Wednesday, September 18, 2013

Sensex soars 574 points in early trade as Federal Reserve defers QE tapering

Thursday, Sep 19, 2013, | Place: Mumbai |

The BSE Sensex on Thursday spurted over 574 points to 20,536.29 in early trade on sustained buying by funds and retail investors, triggered by strengthening rupee and a firming trend overseas after the US Federal Reserve decided to keep its stimulus programme intact.

The 30-share index, which had gained nearly 230 points in the past three sessions, rose further by 574.13 points, or 2.88 %, to 20,536.29 points with banking, realty, capital goods and auto sector stocks leading the rally.

The broad-based NSE Nifty also moved up 183.65 points, or 3.11 %, to 6,083.10.

Brokers said market sentiment turned extremely bullish on a flurry of buying by funds driven by strengthening rupee and a firming global trend after the US Federal Reserve surprised markets by sticking to its massive bond-buying programme.

The BSE banking index gained the most by surging 6.89 % to 12,711.50 as stocks like SBI was up 5.32 %, followed by ICICI Bank (8.18 %), Axis Bank (7.13 %), Yes Bank (16.27 %) and HDFC Bank (5.12 %).

In other Asian markets, Hong Kong\'s Hang Seng rose by 1.67 %, while Japan\'s Nikkei by 1.32 % in early trade on Thursday.

The US Dow Jones Industrial Average gained 0.95 % to hit record high in yesterday\'s trade.
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