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Sensex jumps over 200 points, Rupee rebounds 7 paise against dollar

Sensex jumps over 200 points, Rupee rebounds 7 paise against dollar

The BSE benchmark Sensex jumped over 200 points in opening trade. At 9:45, Sensex was up by 223.66 or 0.62% to trade at 36,178.41 points while Nifty was at 10,853.00 mark.

Asian shares climbed to a 3-1/2-week high on Wednesday, supported by growing optimism that the United States and China can strike a trade deal to avoid an all-out confrontation that would severely disrupt the global economy.

MSCI's broadest index of Asia-Pacific shares outside Japan climbed 1.5% to its highest level since December 14.

Japan's Nikkei rose 1.3%, while China's benchmark Shanghai Composite and the blue-chip CSI 300 rebounded 1.5% and 1.8%, respectively.US stock futures also firmed.

A World Bank report forecasted that India's GDP is expected to grow at 7.3% in the fiscal year 2018-19, and 7.5% in the following two years, attributing it to an upswing in consumption and investment.

The bank said India will continue to be the fastest growing major economy in the world.

Meanwhile,the rupee recovered 7 paise to 70.14 against the US dollar in early trade Wednesday on fresh selling of the American currency by exporters and banks amid early gains in domestic equities.

Forex dealers said weakness in the dollar against some currencies overseas supported the domestic unit, but rising crude oil prices and foreign fund outflows capped the rise.

At the Interbank Foreign Exchange (forex), the rupee opened higher at 70.08 but it slipped partially to quote 7 paise higher at 70.14.

The unit was also boosted by a higher opening of the domestic equities market tracking positive cues from Asian stocks amid rising hopes of US and China striking a trade deal.

US President Donald Trump, on Tuesday, said that talks with Beijing on a trade deal were going on "very well".

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