09:19
Moneycontrol BureauLive Market Commentary
The market has opened on a strong note. The Sensex is up 201.94 points at 20960.43, and the Nifty gains 52.15 points at 6223.60. About 480 shares have advanced, 133 shares declined, and 235 shares are unchanged.
The Indian rupee gained in early trade against the dollar. The Indian rupee opened higher by 30 paise at 61.59 per dollar against 61.89 Friday.
The US dollar nurses broad losses early this morning after surprisingly soft employment data raised doubts about how quickly the Federal Reserve can scale back stimulus.
Agam Gupta, Standard Chartered said, "Dollar-rupee will open significantly lower due to dollar weakness after the shocking US jobs report. Opening levels for rupee could be around 61.50/USD but expect that level to get supported as importers buy at these levels."
"The market will trade cautiously ahead of the CPI data. Expect rupee to trade between 61.40-61.80/USD as FIIs will continue to supply dollar in any uptick," he added.
Oil prices rose on Friday as new reports of production problems at a major UK oilfield and weaker-than-expected US jobs data raised expectations that the US Federal Reserve may slow the winding down of its commodity-friendly stimulus program.
From precious metals space, gold prices extended gains to a third session this morning to hit its highest in nearly a month after a surprisingly weak US jobs report stoked expectations that the federal reserve could temper the pace of its stimulus tapering.
Meanwhile, Asian markets opened on a cautious note today.
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Sensex roars with over 200 pts gains; ONGC, Infosys up 3%
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