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The rupee today strengthened by 16 paise, near four-month high, to 52.97 against the US dollar in early trade on the Interbank Foreign Exchange on sustained selling of the American currency by exporters and banks amid increased capital inflows.
Broader markets continued to outperform. The mid-cap index added 0.5% to 6,903. Small-cap index is up 0.7% at 6,983.
Meanwhile, in Asia Japanese stocks surged back to near three-year highs Wednesday as the yen hit fresh multiyear lows, with most other Asian stock markets also rising as a bout of concern over Europe proved short-lived.
BSE metal index has surged 1% to 10,452. Realty, consumer durables and PSU indices are also up around 1% each.
Morgan Stanley cut its ratings on ACC and two other cement companies, saying valuations already reflect expectations of firmer cement prices and a "structurally positive" outlook for the sector. ACC was up 0.6% at Rs 1,332.
Housing Development Finance Corporation (HDFC), India’s largest mortgage lender, today reduced home loan rates by 10 basis points. The stock is up 1.2% at Rs 808.
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(Updated at 0934 hrs)
Markets have opened higher this morning following the gains in international markets overnight. The BSE Sensex has added 40 points at 19,699. Nifty is up 14 points at 5,971.
Overnight,US stocks climbed recovering a day after the market's biggest sell-off since November, as stronger-than-expected earnings brightened the profit picture.The Dow Jones industrial average was up 99.22 points, or 0.71 percent, at 13,979.30. The Standard & Poor's 500 Index.
Asian shares recovered on Wednesday as solid euro zone data calmed nerves jarred by potential political turmoil derailing the region's efforts to resolve its debt crisis, while the prospect of a dovish new governor for the Bank of Japan weakened the yen.The MSCI's broadest index of Asia-Pacific shares outside Japan inched up 0.3 percent after falling 0.8 percent the day before. Nikkei has soared 3% to 11,390. Hang Seng, Taiwan Weighted and Kospi are trading marginally in green.
Broader markets have outprformed. BSE mid-cap index has added 0.5% at 6898. Small-cap index has moved up 0.6% at 6977.
All the sectoral indices are in the green. BSE consumer durables index has added 1% to 7,637. Realty, metal and PSU indices are up 0.5-0.8% each.
Maruti Suzuki has added 1.5% to Rs 1,624. According to reports, the company is going to hire around 2,000 more workers, primarily for the upcoming third line at the company's Manesar facility. Coal India has added 1.3% to Rs 354 after the vigilance wing of the miner flagged at least 11 fuel-supply pacts that have either been signed by Coal India with power producers, or are in the process of being signed.
Tata Steel, Tata Power and Bajaj Auto are in the green. Among other key movers are Wipro, ONGC and HDFC.
On the other hand, Hindustan Unilever has slipped 1% to Rs 458. Hero MotoCorp and Cipla are also in the red. NTPC is down 0.7% at Rs 155 ahead of the government's announcement of the minimum offer price of the 9.5% stake sale today.
BSE market breadth is positive. Out of 1,512 stocks traded, 1,000 shares have advanced so far, as against 447 shares that have declined.
