Tata Steel, Vedanta, TCS, Hindalco Industries, SBI, HDFC and IndusInd Bank rallied 1.5-2.5 percent. The Indian rupee gained 9 paise in early trade today. It has opened at 65.87 per dollar against previous close of 65.96.
The market extended previous day’s rally further in early trade Wednesday. The Sensex surged 225.78 points or 0.88 percent to 26004.44 and the Nifty climbed 71.35 points or 0.91 percent to 7914.65.
Tata Steel, Vedanta, TCS, Hindalco Industries, SBI, HDFC and IndusInd Bank rallied 1.5-2.5 percent.
The Indian rupee gained 9 paise in early trade today. It has opened at 65.87 per dollar against previous close of 65.96.
Pramit Brahmbhatt of Veracity feels reduction in FII inflows coupled with profit booking in local equities may pressure the rupee to trade weak.
He sees range for today between 65.40-66.40/dollar.
Globally, the markets are mixed with the US markets ending mixed as the market stabilised after a steep sell-off. The Dow and S&P closed higher while the Nasdaq closed lower.
European equities closed in the red as investors’ sentiment turned negative despite recoveries in mining, autos and oil prices. London-listed commodity firm Glencore staged a rebound, climbing as much as 18 percent during trade after a note from Citi said that the selloff has been “overdone.” The broker maintained its “buy” rating for Glencore.
Asian markets, meanwhile, are a mixed bag early Wednesday morning. The Nikkei has bounced back from eight-month lows. Lower than expected data released before the market open did little to dampen sentiment. Kospi is playing catch up after being shut for holidays. The market is currently trading near three-week lows.
In other asset classes, the US Dollar slipped as commodity currencies steady on Glencore shares rebound. Crude prices slipped with Nymex Crude hovering around the USD 44 mark while Brent slipped below USD 48 per barrel.