The market gained some strength after opening flat. The Sensex rose 74.30 points to 25412.88 and the Nifty reclaimed 7750 level, up 18 points to 7753.20.
Hero Motocorp, Bajaj Auto, Lupin, Sun Pharma, Infosys, Vedanta, Tata Power and UltraTech Cement were early gainers while ONGC, Adani Ports, Coal India, HDFC, SBI, Idea Cellular and PNB were losers.
The Indian rupee has opened marginally higher at 66.35 per dollar today against previous close of 66.37.
Mohan Shenoi of Kotak Mahindra Bank said, “USD-INR is expected to gradually drift lower on year end remittances and custodial inflows. USD-INR trading range for today is 66.15-66.45/dollar.”
The US dollar hit its lowest level against the euro in nearly seven weeks following dovish comments from Janet Yellen. The dollar index slipped below the 95 mark.
Asian markets were trading mixed while Wall Street and European markets closed higher yesterday.
Analysts say a reading of Yellen’s statement suggests the Fed may have put off its rate hike action sometime into the future, given the volatility that was seen in global markets recently.