Mumbai, Sept. 6: Receding fears of a rate hike in the US following weak jobs data there led to a strong rally on the stock markets and a surge in the rupee value today, with the Sensex breaching the 29000-mark in intra-day trade and the Nifty closing above 8900. The rupee soared 30 paise to end near a four-month high of 66.52, the highest closing since May 11 when the rupee had finished at 66.56. Markets are showing no signs of fatigue despite being adequately valued, and the rally is expected to continue with the inflow of foreign money. "Markets can surprise on the higher side, but for a durable rally, stock prices have to be supported by earnings growth, and investors need to be mindful of this," Sanjeev Zarbade, vice-president (PCG Research), Kotak Securities, said. The rupee today opened on a strong note at 66.53 and hit a fresh intra-day high of 66.47 on heavy dollar sales.

Source: The Telegraph September 06, 2016 19:58 UTC