The market has opened flat but soon gained strength. The Sensex is up 241.36 points or 0.9 percent at 26722.61, and the Nifty is up 70.30 points or 0.9 percent at 8092.70. About 907 shares have advanced, 222 shares declined, and 81 shares are unchanged. SBI, Bharti and Sun Pharma are up 2 percent while L&T and BHEL are top gainers in the Sensex.
Globally, the US markets ended flat following recovery in bond yields and as investors await clearer signals on the timing of a US interest rate rise. European market closed lower while Asia is mixed in morning trade. In other asset classes, the dollar steadies helped by a rise in US bond yields and expectations that a Federal Reserve interest rate hike may come as early as September.
Crude prices rose more than 3 percent yesterday as higher seasonal demand in developed economies and expectations of falling US shale production reduced the impact of a large global supply overhang. Brent crude rose above USD 64 per barrel. And precious metal gold prices marginally rose as commodities picked up across the board, but gains were capped by caution as investors awaited clearer signals on the timing of a US interest rate rise.
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