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.
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