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Tuesday, 16 September 2014

Sensex gains over 100 pts, Nifty firm on global cues

After a massive cut the market has managed to gather some steam on back of positive global cues as reports suggest the Fed is going to keep "considerable period" in its statement. The Sensex is up 156.61 points at 26649.12 and the Nifty is up 45.20 points at 7978.10. About 611 shares have advanced, 135 shares declined, and 22 shares are unchanged.

Tata Power, Hindalco, L&T, Tata Steel and Wipro are top gainers in the Sensex.

The Indian rupee opened higher by 8 paise at 60.97 per dollar on Wednesday versus previous day's closing of 61.05 a dollar.
US dollar nursed modest losses ahead of the fed decision. According to traders, sellers emerged after the Wall Street Journal's Fed watcher said the US Central Bank may keep the words "considerable time" in its policy statement.

Pramit Brahmbhatt of Veracity said, "Global equities traded positively overnight and overcame the negativity which forced them to trade lower. Today, local indices are expected to trade strong as Asian markets have already opened in the green."

Also, Chinese President Xi Jinping arrives in Ahmedabad today for a three day visit, making it only the third time when a Chinese President is visiting India. Apart from contentious issues like international boundary and incursions, both nations are likely to focus on avenues to boost commerce and investment.

Wall Street stocks jumped, lifting the Dow industrials to a record, as oil and other commodities surged on a report that China's central bank would increase stimulus and on the view that the Federal Reserve would not rush to hike rates.

In Europe, shares closed lower with investors looking ahead to a key Federal Reserve policy meeting as well as a referendum on Scottish independence. In Scotland, concerns regarding the upcoming vote are likely to curb risk sentiment in the near term.

Brent crude prices steady around 98 dollars per barrel on the prospect of an open production cut as well as on a weakening dollar and news that Libya had curbed output after rockets hit an area near a refinery.

Gold prices hold steady around 1235 dollars an ounce ahead of the FOMC decision. More Information Please visit Site

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