BSE Bankex and BSE Realty index have surged between 6-7%.

Benchmark indices have extended gains and are trading at two and half years high led by rate sensitive sectors like banks, auto and realty.

The US Federal Reserve late Wednesday surprisingly decided to continue with its $85 bn-a-month bond-buying program for at least another month sent. Fed said it needs to see more evidence of improvement in the US economy.

At 15:00 PM, the 30-share Sensex rose 715 points at 20,677 and the 50-share Nifty added 225 points at 6,124 levels. The 30-share Sensex is at its highest level since January 2011 in intra-day trades today on expectation that fund flows into emerging markets including India would continue as the US Federal Reserve’s surprisingly decided to continue its stimulus programme.

The broader markets are underperforming the benchmark indices- BSE Midcap and Smallcap indices are up 1-2%. The market breadth in BSE remains

According to Chetan Jain, Deputy Manager (Derivatives Desk) – Equity Research, Anand Rathi Financial Services, “Nifty future has gained more than 700 point in this expiry. Post FED Event markets today gap up significantly with drastic fall in INDIAVIX by more than 10%. Now Nifty future has reached to crucial hurdle zone around 6100-6150 levels if it holds these levels then further short covering rally toward life time high territory could not be ruled out whereas if does not hold the current levels then a profit booking dip of 150-200 points may be seen.”

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