Sensex turns flat, Nifty falls below 8,100; Hero MotoCorp top loser

The benchmark indices kicked off Wednesday’s session higher after US 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 was trading at 26,320, up 12 points, while the broader Nifty50 was ruling at 8,084, up 2 points. However, the 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 brokeragein a technical note.

Among individual stocks, HDFC, ICICI Bank and Cipla were the top movers on and gained up to 1% on the BSE. Hero MotoCorp declined (down 1%) the most.


After breaching 68-mark on Tuesday, the 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.


at 14-year peak


The revelled in its rapidly widening yield premium, with the Federal Reserve set on a tightening course even as its peers in Europe and Japan act to keep their short-term rates deep in negative territory.


The index, which measures it against a basket of currencies, stood at 103.260 having touched 103.65, its highest since December 2002.


The had also edged back up to 117.80 yen, within sight of its recent peak at 118.66, while the euro stayed pinned at $1.0394.


Global markets


Asian rallied after the US encamped near 14-year peaks on as global yield spreads moved inexorably in its favour, while a falling yen lifted Japanese shares to a one-year top.
Japan’s Nikkei added 0.4% in early trade, while Australia’s main index climbed to its highest in almost 17 months after Wall Street racked up more records.


China’s Shanghai Composite gained 0.7%, while Hong Kong’s Hang Seng index was up 0.5%. On Wall Street, the Dow ended just 25 points shy of the magical 20,000 barrier helped by a 1.68% gain in Goldman Sachs.


The Dow rose 0.46% on Tuesday, while the S&P 500 gained 0.36% and the Nasdaq 0.49%. Eight of the 11 major S&P sectors rose, led by a 1.23% jump in the financial index.