Sensex up 200 pts, Nifty opens above 7800; SBI, Axis lead -- 11 Sep 2015

SBI, Axis Bank, ONGC, Vedanta, M&M and YES Bank topped the buying list, rising 1-2 percent. However, GAIL, ICICI Bank, Tata Motors, Bosch and BHEL were marginally in red.

                       

The market rebounded in early trade with the Sensex rising 194.75 points to 25816.92 and the Nifty climbing 56.75 points to 7844.85. Technology, healthcare, oil and select banking & financials stocks drove the market higher. SBI, Axis Bank, ONGC, Vedanta, M&M and YES Bank topped the buying list, rising 1-2 percent. However, GAIL, ICICI Bank, Tata Motors, Bosch and BHEL were marginally in red. The Indian rupee gained in early trade today. It has opened higher by 9 paise at 66.34 per dollar against 66.43 yesterday. Pramit Brahmbhatt of Veracity said, "Local equity market is likely to trade sideways today and will take cues from global markets for further direction. Strength in USD will keep rupee under pressure." "Investors are expected to trade cautiously and square off their positions ahead of the weekend. We see the range for the rupee between 66-67/dollar today," he added. The dollar fell after economic data in US sent contrary signals on whether the US Fed would raise interest rates next week. Globally, Asian markets traded lower in early trade as investors eye increased uncertainty heading into the US Federal Reserve's meeting next week. The Fed is widely expected to raise its near-zero interest rate as early as next week amid improving economic fundamentals in the US. But an abrupt devaluation of the yuan by Chinese authorities in August and renewed turmoil in global markets has had some market watchers paring back their forecasts. Overnight, Wall Street ended higher, led by recovery in oil prices and major stocks such as Apple. The Nasdaq Composite led gains with a 0.8 percent rise. The Dow Jones  and the S&P 500 closed up 0.5 percent each. Crude prices gained overnight on strong US demand for gasoline , but news of increased US inventories of crude keeps prices under check. Brent Crude was trading above USD 48 per barrel.

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