Key indices edge higher in early trade; global markets firm: Markets have started the trading session on a positive note tracking firm global cues. Markets ended lower yesterday amid choppy trades with financials leading the decline after the Reserve Bank of India at its policy review today kept key rates unchanged. On the global front, oil prices were holding hefty gains in Asia on Wednesday having rallied 19% in just four sessions, while the US dollar nursed big losses as a revival in risk appetite swept through crowded trading positions.
At 9:35 AM, the S&P BSE Sensex was trading at 29070 up 70 points, while NSE Nifty was trading at 8775 up 19 points. The Mid-cap and Small-cap Index, both, is outperforming the broader indices. The market breadth indicating the overall health of the market is strong. The Indian rupee opened flat at 61.66 per dollar against 61.67 Tuesday. The dollar nurses broad losses, having suffered its biggest one-day fall in over a year as investors cut long positions. The market instead snapped up commodity currencies on a further recovery in oil prices and a surge in copper.