Market erases early gains, Nifty holds 8100; metals, pharma down
The market has seen a super strong opening after losing 1200 points in last two consecutive sessions. The Nifty is up 95.45 points or 1.2 percent at 8203.90 and the Sensex is up 257.01 points or 0.9 percent at 26561.64. About 781 shares have advanced, 134 shares declined, and 25 shares are unchanged.
Asian Paints, ICICI Bank, Adani Ports, Tata Motors and SBI are top gainers while Axis Bank is down.
The Indian rupee opened marginally higher at 67.68 per dollar versus previous close 67.74.
"The rupee fell to a 4-month low on expectations that Trump's policies may boost inflation in the US and lead to higher interest rates. It is expected to take cues from the equity market and also take support from balance of trade published yesterday which was favourable."
The dollar held near an 11-month high against a basket of currencies as some stability returned to the US bond market following a vicious sell-off, helped by unexpectedly strong data on US October retail sales.
Global markets are higher as the Trump rally continues and oil rebounds.
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