Sensex edges up; investors cautious ahead of Yellen speech

Mumbai, Aug 24 (PTI) In yet another volatile session, theBSE Sensex today settled nearly 70 points higher, breachingthe 28,000-level on mild buying in pharma, IT and PSUcounters, but broader market sentiment remained edgy awaitingcues on US interest rate hike this year. However, covering-up of short positions ahead oftomorrow’s expiry of August series in the derivatives segmentgave equities a slight push. Globally, investors’ focus is on US Federal Reserve ChairJanel Yellen’s speech at the bankers’ gathering in JacksonHole later this week. Vinod Nair, Head of Research, Geojit BNP ParibasFinancial Services Ltd, said, "The market was volatile withina narrow range and closed on a positive note ahead of thederivatives expiry tomorrow. Global markets were mixed due touncertainty over the upcoming speech by the chair of the Fed,Janet Yellen, this Friday, which will provide signs of apossibility of a rate hike in the September FOMC meet." During the day, after shuttling between 28,108.39 and27,959.87, the BSE Sensex settled 69.73 points, or 0.25 percent, higher at 28,059.94. The gauge had edged up by 4.67 points in yesterday’schoppy session. The NSE Nifty ended at 8,650.30, showing a gain of 17.70points or 0.21 per cent, after hovering between 8,661.05 and8,620.90. Shares of drug firm Aurobindo Pharma jumped 6.96 per centto Rs 787.55 after the company yesterday reported a 23.81 percent rise in consolidated net profit for the first quarterended June 30. Maruti Suzuki emerged as the star performer among the30-Sensex constituents by surging 2.40 per cent higher atRs 4,949.10, followed by Cipla 1.97 per cent at Rs 565.90. Other big gainers that supported the key indices wereInfosys, NTPC, Sun Pharma, RIL, ONGC, Dr Reddy’s, HDFC Bank,HDFC Ltd, Axis Bank, Power Grid and Wipro, rising by up to1.97 per cent. As many as 14 constituents in the 30-share Sensex gained. Sectorwise, oil and gas jumped the most by 1.49 per cent,followed by healthcare 1.30 per cent, PSU 0.71 per cent andpower 0.69 per cent. More PTI SUN KPS DP SDGMKJ