The benchmark indices kicked off Wednesday’s session higher after US dollar rose to its highest level in 14 years as the outlook about US economy improved with Federal Reserve intent on adopting higher pace of rate hikes in 2017.
At 09:42 am, the S&P BSE Sensex was trading at 26,320, up 12 points, while the broader Nifty50 was ruling at 8,084, up 2 points. However, the markets erased most of the early morning gains to trade flat by 940am.
“The market has been experiencing decent selling pressure at higher levels since last few days. Since the important level (8056.85) is still unbroken, we would maintain our optimistic stance on the market and interpret this as a buying opportunity. On the flipside, 8133 – 8179 would be seen as immediate hurdles,” said brokerage Angel Broking in a technical note.
Among individual stocks, HDFC, ICICI Bank and Cipla were the top movers on Sensex and gained up to 1% on the BSE. Hero MotoCorp declined (down 1%) the most.
After breaching 68-mark on Tuesday, the rupee appreciated by 9 paise to 67.94 in today’s session. Meanwhile, foreign Institutional Investors (FIIs) continued their relentless sell-offs and sold domestic equities worth Rs 535.77 crore on Monday, according to the provisional data available with BSE.
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