Apr 17, 2013, 12.40 PM IST
The equity benchmark indices are trading firm on renewed optimism buoyed by hopes if rate cut and lower import bills. Bank Nifty has surged close to 5 percent this week after inflation touched 40-month low. RBI’s next monetary policy is scheduled on May 3 and 25-50 bps rate cut is expected.
The Sensex is up 101 points at 18846 and the Nifty is up 36 points at 5725.
The rupee is trading at 53.95 versus its Tuesday's close of 54.15/16 after hitting 53.89 in early trade, its highest since February 28.
Traders say sentiment for the dollar/rupee continues to remain weak on the back of the recent sell-off in global commodities and rising hopes of a rate cut. The selloff in global commodities is seen taking the pressure off the country's record current account deficit, which has been a key factor weighing on the rupee.
Reliance Industries' shares fall 1 percent after its revenue growth for the January-March quarter missed analyst estimates while profits were broadly in line.
Tech shares fall tracking the rupee's appreciation and on worries that a proposed US Senate immigration bill may lead to outsourcing firms paying higher fees and wages to H-1B visa workers.
The market opened on a steady note trigged by positive global cues. The Sensex was up 74.88 points at 18819.81 and the Nifty gained 19.70 points to 5708.65. The slump in gold price and big correction in crude price has got investors interested in Indian equities once again.
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