Market edges higher in early trades; Nifty above 8830: Markets have commenced the trading session on a flat note with positive bias tracking firm global cues. Asian equities tracked a mild bounce on Wall Street to edge higher on Wednesday, although caution over talks later in the day in the ongoing Greek debt saga limited gains. With the corporate earnings season coming to an end, investors will keenly watch out for the Union Budget 2015-16 for further clues. Union Finance Minister Arun Jaitley’s 2015-16 Budget, less than two weeks away, is likely to announce incentives to boost Prime Minister Narendra Modi’s flagship schemes, such as Make in India, Swachh Bharat and Smart Cities.
At 9:35 AM, the S&P BSE Sensex was trading at 29230 up 94 points, while NSE Nifty was trading at 8834 up 25 points. The Mid-cap and Small-cap Index, both, is out-performing the broader indices. The market breadth indicating the overall health of the market is strong. The Indian rupee opened flat at 62.20 per dollar against 62.16 Monday. The euro rebounds helped by a bounce in German investor sentiment and hopes that Greece will find a common ground with its euro zone partners for support beyond its current bailout programme.
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