Sensex surges over 600 points to 2013 high on U.S. Fed Reserve's move

The Sensex of the Bombay Stock Exchange surged over 600 points after a stop-gap-up start and hit fresh high of 2013, as the U.S. Federal Reserve took a decision to continue with the stimulus programme to boost economic sentiment.

All the sectoral indices were in the green with banks, with realty and auto stocks leading the rally on hopes of dovish stance by the Reserve Bank of India Governor Raghuram Rajan at its policy review meet.

At 9:35 a.m.; the 30-share index was at 20,509.93, up 547.77 points or 2.74 per cent. It touched a high of 20,567.61 and a low of 20,347.30 in early trade.

The Nifty was at 6,071.80, up 172.35 points or 2.92 per cent. The index hit its highest level since July 23 to hit an intraday high of 6,091.50 and a low of 6,040.15.

The rupee hit one-month high as the US dollar fell after the US Fed's decision to continue with stimulus programme. The partially convertible rupee was Rs 61.76, up 162 paise, against its previous close. There was no index loser.

The market breadth was positive on the BSE with 834 gainers against 237 losers.

An Economic Times report said that foreign institutional investors bought shares worth Rs 580.13 crore while domestic institutional investors were net sellers worth Rs 508.41 crore on Wednesday as per the provisional data from the National Stock Exchange.