The quarterly earnings due to start this week provided markets with a crucial leg-up today as the Sensex recouped 125 points and the Nifty topped 9,200 again amid a mixed Asian scenario. However, a sense of caution ahead of key economic data kept mood tempered. The 30-share index traded up by 124.71 points, or 0.41 percent, at 29,831.32, as all indices led by oil and gas, PSU and capital goods came good, rising by up to 1.34 percent. The gauge had fallen 267.63 points in the previous two sessions.
The NSE Nifty-50 index was trading higher by 27.35 points, or 0.29 percent, at 9,225.65. Traders said cautious investors lapped up select blue-chips ahead of key economic numbers — industrial production (IIP) for February and consumer inflation for March are to be released on Wednesday. A mixed trend in Asia had a bearing too.
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IT heavyweight Infosys will kick off the earnings season as it gets ready to announce its fourth quarter and annual results on Thursday. It is going to be a holiday-shortened week as the market will remain shut on Friday on account of Baba Saheb Ambedkar Jayanti.
Hong Kong’s Hang Seng was up 0.06 percent while Japan’s Nikkei gained 0.65 per cent in early trade today. China’s Shanghai Composite shed 0.28 per cent. The US Dow Jones Industrial Average ended 0.03 percent lower on Friday.
The rupee weakened by 6 paise to 64.34 against the US dollar in early trade today on fresh demand for the American currency from banks and importers. Besides, dollar’s strength against other currencies overseas also weighed on the rupee, but a higher opening of the domestic equity market capped the losses.
On Friday, the rupee continued its stellar rally against the dollar, surging 24 paise to end at a fresh 20-month high of 64.28 amid escalating geopolitical trouble involving the US and Russia.