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The company will utilise at least 50% of the amount set aside for the buyback of shares

At the interbank foreign exchange market, the rupee opened lower at 82.63 against the greenback and witnessed a high of 82.60 and a low of 82.87.

Benchmark U.S. Treasury 10-year note yields - which move inversely to prices - dropped by about 15 basis points just after the data and then climbed to about 3.5%, still about 7 bps lower than their level ahead of the release.Two-year-yields fell over 15 bps to then climb to 4.26%, still 9 bps lower than prior to the release.

The core rate which excludes volatile food and energy prices is expected to have increased 6.1%, after a 6.3% rise in October.Money market participants now see an 89% chance that the Fed will increase the benchmark rate by 50 basis points on Wednesday, with the rates peaking in May 2023 at 4.98%.

Oil demand in 2023 will rise by 2.25 million barrels per day (bpd), or about 2.3%, the Organization of the Petroleum Exporting Countries (OPEC) said in a monthly report, after growth of 2.55 million bpd in 2022. Both forecasts were unchanged from last month.

The Dow Jones Industrial Average rose 555.64 points, or 1.65%, at the open to 34,546.65

“We all measure and calibrate the IT companies on a constant currency basis but I would still think that one should buy IT from a longer term perspective and to be ready that in the next two quarters they may not go anywhere or even give some downside. I would be a gradual buyer in IT from current levels.”

The consolidation of Housing Development Finance Corporation and unit HDFC Bank will create a more than $200 billion financial services behemoth, and the parent will be able to tap the bank’s deposits to grow, rather than pile on more debt

Valuation of Sensex is the highest among the emerging market peers, all of whom are trading at 0.9-1.7 times their 1-year forward price-to-book value, the brokerage said in a note

The Nifty Pharma index was trading 0.29 per cent down at 12721.4.