The market rebounded nicely after a correction in previous three consecutive sessions. The Sensex rallied 146.63 points to 26926.29 and the Nifty rose 45.60 points to 8153.50. The market breadth was positive as about 589 shares advanced against 128 declining shares on the BSE. Vedanta, Hindalco, Tata Motors, Tata Steel, L&T, Zee Entertainment and Kotak Mahindra Bank gained 1-2 percent. HUL and Bharti Airtel lost ground. The Indian rupee gained in the early trade today. It has opened higher by 29 paise at 64.75 per dollar versus 65.04 Wednesday. Mohan Shenoi of Kotak Mahindra Bank said, "Global equity markets have shown weakness due to renewed growth concerns in China. Soft US data has dramatically reduced odds for Fed rate hike in 2015.
Consequently, dollar has lost ground against most currencies." "Rupee has also shown appreciating trend against dollar which is expected to be tempered by RBI actions. The USD-INR pair is expected to trade in a range of 64.70-65/dollar today," he added. The US dollar slipped to a seven-week low against a basket of currencies as more signs of slowing growth in the United States and China raise doubts the US Federal Reserve will raise interest rates later this year.
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