Sensex closes 36 pts up ahead of US Fed rate cut
Mood swings on the bourses amid expectations of a rate cut announcement by the US Federal Reserve lead to a volatile trading session, and the BSE benchmark Sensex ended at 9,044 points.business Updated: Oct 29, 2008 17:37 IST
Mood swings on the bourses amid expectations of a rate cut announcement by the US Federal Reserve lead to a volatile trading session, and the Bombay Stock Exchange benchmark Sensex ended over 36 points higher.
The Sensex, which commenced the Samvat year 2065 on a cheerful note yesterday, remained volatile by swinging between 9,297.76 and 8,894.34, before ending higher 36.43 points at 9,044.51.
Similarly, the wide-based National Stock Exchange index Nifty rose by 12.45 points at 2,697.05, after touching the day's high of 2,781.25 and a low of 2,631.90 points.
Marketmen said trading sentiment remained extremely volatile on expectations that the US Federal Reserve might cut interest rate, a measure to control troubled financial markets.
They said the market also remained jittery on reports of the Finance Minister meeting Reserve Bank of India and Security Exchanges of India chiefs later in the day.
Short-covering was provided support to the market, which dropped nearly 37 per cent this month, ahead of expiry of October month derivative's segment, they added.
Major support to the market came from metal, oil and gas, auto and information technology segment stocks.
Metal segment index gained the most by rising 298.19 points at 4,870.87 followed by oil and gas sector by 153.81 points at 5,678.33 as segment major Reliance Industries recorded a handsome gain of 12.07 per cent at Rs 1204.40.