Sensex up over 150 pts, Nifty firm; Bharti & Infy up, TCS weak

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Bharti Airtel, BHEL, Tata Motors, Hindalco and Axis Bank are top gainers. Infosys is up over 1 percent. TCS is in red.

The market has opened firm on Wednesday. The Sensex is up 179.71 points or 0.7 percent at 24861.74 and the Nifty is up 52.50 points or 0.7 percent at 7562.80. About 591 shares have advanced, 81 shares declined, and 42 shares are unchanged. Bharti Airtel, BHEL, Tata Motors, Hindalco and Axis Bank are top gainers. Infosys is up over 1 percent. TCS is in red. The Indian rupee has opened marginally higher at 66.82 a dollar compared to 66.86 per dollar in previous session. Pramit Brahmbhatt, Veracity says considering weakness in equity market, the rupee has managed to remain below Rs 67/USD. According to him, the rupee is still expected to remain positive and Rs 67.10/USD is the next level to watch on the upside and Rs 66.50/USD on the downside. Asian shares crept off four-year lows as China's efforts to stabilize its currency brought a moment of calm to equity markets, even as oil marked a sorry new milestone under USD 30 a barrel. Investors were again watching where the People's Bank of China sets the yuan after two sessions of firm fixes. The central bank has also engineered a huge leap in yuan borrowing rates in Hong Kong, essentially making it prohibitively expensive to short the currency. A late rebound in energy and biotech shares helped push the S&P 500 to a second straight day of gains, while Apple and other technology shares also boosted the market. The Nasdaq snapped an eight-session losing streak, with the Nasdaq Biotech Index rebounding late, also breaking an eight-day run of losses. The biotech index, among the hardest-hit in this year's selloff, ended up 1.5 percent. Benchmark Brent was quoted 81 cents lower at USD 30.86 a barrel. US crude has fallen 17 percent in just seven sessions, a gift to consumers across the globe but also a strong force for disinflation.

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