Sensex, Nifty extend gains; pharmaceuticals, power stocks surge
After two consecutive sessions of positive trade, benchmark indices opened on a flat note.
Adani Transmission, Tata Power and Tata Motors were the top gainers on both indices, while Videocon, IPCA Labs, L&T and Aurobindo Pharma lost the most.
The Indian rupee opened higher by 6 paise at 63.98 per dollar on Wednesday against the level of 64.04 on Tuesday.
"Easing of North Korea problem helped dollar find support at 63.80 mark. As far as it trades above 63.80, bias will remain positive towards dollar." "Trading range for the spot USD-INR pair will be 63.80-64.20,"
The dollar extended its sharp rally against the yen, although it was capped against the euro with a potentially supportive spike in US yields neutralized by a similar move by their German counterparts.
Meanwhile, the pound hovered within distance of a one-year high after a robust UK inflation report added pressure on the Bank Of England to do more to support the currency.
Among global markets, Asian shares inched up to a 10-year high on Wednesday, cheered by record highs on Wall Street, while the dollar's rise against the yen helped boost Japanese shares.
The major Wall Street indexes hit record closing highs on Tuesday, with financial stocks leading the charge, but gains were stunted by a decline in Apple Inc shares after it unveiled its latest line of iPhones.
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