Market maintains rally, Sensex up 1,244 points
The BSE benchmark index surges on aggressive buying by funds after the US Federal Reserve announces an interest rate cut by 75 bps.The Tuesday Tumble | Picsbusiness Updated: Jan 23, 2008 16:16 IST
A rally in the stock markets was well maintained at mid-session on Wednesday as the BSE benchmark, Sensex, surged by over 1,244 points on aggressive buying by funds after the US Federal Reserve announced an interest rate cut by 75 bps on Tuesday.
The 30-share index, Sensex, which had suffered a loss of nearly 2,300 points in last two-day of turmoil, opened higher and rose further gaining 1,244.32 points at 17,974.26 at 1330 hrs, with most of the heavy-weights like Reliance Industries and Infosys recording handsome rise.
Trading sentiment turned bullish after a surprise cut in interest rate by the US Federal Reserve yesterday, stimulating sentiment in all Asian stock markets.
Similarly, the wide-based National Stock Exchange index, Nifty, rose by 400.45 points to 5,299.75.
Japanese stocks rebounded from the worst two-day drop in 17 years after the Fed cut its benchmark interest rate to revive growth in the world's biggest economy.
Hong Kong share market bounced back in early trade, opening 7.4 per cent up following their biggest-ever one-day fall on Tuesday.
The Federal Reserve on Tuesday unexpectedly lowered interest rates by 75 basis points to 3.5 per cent, the biggest cut in more than 23 years, in response to worldwide stock market turmoil.