Equity
benchmarks rebounded in early trade on Thursday with the Sensex rising 294.82
points or 1.12 percent at 26541.61. The Nifty reclaimed 7900, up 84.50 points
or 1.08 percent at 7927.20 post positive US cues.
The
broader markets too saw buying interest with the BSE Midcap and Smallcap
indices gaining 1 percent each. About five shares advanced for every share
declining on the Bombay Stock Exchange.
Hindalco
topped the buying list, up 4 percent post Alcoa earnings. BHEL surged 3.5
percent on getting Rs 7800 crore EPC order from Tamil Nadu Generation &
Distribution Corporation.
Dr Reddys Labs, ICICI Bank, SBI and DLF were other
gainers, up 1.5-2 percent.
The Indian
rupee gained in early trade. It has opened higher by 27 paise at 61.13 per
dollar against previous close 61.40.
Mohan
Shenoi of Kotak Mahindra Bank said, "Dollar gave back its gains due to
reference to dollar strength and its impact on inflation in the FOMC minutes
released overnight. This is expected to strengthen rupee today. USD-INR is
expected to trade today in a range of 61.10-61.45/dollar.
On the
global front, Asian equity markets rose after US indices posted their biggest
one-day gain of 2014. Hang Seng, Nikkei, Straits Times and Taiwan Weighted
gained 0.2-0.8 percent while Shanghai and Kospi fell 0.4-0.6 percent.
In the US,
stocks ended about 2 percent higher as markets extended gains on the FOMC
minutes and recovered from Tuesday's selloff, closing 274.8 points higher; the
Dow Jones industrial average had its best day since December 18, 2013. The
S&P 500 and the Nasdaq had their best day since nearly a year ago on
October 10, 2013.
And in Europe, shares closed mostly lower, as
fears over global growth and the Ebola virus spooked investors. Peripheral
markets like Russia, Portugal and Irish markets were all under pressure and
ended with cuts of 1.5 percent to 2 percent.
In the
currency space, dollar slipped to near 2-week lows against the euro after
minutes of the Federal Reserve policy meet suggested the Central Bank could
take its time in raising interest rates.
In
commodities, Brent crude held on the USD 91 level as global growth forecasts
have raised new concerns about oil demand. And that too, at a time when US
crude inventory levels continue to rise. More information please visit this
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