Boosted by
fuel stocks, the market has opened on a strong note. The Sensex is up 341.55
points or 1.3 percent at 26450.08 and the Nifty is up 112.70 points or 1.4
percent at 7892.40.
About 532
shares have advanced, 74 shares declined, and 9 shares are unchanged.
The government has begun with the mother of
all reforms. It has raised the gas prices to USD 5.6 per unit effective from
November with a review every six months. Also, in a huge boost to public sector
oil
companies, diesel price deregulation finally sees the light of the day.
Government has deregulated the price of diesel, linking it to global market
prices. Diesel has now become cheaper by Rs 3.37.
ONGC is up
7 percent while Axis Bank, ICICI Bank and Tata Motors are top gainers in the
Sensex.
The Indian
rupee advanced in the early trade. It has opened higher by 24 paise at 61.20
per dollar against 61.44 Friday. Dollar gained after upbeat data restored some
calm to the financial markets, prompting equities to rally back from deep
losses and triggering a rise in treasury yields.
Agam Gupta of Standard Chartered said,
"The diesel price decontrol and the state election results will support
risk appetite. Expect exporters to sell on upticks to 61.35-61.40/dollar and
local government banks to be buyers of USD on dips towards 61.05-61.10/dollar.
Expect the rupee to trade in the range of 61.05-61.40/dollar," he added.
It was a massive victory for the BJP in
Maharashtra. It came out as the single largest party in the state with 123
seats in Haryana.It created a record getting majority on its own in Haryana
assembly winning 47 seats.
US stocks
rallied, softening a fourth week of losses, as investors bet on further
stimulus from central banks and corporations including General Electric and
Morgan Stanley reported profits that topped expectations.
Meanwhile
Fed Chair, Janet Yellen believes that the widening inequality paused during
recession, has resumed in recovery. In economic data, new-home construction
climbed 6.3 percent in August, signaling improvement in the US residential
real-estate market.
Also the
preliminary read for consumer sentiment in October came in at 86.4 versus 84.0
estimate. Asian markets gained in a broad rally on Monday. The Nikkei rebounded
from four-month low while Kospi recovered from eight-month low.
Nymex
crude futures bounce back after a three-week fall that pulled prices to their lowest
since 2012 amid abundant supply and slack demand. Brent crude too rises to 86
dollars per barrel. More information please visit this site www.bigprofitbuzz.com
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