Sensex rises 50 points, Nifty nears 10,900

In the Pre-open session, Sensex gains 100 points, Nifty50 nears 10,900, rupee trades at 70.96 against dollar.

Nifty50 snapped a three-day losing streak on Friday to close almost at its 200-day moving average.   Among sectoral indices, Nifty IT index is trading over 0.8 per cent lower weighed by Wipro and Tech Mahindra. While, the Nifty Metal index is up 1.5 per cent steered by Hindustan Copper and Jindal Stainless.

Asian shares stepped back on Tuesday after China cut its economic growth target and pledged measures to support the economy amid growing challenges from rising debt and a dispute over trade and technology with the United States. Australian shares dropped 0.6 per cent while South Korea’s Kospi lost 0.5 per cent. Japan’s Nikkei dropped 0.3 per cent.

Indian rupee today traded marginally lower against US dollar tracking losses in its Asian currencies market. The rupee was trading at 70.96 a dollar, down 0.07% from its previous close of 70.91.

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