Australia Market rebounds on bargain hunting

The Australian share market record its first gain in seven sessions on Tuesday, 03 November 2015, as investors chased for bargain buying across the board on tracking rally on the Wall Street overnight and indication from the Reserve Bank of Australia to another cut if growth and inflation fail to pick up in the next few months. The benchmark S&P/ASX 200 index advanced 73.40 points, or 1.42%, to 5165.80 points, while the broader All Ordinaries index jumped 69.90 points, or 1.34%, to 5291.20 points. The Reserve Bank of Australia on Tuesday held the cash rate at 2 per cent for the sixth month in a row, but left the door open to another cut if growth and inflation fail to pick up in the next few months.Striking a slightly less fixed tone about current settings, RBA governor Glenn Stevens said in his statement that "the outlook for inflation may afford scope for further easing of policy, should that be appropriate to lend support to demand".

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