Nifty near 1-year high, Sensex up 100 pts; rupee at 2-week high

Benchmark indices remained higher amid volatility and are heading for fifth consecutive week of gains, aided by technology and telecom stocks. However, profit booking in Reliance Industries, ICICI Bank and Axis Bank limited gains.

The 30-share BSE Sensex was up 96.51 points at 28961.22 and the 50-share NSE Nifty rose 31.45 points to 8958.35.

The broader markets also gained momentum, with the BSE Midcap and Smallcap indices rising 0.4 percent each.

The market breadth was also positive as about 1224 shares advanced against 1041 declining shares on the BSE.

The rupee is trading at two-week high, up 0.2 percent at 66.83 against the US dollar. The dollar drifted as impact from the Federal Reserve’s policy meeting minutes and supportive comments from a top US official faded.

Bharti Airtel retained its top position in buying list among Sensex stocks, up nearly 5 percent after acquiring Telenor India. Idea Cellular shares rallied 6 percent after a media report indicated that the stake in proposed merged entity is likely to be bought by Japanese fund SoftBank.

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