Sensex opens 250 points higher amid mixed global cues, Rupee gains to open at 82.34 against US dollar

Sensex has surged past the 59,000 mark after opening the day with a 250 point gain, while Nifty has added 50 points to start off at 17,550. Although global cues remains mixed amid tax cuts cancelled by the UK, falling crude prices have elevated Indian indices into the green. FMCG, real estate and banking stocks surged ahead in the Nifty basket, while pharma, metal and IT were lagging behind.

Strong revenue growth posted by corporations in the US, have allowed investors to forget about recession fears for the time being, to instill positivity in global markets. Oil prices are rising due to concerns that sanctions against Russia could blunt the effect of higher sales by US for reducing tightness in markets.

The Rupee on the other hand remained strong against the US dollar, by gaining 6 paise which allowed it to open at 82.34 against the dollar. The uptick came after it tumbled by 10 paise for the previous close.