“Increased concerns over the US economy forced investors to flee in search of safe haven investments, leading to a surge in the dollar index. Nonetheless, the domestic market recovered from the impact of weak global cues, gaining support from positive domestic earnings led by IT and pharma stocks.
Benchmark indices were up marginally in noon deals on Friday amid a weak global sentiment on fears of a likely aggressive rate hike by the US Federal Reserve. The BSE Sensex was up 50-odd points at 53,480. The NSE Nifty50 languished around 15,960.
In a sharp reversal to previous day's losses, Indian benchmark indices on Thursday extended opening gains tracking positive global sentiment after the US Fed's in-line rate hikes. The BSE Sensex rose 800 points to 56,540, while the NSE Nifty climbed 250 points to reclaim the 16,900-mark.