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US rate cut revives Indian markets

The 30-share index moves up by 620 points to 15,453.46 in the first five minutes of trade.

business Updated: Mar 19, 2008 15:00 IST

The Bombay Stock Exchange benchmark Sensex gained 620 points in early trade on Wednesday on heavy buying by funds after the US Federal Reserve cut further interest rates on Tuesday night.

The 30-share index, moved up by 620 points to 15,453.46 in the first five minutes of trade as most of the heavy weight stocks recorded notable gains.

Similarly, the wide-based National Stock Exchange's index, Nifty, also spurted by 182 points to 4,715.00 points as blue chip shares led by Reliance Industries, Infosys technology and many other banking shares rose smartly.

The buying activity picked up after the US Federal Reserve cut interest by another 75 basis points last night.

An upsurge was also noticed in overseas market, where foreign funds remained aggressive buyers.

Hong Kong share prices opened up 3.8 per cent today, following the Wall Street rally.

The US Federal Reserve's decision to trim interest rates by 75 basis points, and better-than-expected results from the US banks like Lehman Brothers and Goldman Sachs, drove sentiments, marketmen said.