markets witnessed a huge buying interest and remained on the higher side throughout the session following positive global cues. It triggered by the US government rescue of the largest US bank by assets, Bank of America. Optimism that the US government will act to prevent the year-long recession from deepening also aided the surge on the domestic bourses. Continuous buying in stocks of oil & gas, banking, telecom, power, capital goods and metal companies supported the markets to stay on the higher side. Midcap and small cap indices, however have not run up in tandem with sectoral and benchmark indices. Realty stocks as well as TCS, ACC and Grasim were under pressure. The Sensex traded above 9200 for major part of the day and went above 9300 as well in last half an hour of trade. It closed the day at 9,323.59, up 276.85 points or 3.06% over previous close. The 50-share NSE Nifty closed above 2800 mark; gained 91.75 points or 3.35% to settle at 2828.45.
Falling inflation has raised expectations that the central bank may further cut interest rates to soften the impact of the global financial crisis and economic recession in key world economies on the Indian economy. The Reserve Bank of India (RBI) has substantially eased monetary policy over the past few months. more details http://16anna.com/market.asp
