Metal stocks are up with Sesa, Hindalco and Tata Steel as major gainers. Infosys and Tata Motors are other gainers. Bajaj Auto, ITC, NTPC, HUL and Dr Reddy’s Labs are among the losers.

China’s surprise interest rate cut on Friday spurred Asian indices on Monday, mirroring a positive session on Wall Street. In an unexpected move after the Shanghai Composite index closed for the week, the People’s Bank of China cut its benchmark interest rate for the first time in over two years to support its cooling economy. The one-year benchmark lending rate was trimmed by 40 basis points to 5.6 percent, while one-year benchmark deposit rates were lowered by 25 basis points; the move is effective from November 22.

The sharemarket opens at a record high once again. The Nifty hits 8500 in opening for first time. The 50-share index is at 8510, up 31.70 points while the Sensex is at 28461.77, up 120.46 pts. Metal stocks are up with Sesa, Hindalco and Tata Steel as major gainers. Infosys and Tata Motors are other gainers. Bajaj Auto, ITC, NTPC, HUL and Dr Reddy’s Labs are among the losers. The Indian rupee opened higher by 7 paise at 61.69 per dollar on Monday versus 61.76 Friday. The euro near a two-year trough against the dollar and was broadly weaker on prospects of more easing from the European Central Bank.

Agam Gupta of Standard Chartered Bank said, “We expect the rupee to trade in a range of 61.65-61.95/dollar. Nationalised Bank demand should come in at 61.65-61.70/dollar and any upticks to 61.90/dollar will be used by exporters to sell. FII and FDI flows continue to come into the country and hence there could be some inflows from there too.” In the US, markets surged to new all-time highs, thanks to a surprise interest rate cut from the People’s Bank of China, the first such move in two years, to spruce up growth. Global markets too remained buoyant post the move.

Coustery  :  http://www.moneycontrol.com/news/local-markets/record-high-nifty-hits-8500-sensex-strong-metals-surge_1235889.html