Sensex rises 291 pts on strong global cues | business | Hindustan Times
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Sensex rises 291 pts on strong global cues

The BSE index advances on strong global cues and expectations of a cut in repo rate to be announced by the RBI during the day.

business Updated: Jan 29, 2008 11:32 IST

The BSE benchmark Sensex on Tuesday advanced by 291 points at 10.30 am on strong global cues and expectations of a cut in repo rate to be announced by the RBI during the day.

The Bombay Stock Exchange barometer, Sensex, moved up to 18,443.66 at 10.30 am, up 290.88 points, over Monday's close of 18,152.78.

The broad-based Nifty of the National Stock Exchange rose 100.50 points to 5,374.60 at 10.30 am from last close of 5,274.10.

Global rally was attributed to a dismal US housing report that raised expectations of a fresh rate cut by another 50 basis points by the Federal Reserve in its two-day meeting this week.

The Federal Reserve's rate cut by 75 basis points last week has increased possibility of a repo rate cut by 0.25 per cent by the Reserve Bank of India.

The market witnessed across-the-board buying support on the back of strong turn in global sentiment as well as short covering by investors ahead of the expiry of derivatives January contract on Thursday, market players said.