Equity benchmarks gained strength in early trade Thursday after seeing consolidation in past four consecutive sessions. Cabinet's approval to National Steel Policy 2017 and amendments to Banking Regulation Act boosted market sentiment.
The 30-share BSE Sensex was up 148.38 points at 30,043.18 and the 50-share NSE Nifty gained 35.75 points at 9,347.70. About 738 shares advanced against 247 declining shares on the BSE.
Nifty Bank gained after ICICI Bank's earnings and Cabinet's approval to amendments to Banking Regulation Act. ICICI Bank surged over 5 percent while Bank of Baroda, PNB, Canara Bank and SBI gained 1-2 percent.
The rupee opened 5 paise lower against the dollar at 64.20, primarily due to some strength in the greenback after the onclusion of the 2-day meet of the US Federal Reserve.
Mohan Shenoi of Kotak Mahindra Bank says US FoMC considered weak Q1 data as transitory, indicating a June hike in Fed rates is on track. As a result, the dollar has posted marginal gains against the yen in particular.
The rupee is consolidating after sharp gains in March and April. He expects the USD-INR pair to trade in a range of 64.10-64.40/dollar for the day.
Asian markets were mixed after the US Federal Reserve 'stuck to a hawkish bent overnight and as metals prices tumbled. Australia's ASX 200 and Hong Kong's Hang Seng Index fell 0.5 percent each while Japan's Nikkei gained 0.7 percent.
Metal prices are up nearly 22% on average during the year so far, pushing up manufacturing costs for Indian companies .
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