16,000 has been conquered. Spurred on by the Fed's big 50 bps cut, the indices started rallying from the word go. Sensex breached the 16,000 mark virtually seconds after opening bell and from then on, there was no looking back.
Boosted by broad based buying, the Nifty surged 186 points to close at 4,732, while the Sensex shut shop at 16,323, up a whopping 653 points, the biggest ever single day gain for the index.
It was a spectacular session for equity markets, across the globe. Markets saw an emphatic breakout celebrating the rate cut of 50 bps in the discount rate by the Fed Chief Ben Bernanke.
The rate cut was a move to prevent a steep housing slump and turbulent financial markets from triggering a recession. The Fed cut the benchmark interest rate to 4.75 percent from 5.25% and discount rates were lowered to 5.25%.Analysts are seeing this as a positive and a bold move by the Fed, in order to take charge of the US slowdown.
It was a historic session for the Sensex, which was up 4%, or 600 points, breaching 16,000 and staying well above, outperforming most of the Asian peers. The euphoria was wide spread in scrips across sectors. Sugar was the story of the day. After a long time, sugar rallied with some of sugar stocks locked in upper circuit, on sops being given to sugar companies.
Tommorow N-deal meet.Be cautious left is against that.May be some relax in market in short term,but Medium term market is very strong.
Market to be in rally.Nifty has a resistance at 4775 and 4820. Also have a Good Support at 4660 and 4588.
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