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Sensex zooms 406 points, Nifty regains psychological 5,500 level

This article was posted on Sep 14, 2012 and is filed under Market News

Mumbai: The BSE benchmark Sensex surged over 406 points in early trade on Friday on flurry of buying by funds and retail investors, driven by strong global cues after the Federal Reserve unveiled a fresh stimulus plan to help bolster the US economy.

The 30-share barometer, which has gained nearly 710 points in the previous seven sessions, shot up further by 406.45 points, or 2.26 percent, to 18,427.61.

The rupee also gained a hefty 71 paise to trade at two-month high of 54.72 against the dollar in early trade on Friday at the Interbank Foreign Exchange as the American currency weakened against euro overseas.

All sectoral indices, led by banking, metals and oil and gas, were trading in the positive zone with gains of up to 3.36 percent.

Similarly, the wide-based National Stock Exchange index Nifty regained psychological 5,500 points level by climbing 118.15 points, or 2.17 percent, at 5,553.50.

Market experts said the rise in domestic market is in line with a firm trend overseas after the Federal Reserve unveiled a fresh stimulus plan to help spur the US economy, triggering widespread buying activity.

Stocks of oil companies were back in demand after the government hiked diesel prices by Rs 5 per litre yesterday, which would reduce the subsidy burden, brokers said.

In Asia, Japan’s Nikkei was up 1.54 percent, while Hong Kong’s Hang Seng index gained 2.28 percent in early trade today.

The US Dow Jones Industrial Average had ended 1.55 percent higher in yesterday’s trade.

Source: Zeenews.com

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