Stock markets, rupee scale record highs
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Mumbai, Sep 19 - Indian shares jumped to a new high Wednesday with Sensex surging past the 16,000 mark buoyed by a positive global trend in the backdrop of a larger than expected interest rate cut overnight by the US federal reserve.The Indian rupee also hit a nine-year high following the rate cut, increasing investor appetite for enhancing increasing assets. The rupee closed at 40.20 per dollar.The 30-stock Bombay Stock Exchange sensitive index (Sensex) rose 653.63 points or 4.2 percent to 16,322.75 at close. All the components of the index were trading in the green.The broader 50-issue National Stock Exchange of India index (Nifty) rose 186.15 points or 4.1 percent to close at a high of 4,732.35.Earlier, the Sensex rose 429.85 pts or 2.74 per cent within minutes of opening trade Wednesday, passing the 16,000 mark and surpassing its all-time high of 15,868.5 recorded on July 24. It took 53 sessions for the Sensex to cross from the 15,000 to the 16,000 mark.The Nifty too hit an all time high in opening trade, up 108 points or 2.38 percent at Rs. 4,654.55. It also closed at a high.'We are being bullish on the bourses since quite some time now. However, with more allocation and participation from investors, I believe that the market will head higher in the short term,' said an analyst.Leading the Sensex surge was top mortgage and housing finance company HDFC, up 7.94 percent at Rs.2,354.15, followed by the second largest private sector lender HFDFC Bank, up 7.83 percent at Rs.1,326.30 and telecommunication sector service provider Bharti Airtel, up 6.46 percent at Rs.886.30.The other index heavyweights ONGC, Maruti Udyog Ltd, Reliance Industries Ltd, Reliance Communications, ICICI Bank, Tata Steel and Bajaj Auto Ltd were the other major stocks that were top gainers today. (c) Indo-Asian News Service
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