BSE Sensex rallies over 200 points; NSE Nifty tests 7,900 levels

Mumbai: The S&P BSE Sensex was up over 200 points after gaining over 250 points in opening trade on Wednesday following positive trends seen in other Asian markets. The 50-share Nifty index was testing its crucial resistance level of 7,900.

Among the sectoral indices, the BSE Metal index was the top gainer, up 2.15 per cent. The sentiment on the street was upbeat as seven out of ten BSE stocks traded with gains.

The BSE midcap index was up by 0.85 per cent while the BSe smallcap index was trading higher by a per cent.

HDIL gained about 3 per cent while Blue Star Info cracked by 20 per cent. Hindalco and Tata Steel were higher by 3 per cent each.

The rupee strengthened 21 paise to 65.75 against the US dollar in early trade on Wednesday.

The domestic currency had appreciated against the greenback in the previous session after the Reserve Bank of India (RBI), in a surprise move, cut the short-term borrowing rate, or repo rate, by 50 basis points in its policy review to 6.75 per cent on Tuesday.

Most Asian markets traded higher tracking the gains in the US markets. Japan's Nikkei rose 2.5 per cent while South Korea's Kospi and Hong Kong's Hang Seng were higher by 0.25 and 1.6 per cent. China's Shanghai Composite was up by 0.7  per cent.