Nifty opens above 7800, Sensex soars over 400pts; metals up --- 9 Sep 2015

Asian shares surged, inspired by the positive finish in offshore markets and as investors bet on China to step on the stimulus pedal soon. Nikkei rallied 5.7 percent followed by Shanghai (up 1.7 percent) and Hang Seng (up 2.7 percent).

                               

                       

After a smart rally yesterday, the market has kick-started Wednesday with a bang. The Nifty has opened above 7800. The 50-share index is up 117.85 points or 1.5 percent at 7806.10. The Sensex is up 413.96 points or 1.6 percent at 25731.83. About 468 shares have advanced, 64 shares declined, and 11 shares are unchanged. Metal stocks continue to rally with leaders like Hindalco, Tata Steel and Vedanta. Infosys and ICICI Bank are other top gainers in the Sensex. There are no red stocks in the Sensex. The Indian rupee advanced further in early trade today. It has opened higher by 17 paise at 66.38 per dollar against previous close of 66.55. NS Venkatesh of IDBI Bank said, "The rupee strengthened against the USD after touching an intra-day high of 66.80/dollar yesterday. We saw selling by custodial banks and some buying from PSBs to meet the oil demand." "The rupee will take cues from the equity market today and is expected to trade in a range of 66.40-66.72/dollar," he added.Globally, Wall Street traded after a three-day long weekend and with a bang. Major US indices rallied over 2 percent for their second-best day of the year. Asian shares surged, inspired by the positive finish in offshore markets and as investors bet on China to step on the stimulus pedal soon. Nikkei rallied 5.7 percent followed by Shanghai (up 1.7 percent) and Hang Seng (up 2.7 percent). And in Europe, equities closed more than 1 percent higher, buoyed by positive data. In other asset classes, the renewed risk appetite helped the dollar gain against the safe-haven yen, but the greenback still inched lower against the euro. The dollar index was trading below USD 96 mark. Brent crude rose almost 4 percent to USD 49 per barrel overnight as rally in equity markets helped the global oil benchmark recover substantially.   Precious metal gold traded steady around USD 1120 an ounce, but it remained close to three-week lows as uncertainty over a looming US interest rate hike persisted.

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