Markets open on a positive note on Wednesday

Markets open on a positive note on Wednesday

Troy Powers
November 23, 2016

Meanwhile, the market sentiment was subdued after rupee fell to fresh 9-month low of 68.49 against the U.S. dollar. Gainers on the index were - Canara Bank (Rs 304.95), Axis Bank (Rs 472.70), Yes Bank (Rs 1135.65) and Bank of India (Rs 117.50) trading in the range of 0.30% - 0.80%. The gauge had gained 195.64 points in the previous session. However, caution prevailed amid growing concerns that the government's demonetisation move would hit the economy more than expected and the rupee losing strength against the dollar to close at near a six-month low of 68.25.

The S&P BSE benchmark snapped its last 6-day losing streak, recovering by 196 points to end at 25,960.78 on fresh buying mainly in metal, realty, auto and energy counters on the back of firm global trend despite foreign capital outflows.

In addition to selling in October, FIIs remained net sellers in the current month, offloading shares worth Rs 10,267 crore in last seven sessions.

The Sensex is trading at 26,004.46 points up by 43.48 points or 0.17 per cent.

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Asian markets, Hong Kong's Hang Seng and Shanghai Composite Index were marginally down, while Japan's Nikkei was marginally up.

The rupee slipped to 68.46 against the United States dollar today as the Indian currency continues to get hammered amid the greenback's rising strength and outflows from Indian stock markets. Brent crude was up 11 cents at $49.23 a barrel, while US crude added 10 cents to $48.13 a barrel.

The BSE market breadth was skewed in favour of the bulls - with 1,691 advances and 675 declines. The total turnover on BSE fell to Rs 2,306.61 crore from Rs 2,548.58 crore yesterday.