Economy

Sensex, Nifty Edge Higher, Sun Pharma Falls Over 2%

Sensex, Nifty Edge Higher, Sun Pharma Falls Over 2%”

In the wee minutes of trading, the 30-share barometer Sensex lost about 35 points to hit a low of 31,565.81 points.

Tata Steel is the top Nifty gainer, trading at Rs 659.55 per share, up by 0.83% whereas Sun Pharma is the top Nifty loser, trading at Rs 497.5 per share, down by 1.99%. On the other hand, realty index was up 0.78 per cent, consumer durables 0.48 per cent, oil & gas 0.18 per cent and IT 0.17 per cent.

At 09:15 AM, Nifty opened at 9,920 level, up by 49 points while Sensex opened at 31,785 level, up by 185 points.

Besides, continuous pumping in of funds by domestic institutional investors (DIIs) supported the market.

Indian shares were slightly lower in early trade on Wednesday after the Asian Development Bank slashed its forecast for India's growth for the current fiscal and Fed Chair Janet Yellen said a gradual and cautious approach to rate hikes will be appropriate amid uncertainty surrounding inflation.

Maruti Suzuki surged the most among Sensex components, gaining 0.85 per cent, followed by PowerGrid (0.71 per cent).

MSCI's broadest index of Asia-Pacific shares outside Japan added 0.2 per cent, after falling for four straight days to a three-week trough.

Meanwhile, the USA dollar climbed to a one-month high and bond yields rose on Wednesday as risks grew for a United States interest rate hike in December, while Asian stocks hovered near multi-week lows as tensions in the Korean peninsula remain elevated. The Dow Jones Industrial Average fell 0.05% to 22,286.04 points, the S&P 500 gained 0.01% to 2,496.94 points and the Nasdaq Composite added 0.15% to 6,380.16 points.

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