A morning walk down Dalal Street | Nifty likely to stay rangebound unless 11,145–10,901 is broken on either side

Indian market inched higher on the back of short-covering bounce on Wednesday supported by strong global cues. Global markets rose higher after the US delayed tariffs on some Chinese imports.

Back home, ease in inflation data for July also helped sentiment. The Nifty is back above 11,000 while the S&P BSE Sensex reclaimed 37,000 levels.

Barring healthcare index on BSE, all the other sectoral indices ended in the green with metal, bank, capital goods and oil & gas indices rising up to 3 percent.

Metal stocks logged healthy gains, buoyed by positive development on the US-China trade war. BSE Metal pack closed 2.68 percent up with shares of Jindal Steel (up 9.55 percent), Vedanta (up 4.87 percent) and Tata Steel (4.61 percent) as the top gainers.

Rebounding from six-month lows, the rupee advanced 13 paise to close at 71.27 against the US dollar on August 14 amid easing oil prices and gains in the domestic equity market.