Sensex up 200 pts, Nifty reclaims 8400; Wipro, HDFC gainers

09:18

Moneycontrol Bureau The market rebounded sharply on Monday, tracking positive global cues. The Sensex rallied 197.15 points or 0.72 percent to 27655.79 and the Nifty reclaimed 8400, up 60.80 points or 0.73 percent at 8402.20. About 474 shares have advanced, 71 shares declined, and 88 shares are unchanged on the BSE.
 
Wipro, HDFC, Sesa Sterlite, M&M, Bharti Airtel, ITC, BPCL, Idea Cellular and Asian Paints rallied 1-1.5 percent.

The Indian rupee opened lower by 15 paise at 62.56 per dollar on Monday against Friday's closing value of 62.41 a dollar.

The dollar holds steady after the head of the US Central Bank assured investors that the path back to 'normal' interest rates will only occur at a gradual pace.

Agam Gupta of Standard Chartered said, "Expect year-end dollar inflows to continue in this shortened week."

He further added, "Exporters will continue to sell on upticks to levels of  62.65-62.70 and local government banks will mop up dollars on any downticks to 62.35-62.40/dollar. Expect it to be a rangebound day with good two way interest."

Among global markets, in the US, stocks closed mildly higher as investors digested Fed Chair Janet Yellen's remarks remained cautious ahead of first quarter earnings in April. Yellen said a rate increase may be warranted later this year, adding that an increase in core inflation is not essential before the fed raises rates.

The third estimate for Q4 US GDP came in unchanged at 2.2 percent. While corporate profits fell, consumer spending was revised higher to 4.4 percent from 4.2 percent, the fastest rate since the first quarter of 2006.

And in Asia, shares opened with a positive bias. Softer than expected factory output from Japan hurt sentiment, February industrial production fell 3.4 percent month-on-month, biggest drop since June 2014.

Among commodities, oil prices slipped as Iran and six world powers tried to reach a deal that could add oil to the market if sanctions against Tehran are lifted.

From precious metals space, gold snapped its rally to slip below USD 1200 an ounce as dollar steadies.

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