Energy stocks fuel market rally; Nifty tops 10600-mark

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Asian shares fell across the board, following an overnight drop in U.S. stocks.

The BSE IT index rose after rupee fell to a 14-month low of 66.825 against the dollar on bouts of month-end dollar demand from importers amid crude price volatility and rising USA bond yields.

While the Sensex fell over 115 points to 34,501, the Nifty ended 43 points lower at 10,570 today.

In the global markets, Asian stocks steadied after hitting two-week lows on Tuesday as investors paused for breath following a heavy sell-off in recent sessions and waited to see if the dollar's rally was sustainable.

Among sectoral sub-indices, pharma rallied the most at 1.5 per cent while metal lost nearly 0.80 per cent.

Other winners were ICICI Bank 1.66 per cent, HDFC 1.31 per cent, L&T 1.25 per cent, Bajaj Auto 1.25 per cent, ONGC 0.94 per cent, Coal India 0.81 per cent and Sun Pharma 0.67 per cent.

Bukit Aman release actual photo of suspect in Dr Fadi's murder
Fadi al-Batsh in Malaysia on Saturday, alleging that Israeli agents were systematically assassinating Arab scientists. A string of Israeli officials have neither confirmed nor denied whether Israel had a hand in the killing.

Financials stocks also rose, with Yes Bank and Kotak Mahindra Bank among top percentage gainers.

The rupee fell to as low as 66.235 against the dollar, its weakest level since March past year.

The company, along with Idea Cellular and Vodafone Group, today announced an agreement for the merger of Indus Towers and Bharti Infratel to create the largest mobile tower operator in the world outside China with over 163,000 towers across 22 telecom service areas.

Infosys, Tech Mahindra and HCL Tech were among the other gainers in the IT pack. The yield on the 10-year Treasury note climbed, settling just below the 3 per cent level.

Meanwhile, on a net basis, foreign portfolio investors (FPIs) sold shares worth Rs 259.08 crore while Domestic Institutional Investors (DIIs) bought shares worth Rs 387.26 crore on Monday, a provisional data showed. Hong Kong's Hang Seng lost 1.1 percent to 30,281.15. China's Shanghai Composite index too was down 0.59 per cent.

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