Mumbai: The market ended the choppy session on a higher note. The Sensex is up 221.67 points or 1 percent at 25228.65, and the Nifty is up 72.50 points or 1 percent at 7526.65. About 1843 shares have advanced, 1084 shares declined, and 104 shares are unchanged.
About 698 shares have advanced, 200 shares declined, and 25 shares are unchanged. Coal India, BHEL, L&T, GAIL and Tata Steel are top gainers in the Sensex. Among the losers are Sesa Sterlite, Dr Reddy's Labs, TCS, Sun Pharma and Cipla.
The Indian rupee opened lower by 6 paise at 60.13 per dollar as against previous day's closing value of 60.07 a dollar.The dollar remains steady as investors await Federal Reserve Chair Janet Yellen's congressional testimony tonight for signals to when US interest rates might head higher.
Meanwhile, the Bank Of Japan, is expected to maintain its stimulus program at its meet today. Ashutosh Raina of HDFC Bank says, "The recent good IIP number has been followed by a better than expected inflation number both WPI and CPI inflation. This should act as a trigger to return of positive sentiment." He expects USD / INR pair to continue trading in 59.50-60.50/dollar range for now. US stocks climbed yesterday, with the Dow industrials back above 17,000 and posting an intraday record, as investors welcomed better-than-projected earnings from Citi Group and a bout of corporate takeovers.
The markets will likely watch for comments from Janet Yellen when the Federal Reserve Chair appears before congress for two days of testimony that starts today. Asian stocks are higher for a second session running as investors awaited a central bank decision in Japan. The Bank of Japan will announce its monetary policy decision following a two-day meeting though no major change is expected. Kospi gains after exports rose 2.5 percent in June.
European shares closed higher, with earnings news from the u-s and merger and acquisition activity helping bourses post healthy gains Meanwhile industrial production figures for the euro zone posted a disappointing slump for May. EU statistics showed output fell 1.1 percent which was the largest month on month drop since September 2012. In commodities, Brent crude continues to trade below USD 107 per barrel. Last week Brent closed at its lowest in three months. From precious metals space, gold prices slid more than 2 percent yesterday as concerns over the euro zone periphery faded.
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