The S&P BSE Sensex pared gains after rallying as much as 130 points in morning trade on Monday, led by losses in HDFC, RIL, HDFC Bank, and Bajaj Auto.
The 30-share S&P BSE Sensex is currently trading higher by 49.11 points, or 0.18%, to 27,722.71, while the Nifty 50 of the National Stock Exchange (NSE) is up 3.45 points, or 0.04%, to 8,586.85.
The Nifty50 pared gains and turned choppy weighed down by losses in metal, auto, telecom, and capital goods stocks.
The S&P BSE Midcap Index was up 0.13 per cent and BSE S&P Smallcap Index was trading 0.31 per cent higher.
ICICI Bank Ltd rises 3.1%, State Bank of India is up 1%, and Axis Bank rises 0.6%. The Essar Group will use the proceeds of the Rs86, 400 crore sale of Essar Oil to halve its overall debt to about Rs42, 000 crore, bringing relief to leading bankers SBI and ICICI which have lent heavily in the past.
The US Fed Chair on Friday said the US economy’s potential was slipping and aggressive steps would be needed to rebuild it.
It is to be seen what the market makes out of Yellen’s comments. Going by Fedwatch tool, traders are now pricing in a 69.5 per cent chance of a Fed rate hike at the December policy review.
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