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Tuesday, 21 October 2014

Diwali dhamaka: Sensex zooms over 200 pts, Nifty nears 8000

The market is celebrating Diwali with some sparkling gains. The Sensex is up 233.40 points or 0.9 percent at 26809.05, and the Nifty is up 70.05 points or 0.9 percent at 7997.80. About 453 shares have advanced, 81 shares declined, and 6 shares are unchanged.

The Indian rupee has opened at 61.15 a dollar, up 16 paise compared to previous day's closing value of 61.31 per dollar on hopes of strong trade in equity market.

Pramit Brahmbhatt, Veracity says, “Indian markets are expected to trade strong, though we may see some profit booking at higher levels.”He expects the rupee to gain as indices in Asian markets have already started the day on a strong note. “The USD-INR pair is expected to trade in the range of 60.80-61.80 a dollar,” he adds.

Meanwhile, the euro fell against the dollar on reports that the European Central Bank was looking at buying corporate bonds as soon as December in its efforts to revive the stagnating euro zone economy.

Global cues, meanwhile, are positive with the Wall Street rally continuing with the S&P 500 and the Nasdaq Composite extending the gains into the fourth day.

 European markets too saw significant gains as well on European Central Bank stimulus hopes Asian markets too are trading in the green.

Crude prices, meanwhile rose marginally aided by data showing stronger-than-expected China demand and some technical price recovery after weeks of almost uninterrupted selling.

Gold hits a one-month high as the dollar edged down slightly on worries over a slowdown in the global economy. More information please visit this site

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