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Nifty hovers around 8750; rupee rises, IT index in red

Tata Steel, Sun Pharma, GAIL, Axis Bank and L&T are top gainers in the Sensex. Among the losers are NTPC, Bajaj Auto and Bharti Airtel.

11:00

The News International Team

The market is firmly in the green supported by the global risk off trade. The Sensex is up 226.90 points or 0.7 percent at 28849.02 and the Nifty is up 61.15 points or 0.7 percent at 8747.05. About 1426 shares have advanced, 779 shares declined, and 160 shares are unchanged.

Tata Steel, Sun Pharma, GAIL, Axis Bank and L&T are top gainers in the Sensex. Among the losers are NTPC, Bajaj Auto and Bharti Airtel.

Rupee rises in line with other emerging market currencies, It is close to a 2-week high against the dollar. Bonds trade higher as well.

Brent crude futures fell towards USD 55 a barrel after a bigger than expected crude stock build in the United States, though losses were limited by a weaker dollar as the Federal Reserve signalled a slower pace of interest rate hikes. Brent crude for May delivery fell 50 cents to USD 55.41 a barrel, after jumping as much as 6 percent in the previous session on the dollar’s tumble.

US crude for April delivery dropped 90 cents to USD 43.76 a barrel, after ending the previous session 3 percent higher.

Globally Asian equities except Japan trade higher taking cues from the rebound on Wall Street overnight as investors reacted to the less aggressive timeline from the fed on raising rates. Japan however trades lower on account off a stronger yen. The dollar index saw a sharp drop for example seeing the steepest fall in the the euro in 6 years. Crude rose overnight with brent now trading above USD 55 and gold near 2-week highs.

10:00

Sensex up over 200 pts, Nifty firm; GAIL, Sun Pharma gain

The market is in high spirits on Fed move. The Sensex rose 224.29 points to 28846.41 and the Nifty climbed 64 points to 8749.90.

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09:15

Fed outcome lifts Sensex 200 pts; banks rally, NTPC fallsRead More »

The market rallied in early trade following the dovish statement from the US Federal Reserve. The Sensex rose 187.74 points to 28809.86 and the Nifty rose 47.65 points to 8733.55.

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