Nifty touches 6K level as US Fed cuts interest rates
The index goes up by 111.30 pts at 6,011.95 after the US Federal Reserve cuts interest rates by 25 basis pts.business Updated: Nov 01, 2007 10:48 IST
The National Stock Exchange index, Nifty, crossed a milestone of over 6,000 points in early trade on heavy buying by foreign funds after the US Federal Reserve slashed interest rates by 25 basis points.
The benchmark Sensex also spurted by 366.22 points to hit 20,204.21 points, in the first five minutes of trade.
The wide-based NSE index, Nifty, went up by 111.30 point at 6,011.95 with most of the index linked stocks trading in green.
The market also received a booster from the Hong Kong share prices which opened higher today, up 1.27 per cent, tracking Wall Street's gains after the US Federal Reserve cut its key interest rate by 25 basis points.
The US Fed cut its target for the federal funds rate to 4.5 per cent from 4.75 per cent, meeting the expectations of most analysts.