Indian equity benchmarks rallied 1.9 percent in morning trade Thursday, tracking strong Asian cues after Federal Reserve announced that it is not in a hurry to raise short-term interest rates though the unemployment rate in the US has come down markedly. The Dow slipped and the S&P 500 edged up less than a point on Wednesday, interrupting a four-day rally, with investors trying to gauge when the Federal Reserve may scale back on its economic stimulus. The three major US stock indexes recovered some ground immediately on the headlines following the release of the minutes. But those gains were short-lived as investors parsed the details of the minutes. Asian markets were mixed in morning trade on Thursday, Japanese markets opened weak following strength in the yen. Indian rupee appreciated further in early trade Thursday, opening with 34 paise gains at 59.32 per dollar as against previous day's closing value of 59.66 weighed by dovish comments by Bernanke and indication in FOMC minutes that further improvement in the labour market outlook is needed for tapering asset purchases. this led to dollar weakness. BSE Midcap and Small Cap are positive today with a gain of 1.07% and 0.87% respectively and on Sectoral front, Consumer Durable is the exception. It is trading lower while all other sectors are trading firm. Metals and Bankex are the top performing sectors with gain of 2.40% and 2.34% respectively while Consumer Durable is trading nominally lower by just 0.05% at the time of writing this.
Further the market breath is positive as three stocks are seen advancing against every one declining stocks.
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