Sensex gains over 250 pts, Nifty opens above 8500; Lupin, PNB up
Lupin is up 7 percent while Sun Pharma, ICICI Bank, SBI and Adani Ports are gainers. Tata Motors is in red.
The market has opened with strong gains supported by firm global cues as FBI cleared presidential candidate Hillary Clinton of potential criminal charges in its private email server probe. The Sensex is up 280.29 points or 1 percent at 27554.44, and the Nifty up 99.75 points or 1.2 percent at 8533.50. About 639 shares have advanced, 96 shares declined, and 41 shares are unchanged. Lupin is up 7 percent while Sun Pharma, ICICI Bank, SBI and Adani Ports are gainers. Tata Motors is in red. Boosted by strong Q2 results, PNB is up 5 percent. The Indian rupee opened marginally lower by 4 paise at 66.74 per dollar versus 66.70 Friday.
Pramit Brahmbhatt of Veracity says, "Weak US economic data and dollar index will help rupee gain today. The rupee is likely to head towards 66.50/dollar levels and the trading range for the day is likely to be between 66.50-66.80/dollar." The US dollar slipped against the safe-haven Swiss Franc on Friday on nervousness ahead of US presidential election, despite a solid US jobs report that supported expectations for a Federal Reserve rate hike next month. Stock markets in Asia opened up with MSCI's broadest index of Asia-Pacific shares outside Japan advancing 0.3 percent. Australian shares were up 0.7 percent and Japanese shares rose 1.2 percent. The biggest winner was the Mexican peso, which has acted as something of a bellwether of sentiment as Republican Donald Trump's proposed policies are considered to be deeply negative for the country. It rose to a 1-1/2 week high earlier.
nvestors had been unnerved by signs of a tightening presidential race between Democrat Hillary Clinton and Trump, whose stance on foreign policy, trade and immigration has rippled through financial markets. Crude oil logged its biggest weekly percentage declines since January of just under 10 percent as signs of tensions resurfaced between Saudi Arabia and Iran that could scupper a key supply cut pact. Gold steadied on Friday, heading for its biggest weekly rise since mid-September as jitters over next week's US election offset a solid payrolls report that shored up expectations for a US interest rate hike next month.