Sensex, Nifty jump in volatile trade

Key benchmark indices finished higher amid volatility. Shares regained strength later during the session after erasing a lion's portion of intraday gains in afternoon trade from an initial surge. The Sensex and the Nifty, both, hit their highest closing level in more than seven weeks. The barometer index, the S&P BSE Sensex, rose 233.70 points or 0.87% to settle at 27,079.51, its highest closing level since 21 August 2015. The 50-unit CNX Nifty index gained 60.35 points or 0.74% to settle at 8,189.70, its highest closing level since 21 August 2015. The Sensex settled above the psychological 27,000 mark. The barometer index alternately moved above and below that mark during the trading session.

The market breadth indicating the overall health of the market was positive. On BSE, 1,471 shares rose and 1,304 shares declined. A total of 124 shares were unchanged. The BSE Mid-Cap index fell 0.06%. The BSE Small-Cap index rose 0.19%. Both these indices underperformed the Sensex.

Among the sectoral indices on BSE, the S&P BSE Consumer Durables index (down 0.18%), the S&P BSE Power index (down 0.10%), the S&P BSE Oil & Gas index (down 0.01%), the S&P BSE Realty index (up 0.04%), the S&P BSE FMCG index (up 0.33%), the S&P BSE Healthcare index (up 0.37%), the S&P BSE Auto index (up 0.42%), the S&P BSE Bankex (up 0.51%) and the S&P BSE Capital Goods index (up 0.57%), underperformed the Sensex. The S&P BSE Metal index (up 0.99%), the S&P BSE Teck index (up 1.29%) and the S&P BSE IT index (up 1.51%), outperformed the Sensex.

In the foreign exchange market, the rupee edged higher against the dollar. The partially convertible rupee was hovering at 64.75, compared with its close of 65.09 during the previous trading session.

The yield on 10-year benchmark federal paper, 7.72% GS 2025, was flat at 7.54% at 16:03 IST, same as at close in the previous trading session. The total trading volume on the central bank's gilts trading platform stood at Rs 44040 crore. The weighted average rate in the overnight call money increased to 6.69% at 16:03 IST compared with 6.66% in the previous session.

In the global commodities markets, Brent crude oil futures edged higher. Brent for November settlement was up 68 cents at $53.73 a barrel. The contract had risen $1.72 a barrel or 3.35% to settle at $53.05 a barrel during the previous trading session.

In overseas stock markets, European and Asian shares edged higher after the minutes of the Federal Reserve's latest meeting damped down expectations of an imminent Fed rate hike. US stocks edged higher yesterday, 8 October 2015, after the Fed minutes showed that Fed officials were largely hesitant to hike rates for the first time in nearly a decade due to worries about global risk. Riskier asset markets, which had risen when the Fed held off raising rates in September, got a further boost on confirmation policy makers won't rush to tighten rates at a time of slackening global growth.

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