Sensex up 400 points after yuan strengthens against dollar; Rupee rebounds
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Markets have gained momentum with Nifty heading towards 8,500 levels after China's central bank today raised the value of yuan against the US dollar by 0.05%, putting a stop to the 3-day fall in the currency. Meanwhile, investors stepped up buying in bluechips at attractive valuations after inflation eased raising hopes of a rate cut by the RBI.
A further decline in the crude oil prices has boosted the sentiments it will help India in controlling the fiscal deficit.
At 11.25 am, the Sensex was up 398 points at 27,947 and the Nifty was up 129 points at 8,485.
The rupee has bounced back from the 65.34 mark, its weakest level since September 2013, after China strengthened yuan against the dollar. Rupee is currently trading 65.0 up 3 paise.
Markets continue its upward march with Nifty trading firm above the 8,400 level as investors stepped up buying in bluechips at attractive valuations after inflation eased, raising hopes of a rate cut by the RBI.
A further decline in the crude oil prices has boosted the sentiments as it will help India in controlling the fiscal deficit.
At 11.05 am, the 30-share Sensex was up 321 points at 27,871 and the 50-share Nifty was up 105 points at 8,461. In the broader market, the BSE Mid-cap index was up 1.7% and the Small-cap index was up 1.1%. Market breadth was strong with 1,397 gainers and 842 losers on the BSE.
Back home, the government will release data on inflation based on the wholesale price index (WPI) for July later today.
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