Stocks rebound on Fed, Pranab effect | business | Hindustan Times
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Stocks rebound on Fed, Pranab effect

Encouraged by signals of confidence from overseas markets and policymakers at home, Indian stocks bounced back on Wednesday after six days of falling, with the benchmark Sensex surging 272.6 points or 1.6% to 17,130. HT reports. After the storm, the calm

business Updated: Aug 11, 2011 02:29 IST
HT Correspondent

Encouraged by signals of confidence from overseas markets and policymakers at home, Indian stocks bounced back on Wednesday after six days of falling, with the benchmark Sensex surging 272.6 points or 1.6% to 17,130.

Asian and European markets rallied after the Federal Reserve - the US central bank - said it would keep its key interest rate close to zero for the next two years. Markets also cheered finance minister Pranab Mukherjee's message of confidence.

Gold sustained its rally and crossed the Rs 26,000-mark for the first time to close at Rs 26,055 per 10 grams in Delhi.

"The Fed announcement lifted sentiments," said Alex Mathew, head of research, Geojit BNP Paribas Financial Services.

The Sensex rebounded after losing 1,456 points in last six trading sessions and lost 800 points in three sessions after the US was downgraded by credit rater Standard and Poor's.

The broad-based NSE index Nifty also ended higher at 5,161 points, up 88 points or 1.7% but a note of caution hung in the air.

"The direction of the market has not changed and market will remain weak in the near future," said Tarun Sisodia, director and head of research, Anand Rathi Financial Services. http://www.hindustantimes.com/Images/HTEditImages/Images/11_08_11-buss21.jpg