Indian Stocks Cheer Strong Global Cues; Sensex Surges 400 Points
Nifty soars above 7,800 following upbeat global markets; Asian markets rally led by Japan and China
A spectacular surge in Japanese markets lifted sentiment across Asia and India was no exception. The bulls rallied for the second day running to help indices reclaim crucial levels. The Sensex was up 400 points or 1.6% at 25,720 and the Nifty gained 130 points or 1.7% at 7,820.
Globally, shares across Asia were sharply higher today. The Japanese Nikkei surged by 7.7% which is biggest one-day jump in seven years. Sentiment was boosted after Prime Minister Shinzo Abe pledged to implement a corporate tax cut. The Shanghai composite in China jumped 2.3% while the Hang Seng in Hong Kong soared over 4%. The South Korean Kospi went home 3% higher.
The rupee strengthened 21 paise to 66.34 against the US dollar in early trade on Wednesday amid a rally in global equity markets on hopes that China will take new fiscal measures to restrict the slowdown in its economy. The domestic currency had closed 27 paise higher at 66.55 against the greenback on Tuesday.
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