Morning Summary, Market Synopsis: 16th May, 2014

It is a massive rally as market opens at life high. Sensex opens with a gain of 1000 points. The Sensex is up 646.62 points or 2.70 percent at 24552.22, and the Nifty is up 296.45 points or 4.16 percent at 7419.60. The Indian rupee opened sharply higher on the election results day. It is trading at 59.92 against 59.29 Thursday. The rupee strengthened to its highest level in about 10 months on Thursday, while also posting its biggest single-day gain in nearly three weeks on the back of sustained dollar inflows into domestic shares ahead of election results. Globally, Wall Street shares fell for a second session as the 10 year Treasury yield dropped below 2.5 percent to a fresh six-month low. Both the Dow Jones Industrial Average and the S&P 500 lost 1 percent each while the Nasdaq closed down 0.8 percent. On BSE, Midcap is up by 2.77% while Small cap is higher by 1.66% as we write this. On sectoral front, all sectors are trading in green with Bankex leading by a gain of more than 9% at the time of writing this.

Further the market breath stands positive with 1227 shares are seen advancing against 734 declining shares.