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Sensex surges over 300 points, rupee rallies to 62.52 against dollar
   MUMBAI: The S&P BSE Sensex opened with a gap-up of over 240 points led by gains in banks, capital goods and power stocks on hopes that the quantitative easing in the US will continue for some more time after Larry Summers withdrew as a candidate to head the US Federal Reserve.

Tracking the momentum, the 50-share Niftyindex surged above 5900 in early trade.

At 09:20 a.m.; the 30-share index was at 20016.86, up 284.10 points or 1.44 per cent. It touched a high of 20,086.43 and a low of 19,971.97 in early trade.

The Nifty was at 5,936.65, up 86.05 points or 1.47 per cent. It touched a high of 5,957.25 and a low of 5,919.85 in trade today.

The rupee strengthened against the US dollar. The partially convertible rupee was at 62.62 per dollar, up 87 paise, against its previous close of 63.49. It touched a high of 62.52 and a low of 62.76 in early trade.

"Believe that at the September 17-18 FOMC meeting, no tapering (55 per cent probability) or a small tapering of $10-15 billion (30 per cent probability) is much more likely than a big tapering of $20bn plus (15 per cent probability)," said Ethan Harris of BofA ML.

"Considering the strong momentum, we would not rule out the possibility of an extended rally (if any) towards 5,970 - 6,000, if the Nifty sustains above 5,932. We reiterate that traders should start booking profits as the market move higher and remain light on positions. On the downside, if the Nifty sustains below 5,832 (low of the Hanging Man pattern formed on September 11, 2013), then we are likely to witness some consolidation or correction towards the immediate support levels of 5,750 - 5,730," said Angel Broking note.

"The bulls are likely to lose control once the Nifty slips below this week's low of 5,738. In this scenario, the negative direction may get resumed and then we may expect lower levels of 5,650 - 5,600," the report added.

The S&P BSE Midcap Index was up 0.67 per cent and the S&P BSE Smallcap Index was up 0.74 per cent.

Among the sectoral indices, the S&P BSE Bankex was up 2.58 per cent, the S&P BSE Capital Index Index was 2.12 per cent higher, the S&P BSE Power Index advanced 1.72 per cent and the S&P BSE Realty Index was 1.64 per cent higher.

The S&P BSE Healthcare Index was down 0.40 per cent.