INDIAN BENCHMARKS: SENSEX SURGES NEARLY 360 POINTS, NIFTY ABOVE 7800
The domestic equity market saw heavy gains on Thursday ahead of the submission of the Seventh Pay Commission report and tracking positive cues from European and other Asian markets.
Investor sentiment was supported by the minutes of the last rate-setting meeting of the US Federal Open Market Committee (FOMC), which indicated that the Fed may go ahead with rate hike in December, but the tightening process will be rather gradual.
Sensex ended the day 359 points, or 1.41 per cent, higher at 25,842 while the 50-stock barometer Nifty Trading Tips50 closed at 7,843, up 111 points or 1.4 per cent. Bajaj Auto 3.33 % and Vedanta were the top gainers on the index.
HEADLINES OF THE DAY
- Infosys completes acquisition of Noah Consulting
- IIFL Holdings jumps as FIPB clears FDI proposals
- Britannia plans to scale up its dairy products biz
- Rail stocks gain after CCEA approves many rail projects
The crucial resistance for Nifty is now seen at 7890 and above this 7945. Support for the immediate term is now placed at 7797 and next support will be 7740.
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