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Markets rise for 8th straight day, Asian shares hold near six-month high

Asian held close to six-month highs on hopes that Federal Reserve will stick to a dovish stance.

Markets rise for 8th straight day, Asian shares hold near six-month high

New Delhi: Rising for the 8th straight day markets opened with marginal gains on Wednesday amidst positive global cues. However it soon pared gains and turned negative in early trade.

The BSE Sensex dropped 33.82 points or 0.09 percent to 38,329.65 in early trade while the NSE Nifty fell 20.20 points or 0.18 percent to 11,512.20.

The rupee meanwhile opened weak at the interbank forex market at 69.11 against dollar amid increased demand for the USD from importers. Pressure was seen due to rising crude price in global market that touched a four-month high.

FIIs were a net buyers worth Rs 2,132.36 crore, while domestic institutional investors (DIIs) were net sellers to the tune of Rs 1,253.67 crore, provisional data available with BSE showed.

Asian held close to six-month highs on hopes that Federal Reserve will stick to a dovish stance, a Reuters report said. MSCI`s broadest index of Asia-Pacific shares outside Japan ticked down 0.1 percent. Japan`s Nikkei was also down 0.1 percent. Wall Street shares were narrowly mixed on Tuesday, with the S&P 500 losing 0.01 percent and the Nasdaq adding 0.12 percent.

With Agency Inputs