Sensex up over 150 pts, Nifty above 8550; Bharti gains -- 5 Aug 2015

Bharti Airtel, Tata Steel, Axis Bank, Infosys and Vedanta are top gainers in the Sensex.

                                       

 After some cuts in yesterday's trade, the market has opened firm on Wednesday. The Sensex is up 161.36 points or 0.6 percent at 28233.29, and the Nifty is up 47.80 points or 0.6 percent at 8564.70. About 801 shares have advanced, 132 shares declined, and 62 shares are unchanged. Bharti Airtel, Tata Steel, Axis Bank, Infosys and Vedanta are top gainers in the Sensex. The Indian rupee opened lower in the early trade. The currency slipped by 15 paise to 63.90 per dollar versus 63.75 in Tuesday's session. NS Venkatesh of IDBI Bank said, "The rupee gained around 29 paise yesterday and closed at 63.75/dollar on the back of export and custodial flows. Reserve Bank of India's (RBI) action of not cutting rates helped the rupee to strengthen versus the USD yesterday." The dollar rose as a top US Federal Reserve official voiced support for an interest rate increase in September despite a batch of disappointing data on wages and manufacturing activity. Asian shares kicked off trade on back foot following yet another uninspiring lead from Wall Street. Globally, the US stocks closed lower as investors eyed further declines in Apple's stock and slight recovery in oil prices, amid continued focus on the timing of a rate hike. Europe equities too closed slightly lower as investors kept an eye on the newly reopened Greek stock market, earnings and oil prices. Crude prices saw slight recovery, but high global production and concern over the economic outlook in China weighed in on the outlook. Brent crude, meanwhile, was trading above USD 50 per barrel. Pressured by dollar strength, gold continued to struggle around the USD 1080 mark. Platinum dropped to the lowest in 6.5 years and Palladium to the lowest since late-2012 on oversupply and sluggish auto catalyst demand.

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