Equity benchmarks continued to consolidate in early trade Wednesday after investors digested third quarter earnings. The 30-share BSE Sensex was up 35.23 points at 28374.54 and the 50-share NSE Nifty gained 12.50 points at 8804.80. Adani Ports, ITC, Infosys, Larsen & Toubro, ONGC, Tech Mahindra and Grasim were early gainers while Tata Motors tanked 7.5 percent after CLSA downgraded the stock to sell from buy due to weak earnings. NTPC, Sun Pharma, Maruti Suzuki, Dr Reddy's Labs and BHEL were other losers. The Indian rupee has opened flat at 66.92 per dollar against previous close of 66.93. NS Venkatesh of Lakshmi Vilas Bank says the Janet Yellen testimony shows a higher probability of a rate increase sooner than later and hence will impact both the equity and currency markets. The USD-INR is expected to trade in a range of 66.78-67.08/dollar today, he feels. The dollar rose to a three-week peak against a basket of major currencies as investors raised their outlook on a faster pace of us interest rate increases. Asian markets traded mostly higher today, tracking US gains following remarks from Federal Reserve Chair Janet Yellen. Major US stock indexes established record highs on Tuesday, led by bank stocks after Federal Reserve Chair Janet Yellen said it would be unwise to wait too long to raise interest rates.
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