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Benchmark indices have extended gains supported by strong upmove among global peers along with buying demand among oil and capital goods shares.
By 10:35 am, the S&P BSE Sensex was trading at 25,107, up by 206 points while the Nifty was quoting at 7,658, up 61 points. Broader markets are outperforming the benchmark indices- BSE Midcap and Smallcap indices are up 1%-1.4%.
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The top gainers from the Sensex pack are GAIL ICICI Bank, Lupin, Bajaj Auto and Sun Pharma, all surging between 2%-3.2%.
Among other shares, TVS Motor Company (Rs 326) and Ashok Leyland (Rs 108) have hit their respective lifetime high on the BSE in morning trades.
Shares of cancer-care network operator, HealthCare Global Enterprises, have listed at Rs 210 - a discount of 4% against its initial public offer (IPO) of Rs 218 per share on the National Stock Exchange (NSE).
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Updated at 9:30 am
Markets have snapped two day losing streak and have rebounded in trades today on the back of strong global cues post US Federal Reserve chair, Janet Yellen comment and fall in crude oil prices by upto 3%.
Yellen stated that the rate of inflation in the US has not yet proven sustainable against the backdrop of looming global risks to the US economy and that the US central bank should proceed only cautiously to the policy adjustments.
By 9:30 am, the S&P BSE Sensex was trading at 25,088, up by 188 points while the Nifty was qouting at 7,655, up 58 points. Broader markets are outperforming the benchmark indices- BSE Midcap and Smallcap indices are up 0.8%-1%.
"Nifty has to continue to hold the immediate support of 7,580 zones to get a bounce back move towards 7,660 then 7,720 levels. On the downside if it fails to hold 7,550 zone then only the momentum may fizzle out and index may drag down towards 7,500 then 7,480 zones. Market now requires a follow up buying and shifting of base to higher levels to continue its upswing led by support based buying in next coming sessions" adds Anand Rathi's morning report.
Meanwhile, volatility is likely to be witnessed today on account of March series futures and options contracts expiry.
Further, participants are patiently waiting for the Reserve Bank of India (RBI) monetary policy review due on April 5 amid hopes of a 25 basis points cut in interest rates.
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Foreign portfolio investors (FPIs) bought shares worth a net Rs 513 crore yesterday as per provisional data released by the stock exchanges.
Besides, the government permitted 100% FDI in the market place format of e-commerce retailing with a view to attract more foreign investments.
Among overseas markets, Asian shares rallied on Wednesday as markets scaled back expectations for how fast and how far US interest rates might rise this year, bruising the dollar and boosting sovereign bonds.
MSCI's broadest index of Asia-Pacific shares outside Japan reversed four sessions of losses to jump 1.3%. South Korea hit its highest for the year so far, while Shanghai bounced 1.4%.
Japan's Nikkei was the only loser as a rise in the yen against the dollar nudged the index down 0.3%.
Back home, Lupin, ICICI Bank, Tata Motors, Bajaj Auto, GAIL and Sun Pharma are up 1.8%-2.2%.
Lupin has rebounded in trades today after sharp slump yesterday. The drug major received a total of three observations relating to violation of production norms at manufacturing facilities at Mandideep, Madhya Pradesh from the US Food and Drug Administration. Post the news, the stock touched 18-month low.
Shares of auto major Tata Motors have extended yesterday’s gain on value-buying at lower level. The stock is up over 2%.
Sun Pharmaceuticals has acquired Novartis’ branded drug portfolio in Japan for $293 million (Rs 1,900 crore). With this, Sun will gain a strong foothold in Japan, the world's second largest drug market after the US. Shares of Sun Pharma are up over 1.5%.
Tata Steel has gained around 1.5%. The company is considering the sale of its entire UK business to stem heavy losses, a move that would draw a line under its almost decade-long foray into Britain's declining steel industry.
With Reuters input
