The market has opened higher on June Future & Options expiry day. The Sensex is up 190.43 points or 0.7 percent at 26930.82, and the Nifty is up 58.30 points or 0.7 percent at 8262.30. About 447 shares have advanced, 62 shares declined, and 27 shares are unchanged.

BHEL, Tata Motors, NTPC, Hero MotoCorp and HUL are top gainers. GAIL is down.

The Indian rupee opened higher by 13 paise at 67.55 per dollar versus 67.68 Wednesday.

Mohan Shenoi of Kotak Mahindra Bank said, “Consolidation is expected to continue in a choppy currency market. Rupee has recovered well post Brexit vote and has settled in a range.”

Among global markets, Asia stocks rose, tracking an overnight rally on Wall Street, while the safe-haven Japanese yen retreated as global markets regained a semblance of calm after last week’s Brexit shock.

MSCI’s broadest index of Asia-Pacific shares outside Japan rose 0.4 percent, pulling further away from a one-month low on Friday when it plunged more than 3 percent in reaction to Britain’s decision to leave the European Union. Australian stocks added 0.3 percent and Japan’s Nikkei climbed 1.2 percent.

Overnight, the Dow had risen 1.6 percent while Britain’s FTSE rallied for the second day, retracing all the losses suffered in reaction to Brexit.

US President Barack Obama said he expects the world economy will be steady in the short run after Britain’s decision but expressed concern about longer-term global growth.

The pound extended its advance from a three-decade low as traders took advantage of the global market rout to go on a buying spree.  Oil scored a second straight day of solid gains today as US crude inventories fell much more than expected and Brexit fears receded.

Oil prices advanced on easing worries about Britain’s vote to leave the European Union and its impact on the global economy. The gains accelerated after the US Department of Energy reported the country’s commercial crude inventories fell by 4.1 million barrels to 526.6 million barrels in the week ending June 24. The drop was about twice as large as expected.

Gold is trading around 1315 dollars an ounce on speculation central banks will have to continue supporting the global economy.

Sugar mills have paid Rs 48,675 crore to sugarcane farmers and owe about Rs 4,225 crore for the current marketing year ending September, the government said.

Of the total cane arrears, the maximum amount pertains to Uttar Pradesh at Rs 1,975 crore.

The cane price payable and arrears have been calculated on the basis of Fair and Remunerative Price (FRP), which is the minimum price, fixed by the Centre, to be paid to farmers. For the 2015-16 marketing year, FRP for sugarcane has been fixed at Rs 230 per quintal.

“During the current sugar Season 2015-16, about 230 million tonnes of sugarcane was procured from the farmers by the sugar mills across the country.

Surendra Goyal of Citi says he expects some surprises in earnings as companies started reporting Q1FY17, based on Indian Accounting Standards (Ind AS), although it is too early to figure out the quantum.He feels some companies that may see negative Q1FY17 earnings are Zee Entertainment due to interest on redeemable preference shares, and Tech Mahindra, Eicher Motors & Info Edge due to ESOP (employee stock option) cost.

According to him, PSU earnings may benefit on reported employee costs & some corporates like Maruti Suzuki & Hero MotoCorp may gain due to higher interest income.

He remains constructive as better-than-expected Q4FY16 earnings (ex-financials) raises confidence in bottom-up forecast of 14 percent earnings growth in FY17.