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Benchmark indices continue to remain range bound with positive bias led by index heavyweights like RIL, Infosys and FMCG major ITC.
By 10:25, the Sensex was higher by 80 points at 19,931 mark and the Nifty gained by 21 points at 5,976 levels.
On the global front, US stocks eased in low volume on Tuesday, with the S&P 500 snapping its eight-day winning streak after disappointing sales from Coca-Cola. Investors turned cautious on the day before the Federal Reserve chairman's congressional testimony.
The Dow Jones industrial average was down 32.33 points, or 0.21%, to end unofficially at 15,451.93. The Standard & Poor's 500 Index was down 6.25 points, or 0.37%, to finish unofficially at 1,676.25. The Nasdaq Composite Index was down 8.99 points, or 0.25%, to close unofficially at 3,598.50.
Asian shares inched higher on Wednesday, while the dollar held a three-week low on expectations Federal Reserve Chairman Ben Bernanke will reiterate later in the day that US monetary policy is to stay accommodative.
Bernanke is set to testify to Congress on Wednesday and Thursday, which could provide further clarity on when the US central bank will roll back its $85 billion a month bond-buying programme.
Back home, the rupee today strengthened by 21 paise to hit a fresh two-week high of 59.10 in early trade at the Interbank Foreign Exchange market, after the government liberalised FDI limits in a dozen sectors.
On the sectoral front, BSE Consumer Durables, FMCG, Power, IT, Capital Goods, TECk and Healthcare indices have gained by 1% each. However, BSE Bankex and Metal indices have declined by 1% each.
The main gainers on the Sensex at this hour include Dr Reddy’s Lab, ITC, M&M, BHEL, TCS, RIL, Tata Power, all gaining between 1-2%.
Shares of telecom services providers are in focus after the government has hiked foreign direct investment (FDI) cap in the sector 100%, which likely to attract more stable foreign capital in the economy.
Idea Cellular, Bharti Airtel, Reliance Communications, MTNL and Tata Teleservices (Maharashtra) or TTML are trading higher by 1-7% on the Bombay Stock Exchange (BSE).
On the losing side, Tata Motors, HDFC Bank, Tata Steel, ICICI Bank, Sterlite, Hindalco and Bajaj Auto have declined between 1-2%.
Among other shares, Sabero Organics Gujarat has rallied 11% to Rs 117 after reporting a net profit of Rs 9.45 crore for the quarter ended June 30, 2013 (Q1) on back of strong operational income. The agrochemicals company had net loss of Rs 1.89 crore in a year ago quarter.
The market breadth in BSE remains positive with 956 shares advancing and 571 shares declining.
