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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