Sensex, Nifty continue uptrend; Hindalco, BHEL top gainers

Moneycontrol Bureau11:45 am Buzzing: Shares of Trident rallied 4.8 percent intraday to hit a 52-week high of Rs 57.20 on incorporation of wholly owned subsidiary in the UK.

"The company has incorporated Trident Europe as wholly owned subsidiary in United Kingdom," says the manufacturer & exporter of terry towel, home textile, yarn and paper.

This subsidiary will help the company to widen its reach in European markets, strengthening its marketing channels and will act as a catalyst to superior customer service in those markets, it adds.11:30 am FII view: There is a lot of uncertainty right now, but the dollar is certainly gaining strength, says Paul Mackel, managing director - head of Asian currency research at HSBC. He has a bias towards dollar strength, even going ahead. He says though the dollar-rupee is high, volatility is low. However, in the near-term, he sees the rupee toughing the 67 per dollar mark.

The market is still up as the Sensex is up 167.00 points or 0.6 percent at 26125.63. The Nifty is up 51.20 points or 0.6 percent at 7935. About 1457 shares have advanced, 735 shares declined, and 195 shares are unchanged.

Hindalco, Vedanta, Tata Steel, BHEL and Axis Bank are top gainers while Lupin, GAIL, Maruti Suzuki, Wipro and Bajaj Auto.

Gold dipped towards its lowest level in nearly six years on Friday and was on track for a sixth straight weekly decline, weakened by a robust dollar and expectations of a US interest rate hike next month.

The dollar is trading near an eight-month high against a basket of major currencies, boosted by euro weakness and prospects of higher US rates.

The Federal Reserve is widely expected to hike US rates for the first time in nearly a decade when it meets next in December. Investors believe higher rates could dent demand for non-yielding bullion, while boosting the dollar.