Bank Nifty ended the day with a loss of around 2 percent. ICICI Bank, SBI, HDFC twins were biggest losers among the banking stocks. Capital goods, oil & gas, IT, auto and pharma stocks were slaughtered in late trade today. Reliance ended with a loss of over 1 percent.
Yellen's Q&A followed late gains in the market Wednesday ahead of the release of her prepared remarks. In her testimony, Yellen said the Fed's current USD 85 billion in monthly bond purchases "cannot continue forever," but dismissed the notion current prices suggest bubble-like conditions.
The Sensex opens up 385.14 points or 1.93 percent at 20347.30, and the Nifty up 144.70 points or 2.45 percent at 6044.15. About 319 shares have advanced, 28 shares declined, and 13 shares are unchanged.
Tata Power, NTPC, SBI, HUL and Dr Reddys Labs are top gainers in the Sensex. On the losing side are BHEL, Hero Motocorp, Sesa Goa, HDFC and M&M.
Gold futures fall to 6-week low ahead of Fed, Bernanke
Although there is some nervousness about what the Fed is going to do, the US stock market seems very complacent, says Tim Ghriskey, Chief Investment Officer, Solaris Asset Management.
One should buy gold in domestic market on dips towards Rs 26700 per 10gm levels, commodity expert, Kishore Narne, Motilal Oswal Commodity Broker said.
Russia, the first big emerging nation to host the annual presidency of the G20, finds itself in an awkward political spot following the flight of former US spy agency contractor Edward Snowden to Moscow.
It is a flat day at the market as the Nifty is struggling below the 5900-level. The Nifty is up 5.60 points at 5978.90 while the Sensex is up 22.02 points at 19970.75. About 895 shares have advanced, 1130 shares declined, and 141 shares are unchanged.
The market has opened on a flat note ahead of key earnings expected today. The Nifty opens below the 6000-mark at 5984.70, up 11.40 points while the Sensex adds 23.34 points at 19972.07. About 227 shares have advanced, 74 shares declined, and 30 shares are unchanged.
The key message from Fed Chairman is that tapering may start this year but it will be data dependent, says Udayan Mukherjee
In big earnings today, TCS reports their April-June quarter results. In a CNBC-TV18 poll, dollar revenue growth is seen up 3 percent at USD 3142 million. Profits may grow 5 percent quarter-on-quarter but margins could come slightly lower.
Federal Reserve Chairman Ben Bernanke said the central bank anticipates beginning tapering bond purchases later this year but that policy will remain accommodative.
Copper futures edge higher ahead of U.S. data, Bernanke
Crude oil futures seesaw ahead of U.S. supply data, Bernanke
How quickly the US Federal Reserve reduces its USD 85 billion a month of bond purchases, which keep interest rates low, will determine how quickly money is pulled out of Asia.
The Sensex opens up 235.62 points 19529.74 while the Nifty is up 76.55 points at 5893.25. Asian shares climbed to a three-week high on Federal Reserve Chairman Ben Bernanke assurance that highly accommodative monetary policy is needed now.
EM equities, bonds and currencies should see gains and the rupee could trade between 58.80-59.50/USD, says Mohan Shenoi, Kotak Mahindra Bank.
Oil prices were supported by the dollar's slump after minutes of the Federal Reserve's June meeting showed many of its policymakers wanted more signs the US job market is improving before cutting bond purchases.
Dollar lower ahead of Fed minutes, Bernanke
Forex - GBP/USD pushes higher ahead of Fed minutes, Bernanke
Gold futures edge higher ahead of Fed minutes, Bernanke
The payment for spectrum allocation may initially be met out of the rupee resources by successful bidders, to be refinanced with a long-term ECB is subject to the condition that ECB should be raised within 12 months from the date of payment of the final installment to the government.
Amit Dalal of Tata Investment says that the main factor of concern is economic data, which is the one reason why the market will correct downwards in the months to come.
It is over-reaction on the part of the markets as they believe that this policy of tapering QE will be pursued whether or not the economy strengthens, which is not the case