The markets are trading higher on Thursday afternoon led by a rise in information technology (IT), pharmaceutical and banking stocks.
Among sectoral indices, the Nifty IT index rose over 2% led by a rise in the shares of Infosys, KPIT Technologies and Tata Consultancy Services. The Nifty Pharma index too was up nearly 2% led by Sun Pharmaceutical Industries and Cadila Healthcare.
Stock-specific action is likely to continue during the day as more companies release their March quarter results. Among key results, Glaxosmithkline Pharmaceuticals, Goodricke Group, Pidilite Industries and United Breweries are likely to announce their March 2018 quarter earnings later today.
On Wednesday, the rupee had dropped 0.6 per cent to a 17-month low of 68.42 against the dollar. The rupee is inching towards its record low of 68.85, touched on August 28, 2013.
In the global markets, Asian shares fell on Thursday after the US government launched a national security probe into car imports that could lead to new tariffs, and US President Donald Trump's comments suggested setbacks in US-China trade talks.
MSCI's broadest index of Asia-Pacific shares outside Japan was about 0.1 per cent higher, but Japan's Nikkei stock index fell 1.1 per cent as auto shares slumped. South Korea's KOSPI lost 0.2 per cent. China's blue chip CSI 300 index was 0.7 per cent lower.
MSCI's broadest index of Asia-Pacific shares outside Japan was about 0.1 per cent higher, but Japan's Nikkei stock index fell 1.1 per cent as auto shares slumped. South Korea's KOSPI lost 0.2 per cent. China's blue chip CSI 300 index was 0.7 per cent lower.
In commodities markets, US crude was down 0.3 per cent at $71.63 a barrel. Oil prices fell on Wednesday after an unexpected rise in US crude and gasoline inventories. Brent futures were 0.4 per cent lower at $79.50 a barrel, continuing to move lower after rising above $80 last week for the first time since November 2014 last week.
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