Sensex Trades In Green; Tata Motors & Yes Bank Top Gainers

Share markets in India are presently trading on a positive note tracking global cues. The BSE Sensex is trading up by 133 points while the NSE Nifty is trading up by 46 points.

The BSE Mid Cap index is trading up by 0.5%, while the BSE Small Cap index is trading up by 0.4%.

Barring telecom stocks and IT stocks, all sectoral indices are trading in green with stocks in the metal sector and automobile sector witnessing most of the buying interest.

The rupee is trading at 70.76 against the US$.

The domestic currency opened at a nearly six-week high against the US$ tracking gains in its Asian peers.

In early trade today, the rupee traded at 70.66 versus previous close of 70.84. The rupee is up for the seventh consecutive session today.

Investors are awaiting India's retail inflation data and factory output data, due later today.

In news from the commodity space, gold prices rose today after the US central bank decided to keep rates unchanged and added that more rate changes were unlikely in 2020.

After cutting rates three times earlier this year, the US Fed left its benchmark rate at the target range of between 1.5% and 1.75%.

The Fed in a policy statement said that "the committee judges the current stance of monetary policy is appropriate to support sustained expansion of economic activity, strong labor market conditions, and inflation near the symmetric 2% objective."

The policymakers added that they would continue monitoring global developments in deciding whether interest rates need to change.

Chairman Jerome Powell told reporters that the committee might consider widening reserves management-related treasuries purchases to include short-term coupon-bearing securities, if necessary, to ease liquidity strains in money markets.

Gold and Silver prices gained support after the US$ slipped reacting to the FOMC outcome. On Wednesday, gold closed above US$ 1,470 and silver prices closed above US$ 16.80 per troy ounce.

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Disclaimer: Equitymaster Agora Research Private Limited (Research Analyst) bearing Registration No. INH000000537 (hereinafter referred as 'Equitymaster') is an independent equity research ...

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