Sensex up over 200 points, Nifty above 8200

Mumbai: The Sensex is up 208.90 points or 0.8 per cent at 27335.47, and the Nifty is up 59.85 points or 0.7 per cent at 8219.15. About 1017 shares have advanced, 183 shares declined, and 32 shares are unchanged.

The market has opened higher. The Sensex is up 166.08 points or 0.6 per cent at 27292.65, and the Nifty up 51.00 points or 0.6 percent at 8210.30.

About 686 shares have advanced, 94 shares declined, and 15 shares are unchanged.

Infosys, Wipro, BHEL, Axis Bank and Sesa Sterlite are top gainers in the Sensex. Among the losers are Bharti Airtel, ITC, HUL.

The Indian rupee gained further in early trade. The currency has opened at 63.05 a dollar, up 6 paise compared to previous day's closing value of 63.11 a dollar.

Pramit Brahmbhatt, Veracity says the rupee is expected to trade weak as overnight, the dollar is trading strong which will keep rupee under pressure. "The range for the day is seen between 62.70-63.50 a dollar," he adds.

S&P 500 index capping its best two-day gain in three years as global equities rallied on the Federal Reserve's pledge to be patient on boosting rates.

In Europe, shares closed sharply higher with global sentiment boosted after the US Federal Reserve said it had confidence in the economy. In Greece's first round of a snap presidential election, the prime minister's preferred candidate failed to gain 180 votes he needed to win.

The second and third round of voting will take place before January 2015. Asian stocks are higher following positive US lead. Nikkei is up 1.5 per cent and is getting support from a weaker yen. Traders are also awaiting the Bank of Japan's last policy decision for the year.

The central bank is widely expected to keep monetary settings unchanged But reports suggest that freshly re-elected Prime Minister Shinzo Abe is planning a significant stimulus package to the tune of around US dollar 30 billion, which should help the Nikkei to extend gains on Friday.

In commodities, Brent crude prices hold steady at below US dollar 60 per barrel. Meanwhile, Nymex crude jumps 2 percent to trade above US dollar 55. From precious metals space, gold gains over 2 per cent after the US Federal Reserve said it would take a patient approach toward raising interest rates, lifting stock markets and commodities while dampening the dollar.