Domestic markets back in green; Rupee nearly touches 67-mark
After plunging over 1.5% on Monday, the Indian equity markets on Wednesday opened flat with marginal dip due to weak global cues.
BSE Sensex opened 8 points down and NSE Nifty 4 points below the previous close. Soon, the indices inched up. At 0920 hours, Sensex was trading at 28,391.55, up 38.01%, or 0.31%. While, Nifty was trading at 8,732.30, up 16.70 points, or 0.19%.
The Indian equity, bonds markets were closed on Tuesday on account of Eid.
On 30-share benchmark, among top gainers were Cipla (1.07%), Bajaj Auto (0.92%), Hero MotoCorp (0.89%), ICICI Bank (0.84%) and Maruti Suzuki (0.82%). Among losers were Tata Steel (-1.86%), Coal India (-1.57%), Tata Motors (-0.64%), ITC (-0.57%) and HDFC (-0.54%).
The Indian Rupee opened two-week low at 66.99 per dollar against its previous close of 66.92.
On Monday, Ministry of Statistics & Programme Implementation (MoSPI) released the retail Inflation data for the month of August. Consumer Price Index inflation rate eased at 5.05% after surging for four-straight months, on the back of better consumer food price index (CFPI).
While, after two consecutive months of growth, Index of Industrial Production (IIP), or factory output in the month of July declined by 2.4%.
On the global front, Asian stocks fell to fresh six-week lows and the greenback stood strong against a broad swathe of currencies including the Japanese yen as concerns grew about the fading impact of the world`s major central banks to stimulate growth.
Losses in stock markets across Asia deepened as rising bond yields and soaring volatility forced investors to unwind positions.