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Sunday, 2 November 2014

Sensex, Nifty open at fresh high; Bharti up, autos fall

The market continues its uptrend on Monday. The Sensex is up 85.20 points at 27951.03 and the Nifty is up 26.10 points at 8348.30. About 533 shares have advanced, 155 shares declined, and 36 shares are unchanged.

TCS, Bharti Airtel, GAIL, Wipro and BHEL are top gainers while Tata Motors, Hero, Bajaj Auto, and M&M are major laggards in the Sensex.

The Indian rupee opened lower by 14 paise at 61.50 per dollar versus 61.36 Friday.The yen fell to a fresh seven-year low against the dollar, extending a massive selloff sparked by the Bank Of Japan's surprise decision to boost its already huge bond-buying stimulus.

Agam Gupta of Standard Chartered said, "Nationalised bank demand will kick in at Rs 61.35/dollar and expect exporters to sell on spikes to Rs 61.60/dollar. US dollar supply will also continue from capital inflows as overseas investors remain bullish on India.

In the US, stocks surged on Friday, lifting the Dow industrials and S&P 500 to record closes, after the Bank of Japan unexpectedly expanded stimulus, increasing hopes for the global economy.

Meanwhile in Asia, mood is relatively quiet with Japan closed for a holiday. Kospi is lower after a private gauge of manufacturing activity fell to a four-month low in October. China's official PMI fell to a five-month low for October as it came in at 50.8 from September's 51.1.

Oil prices are soft in trade as another round of monetary stimulus from Japan pumped up the US dollar and pounded a crude market already suffering from robust supply. From the precious metals space, gold and silver sank to their lowest since 2010 as the USD surged against the yen and other major currencies. More information please visit this site

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