Indian indices extended intraday gains and hit fresh intraday high in early afternoon trade.
The market sentiment was boosted by the Senate Banking Committee's approval on Thursday, 21
November 2013, of Janet Yellen's nomination as the next US Federal Reserve chairman next year, a
move considered market-positive as she is expected to leave the US central bank's easy monetary policy
little changed. At a Nov. 14 congressional hearing on her nomination to run the Fed, Yellen had indicated
she'll press on with the central bank's monetary stimulus until she sees a robust recovery. The US
central bank currently buys bonds worth $85 billion a month in a bid to hold interest rates low and
encourage economic growth in the world's biggest economy. Fed's bond-buying program has been a
source of liquidity for most Asian and emerging markets this year.
Index heavyweight Reliance Industries extended intraday gain. Index heavyweight and cigarette major
ITC edged higher in choppy trade.
Sesa Sterlite reversed initial gain. Tata Motors also reversed initial gain. HDFC extended intraday gain.
IT stocks were mostly higher as the rupee edged lower against the dollar. Amara Raja Batteries fell on
profit booking after the stock jumped 7.71% in the preceding five trading sessions.
The market breadth, indicating the overall health of the market, was positive.
At present SENSEX trading at 20306.42 up by 77.37 and NIFTY trading at 6042.50 up by 43.45.
The market sentiment was boosted by the Senate Banking Committee's approval on Thursday, 21
November 2013, of Janet Yellen's nomination as the next US Federal Reserve chairman next year, a
move considered market-positive as she is expected to leave the US central bank's easy monetary policy
little changed. At a Nov. 14 congressional hearing on her nomination to run the Fed, Yellen had indicated
she'll press on with the central bank's monetary stimulus until she sees a robust recovery. The US
central bank currently buys bonds worth $85 billion a month in a bid to hold interest rates low and
encourage economic growth in the world's biggest economy. Fed's bond-buying program has been a
source of liquidity for most Asian and emerging markets this year.
Index heavyweight Reliance Industries extended intraday gain. Index heavyweight and cigarette major
ITC edged higher in choppy trade.
Sesa Sterlite reversed initial gain. Tata Motors also reversed initial gain. HDFC extended intraday gain.
IT stocks were mostly higher as the rupee edged lower against the dollar. Amara Raja Batteries fell on
profit booking after the stock jumped 7.71% in the preceding five trading sessions.
The market breadth, indicating the overall health of the market, was positive.
At present SENSEX trading at 20306.42 up by 77.37 and NIFTY trading at 6042.50 up by 43.45.
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