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Nifty begins May series on a high, Sensex up over 200 points; Axis Bank recovers post fall

Axis Bank took a hit of 3 percent in the first few minutes after the bank reported a dismal set of numbers for the March quarter as provisions trebled
Rupee Update: The Indian rupee opened lower by 8 paise at 66.83 per dollar on Friday versus previous close 66.75.

After remaining under pressure in the past few sessions, yesterday, the rupee consolidated against the US dollar. Weakness in the rupee had been triggered on back of sharp rise in global crude oil prices and fund outflow by FIIs in the equity and debt segment. Yesterday, they sold another USD 100 million, now getting the cumulative figure for this month to almost USD 2billion, said Motilal Oswal.

Market Opens: Equities have begun the day on a good note, with the Sensex rising over 100 points, while the Nifty managed to open above 10,650-mark.

The Sensex is up 143.63 points at 34857.23, while the Nifty is up 56.20 points at 10674.00. The market breadth is positive as 333 shares advanced, against a decline of 171 shares declined, while 54 shares were unchanged.
Among stocks, Axis Bank took a hit of 3 percent in the first few minutes, after the bank reported a dismal set of numbers for the March quarter as provisions trebled. Meanwhile, IDBI Bank is also trading lower by 4 percent after its ex-CMD has been booked in a fraud case.

Meanwhile, global markets were trading higher on the back of positive handover from the US.

Asian shares edged higher on Friday after US equities were buoyed by solid quarterly earnings and a rebound in technology stocks, while the euro languished near three-month lows after the European Central Bank kept interest rates unchanged.

US stocks advanced on Thursday with each of Wall Street’s major indexes ending the session up 1 percent or higher, boosted by solid earnings results and a rebound in technology stocks as U.S. bond yields pulled back.

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