Sensex sees 1000 point spike to open the day above 58,000, Rupee makes marginal gains

Positive global market sentiment, along with IT, auto and financial stocks, have helped Sensex gain 1000 points to open in the green. Nifty also surged past 17,300 while Asian markets were buoyed by Wall Street’s performance. While all stocks on Sensex performed well, Infosys, ICICI and HCL led the gains at the start of the day.

But the positive sentiment might ebb as higher consumer price index has pushed rent in the US to a three decade high, along with rising food prices. The CPI data is likely to bring in more aggressive rate hikes by the US Fed. The inflation in the US has been revealed a day after India’s inflation hit the highest levels in five months.

The Rupee on the other hand went up by 3 paise as the US dollar relented, to start the day at 82.21.