Sensex soars over 200 pts, Nifty above 8300; Reliance up -- 23 Oct 2015

Reliance, Hindalco, Vedanta, Lupin and Tata Motors are top gainers in the Sensex. Idea is down after its Q2 results.

     

The market has opened with zeal riding on strong global cues. The Sensex is up 245.31 points or 0.9 percent at 27532.97 and the Nifty gains 68.45 points or 0.8 percent at 8320.15. About 669 shares have advanced, 112 shares declined, and 29 shares are unchanged. Reliance, Hindalco, Vedanta, Lupin and Tata Motors are top gainers in the  Sensex. Idea is down after its Q2 results. Asian share markets were sharply higher, tracking offshore gains following hints of new stimulus from the European Central Bank (ECB). Japan's Nikkei 225 index zoomed up to 18,848 points — its highest level since August 31. ECB President Mario Draghi signaled on Thursday that the central bank is prepared to undertake another large stimulus package to tackle the lackluster growth seen in the euro zone. The euro skidded to two-month lows against the dollar after the European Central Bank opened the door to more stimulus as early as December, leaving the single currency shaken a day after it had posted one of the biggest falls in recent years. The euro fell to as low as USD 1.1072 in early Asian trade, breaking below the USD 1.11 mark, which has been a major support for the currency in the last several weeks. The S&P 500 closed at its highest in two months on Thursday as stronger-than-expected earnings from several top companies, including McDonald's, relieved investors' concerns about the profit outlook. The Indian rupee gained in the early trade. It has opened higher by 32 paise at 64.80 per dollar versus 65.12 Wednesday. Pramit Brahmbhatt of Veracity said, "Looking at positive global cues, we expect the rupee to appreciate though the strength in dollar may put some pressure. We see the range for today between 64.75-65.60/dollar." The euro tumbled yesterday after European Central Bank President Mario Draghi said the bank discussed a further interest rate cut and raised the possibility of further easing measures to counter weak inflation in the euro zone.

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