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Market Live: Sensex, Nifty open higher, pharma stocks gain

LiveMint logoLiveMint 21-09-2017 Livemint

Mumbai: The BSE Sensex opened higher on Thursday against the previous session’s closing. The broader NSE’s Nifty also rose in the morning hours. The rupee weakened over 10-week low against the US dollar. Pharma stocks were up in opening trade, whereas the shares of Coal India and Bharti Airtel fell.

The US Federal Reserve signalled that it still expects one more increase by the end of the year despite a recent bout of low inflation. The Fed, as expected, also said it would begin in October to reduce its approximately $4.2 trillion in holdings of US Treasury bonds and mortgage-backed securities acquired in the years after the 2008 financial crisis, Reuters reported. Here are the latest updates from the markets:

■ 9.26am: BSE Sensex opened higher by 37 points, or 0.12%, to 32,438, while the Nifty 50 rises 10 points, or 0.10%, to 10,151. Here are the latest updates

■ 9.23am: India Tourism Development Corp. Ltd surged 12% to Rs642.40 after the company said it is in pact for transfer of Lalitha Mahal Palace Hotel, Mysore to Government of Karnataka. The stock gained for second sessions and rose 25% in this period. So far this year it advanced nearly 190%.

■ 9.20am: Tata Steel Ltd rose 1% to Rs697.05. German steelmaker Thyssenkrupp AG and Tata Steel Ltd have agreed to merge their European steel operations to create the continent’s second-biggest maker of the alloy, concluding one-and-a-half years of tortuous negotiations. The deal will not involve any cash, Tata Steel said. Both groups will contribute debt and liabilities to achieve an equal shareholding and remain long-term investors.

■ 9.15am: The rupee opened at 64.50 a dollar and touched a low of 64.53—a level last seen on 12 July. The rupee was trading at 64.48 a dollar, down 0.34% from its Wednesday’s close of 64.27.

■ 9.13am: The 10-year bond yield was at 6.604% compared to its previous close of 6.577%. Bond yields and prices move in opposite directions.

■ 9.10am: Asian currencies were trading lower. South Korean won was down 0.39%, Malaysian ringgit 0.32%, Indonesian rupiah 0.29%, China renminbi 0.23%, Japanese yen 0.21%, Singapore dollar 0.21%, Taiwan dollar 0.11%, Thai baht 0.1%. The dollar index, which measures the US currency’s strength against major currencies, was trading at 92.579, up 0.08% from its previous close of 92.51.

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