Sensex zooms over 200 pts, Nifty nears 8000

The Sensex is up 233.40 points or 0.9 percent at 26809.05, and the Nifty is up 70.05 points or 0.9 percent at 7997.80. About 453 shares have advanced, 81 shares declined, and 6 shares are unchanged.

The Indian rupee has opened at 61.15 a dollar, up 16 paise compared to previous day's closing value of 61.31 per dollar on hopes of strong trade in equity market.

Indian markets are expected to trade strong, though we may see some profit booking at higher levels.”He expects the rupee to gain as indices in Asian markets have already started the day on a strong note. “The USD-INR pair is expected to trade in the range of 60.80-61.80 a dollar.

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Nifty hangs below 8050; SBI, Wipro, Hindalco gain 1%

he market is looking listless with the Nifty hanging below 8050, down 10.35 points at 8031.65. The Sensex slips 37.06 points at 26779.50. About 1363 shares have advanced, 589 shares declined, and 66 shares are unchanged. ONGC, Tata Motors, HDFC, Axis Bank and Sesa Sterlite are major laggards in the Sensex. Among the gainers are Sun Pharma, Dr Reddy's Labs, Hindalco, Wipro and SBI.

Asian shares held near one-month lows as investors braced for a possible hawkish shift in the US Federal Reserve's policy stance as the Fed begins a two-day policy meeting later in the day. 

Speculation that the Fed could raise interests sooner and faster than previously expected have rattled many share markets around the global and supported the US dollar. 

The Fed's Open Market Committee will begin its regular two-day policy meeting later on Tuesday, and investors will be scanning the outcome for clues on the timing of the first US rate hike in more than eight years.