive sentiment as the S&P 500 hit a new record as a host of US economic data positively surprised amidst optimism that Federal Reserve chairman Janet Yellen will continue to maintain a dovish stance in her speech at Jackson Hole today. Asian and the European markets both were is positive in trade. Brent crude prices slipped, hurt by an increase in supplies and precious metal gold settled at its lowest level since late June, extending losses to a fifth session, following a technical sell-off after prices broke below a key support level.

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