Nikkei up in volatile trade as bargain hunters target battered stocks
* Nikkei outperforms Topix, gains led by futures
* ETF trade becomes active - traders
* Goldman's strategist's bullish stance on Japan buoys sentiment - traders
* Nikkei's volatility index hit above 40
By Ayai Tomisawa
TOKYO, Sept 2 (Reuters) - Japanese stocks rose in volatile trade on Wednesday morning as investors picked up bargains, although sentiment remained fragile as lingering concerns about China's economy dented global equities.
Gains were led by futures buying, which lifted index-heavy stocks such as Fast Retailing Co and Fanuc Corp , up 2.7 percent and 2.9 percent, respectively. The stocks together contributed a hefty 82 positive points to the Nikkei.
Trader said the market was also supported by an overnight interview with Peter Oppenheimer, the chief global equities strategist at Goldman Sachs, who told CNBC that investors should use the latest bout of market turmoil to accumulate Japanese stocks.
"Valuations are not that extreme there (in Japan), so I think you've got the combination of a tailwind from policy and from the currency - but actually some real fundamental improvements from corporate profitability," Oppenheimer told CNBC. Continuación...