After a month on the edge, markets rallied sharply on Friday on the back of what is being viewed as easing up of hawkishness on the Fed rate. | |
| Strong cues from global markets, especially the Dow Jones Index, which gained close to 2 per cent on Thursday's trade, helped the domestic bourses right from the opening bell. |
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| The Sensex opened up over 150 points and traded firmly in the green all day. It touched an intra-day high of 10,626.84 and closed at 10,609.25, registering a gain of 4.4 per cent (447 points) on Thursday's close. |
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| The Nifty traced a similar pattern, netting a gain of 130 points to close at 3,128.2, up 130.3 points from Thursday's close. |
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| Analysts said the 25 bps hike in the Fed rate was well within the expected range, and the easing of worries about rapidly rising interest rates in the US was a big factor on Friday. More encouragingly, the Fed did not say that further firming up of policy might be needed. Markets had already factored in the latest hike, they said. |
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| Reliance Communication Ventures was the biggest gainer among the Sensex stocks. The counter closed 11.71 per cent up at Rs 248.95 after touching an intra-day high of Rs 252. |
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