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Sensex zooms high
Markets galloped bringing Diwali fervor early! Dalal Street is buzzing as Sensex snaps three-day fall following last night’s US Fed assurance that it is not in hurry to raise interest rates.
Financials, capital goods lead gains
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Mumbai: Markets galloped bringing Diwali fervor early! Dalal Street is buzzing as Sensex snaps three-day fall following last night’s US Fed assurance that it is not in hurry to raise interest rates.
The analysts see it as more a pull-back rally and anticipate that the rally would sustain till Diwali as it has getting supported from the cyclical stocks and it is seen as a pre-Diwali rally. Sensex was ended up 390 points at 26,637 and Nifty closed 118 points higher at 7,761.
The rally gets support from the World Bank's assertion that the Indian economy would grow at 6.4 per cent in 2015-16 as against 5.6 per cent in 2014-15. Besides, the rupee was gaining against dollar on Wednesday at 60.96.
Blue-chips get handful of gains led by BHEL, Hindalco. Buying was heavy with all the sectoral indices led by capital goods, realty, banking, power and metal, ended in positive zone with gains up to 3 per cent. Brokers say that as Fed's decision to keep the interest rates low boosted the investor sentiment triggering all-round buying by funds and retail investors alike. The major Sensex gainers were: BHEL, up 8.37 percent at Rs 218.85; Hindalco, up 6.01 percent at Rs 157.75; State Bank of India, up 2.84 percent at Rs 2,480.25; HDFC, up 2.68 percent at Rs 1,040.60; and ICICI Bank, up 2.64 percent at Rs 1,487.90.
The losers were: Wipro, down 0.83 percent at Rs 588.05; NTPC, down 0.49 percent at Rs 143.05; Mahindra and Mahindra, down 0.38 percent at Rs 1,367.50; ITC, down 0.19 percent at Rs 365.25; and Infosys, down 0.13 percent at Rs 3,645.55.
