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Sensex up over 300 pts, Nifty hits 7900; ONGC, MM gain 3%


TheNewsInternational Team

The market has opened higher riding high on strong global cues. The Sensex is up 392.57 points or 1.5 percent at 26107.23 and the Nifty is up 127.90 points or 1.6 percent at 7919.75. About 461 shares have advanced, 64 shares declined, and 14 shares are unchanged.

ONGC, M&M, Bharti Airtel, Hindalco and Bajaj Auto are top gainers in the Sensex.

The Indian rupee gained past 66 a dollar in early trade following rally in global equity markets. The currency appreciated by 20 paise to open at 65.94 per dollar against previous day’s closing value of 66.14 a dollar.

Mohan Shenoi of Kotak Mahindra Bank said, “Due to volatility in global markets the likelihood of a Fed rate hike in the upcoming September meeting is fast receding. Following the PBoC action, Chinese equity sell-off has taken a breather. “

The yen fell as demand for the safe-haven currency drops after an abrupt turnaround in risk appetite saw Wall Street post its biggest one-day gain in four years. The dollar index rose above 95 mark.

Wall Street racked up its biggest one-day gain in four years on Wednesday as fears about China’s economy gave way to bargain hunters emboldened by expectations the US Federal Reserve might not raise interest rates next month.

China’s Shanghai Composite index fluctuated around the critical 3,000 mark early Thursday, tracking the positive sentiment across Asia underpinned by Wall Street’s biggest one-day gain since 2011 overnight.

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