Mumbai, 9:30 am: The market has opened higher riding high on strong global cues. The Sensex is up 392.57 points or 1.5 percent at 26107.23 and the Nifty is up 127.90 points or 1.6 percent at 7919.75.
About 461 shares have advanced, 64 shares declined, and 14 shares are unchanged. ONGC, M&M, Bharti Airtel, Hindalco and Bajaj Auto are top gainers in the Sensex. The Indian rupee gained past 66 a dollar in early trade following rally in global equity markets. The currency appreciated by 20 paise to open at 65.94 per dollar against previous day's closing value of 66.14 a dollar.
Mohan Shenoi of Kotak Mahindra Bank said, "Due to volatility in global markets the likelihood of a Fed rate hike in the upcoming September meeting is fast receding. Following the PBoC action, Chinese equity sell-off has taken a breather.
" The yen fell as demand for the safe-haven currency drops after an abrupt turnaround in risk appetite saw Wall Street post its biggest one-day gain in four years. The dollar index rose above 95 mark.
Wall Street racked up its biggest one-day gain in four years on Wednesday as fears about China's economy gave way to bargain hunters emboldened by expectations the US Federal Reserve might not raise interest rates next month.
China's Shanghai Composite index fluctuated around the critical 3,000 mark early Thursday, tracking the positive sentiment across Asia underpinned by Wall Street's biggest one-day gain since 2011 overnight.
9.40 am: After initial gush of gains, the market has cooled off a bit. The Sensex is up 252.23 points or 0.9 percent at 25966.89 and the Nifty is up 78.45 points or 1 percent at 7870.30. About 1326 shares have advanced, 283 shares declined, and 40 shares are unchanged.
11:30 am: The market has made a smart recovery led by pharmacy and oil stocks. The Sensex is up 360.03 points or 1.4 percent at 26074.69 and the Nifty is up 115.50 points or 1.5 percent at 7907.35. About 1653 shares have advanced, 467 shares declined, and 61 shares are unchanged.
1:00 pm: The market is surging ahead as European markets are up 2-3 percent following strong US and Asia. the Sensex is up 483.98 points or 1.9 percent at 26198.64. The Nifty is up 147.85 points or 1.9 percent at 7939.70. About 1806 shares have advanced, 636 shares declined, and 71 shares are unchanged.
3:30 pm: August has been worst series for market in last two years. The market records biggest fall in absolute terms in August series since August 2013. The Nifty fell 473 points in August series, Sensex loses 1,478 points.
However, after brutal slaughter the market ended with some gains on Thursday. The Sensex was up 516.53 points or 2 percent at 26231.1 and the Nifty gained157.10 points or 2 percent at 7948.95. About 1993 shares advanced, 689 shares declined, and 96 shares were unchanged.
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