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Markets bullish, Sensex gains 1,140 pts
By siliconindia
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Saturday, 26 January 2008, 17:45 IST
Mumbai: Bulls are back. Snapping the bearish trend, the benchmark Sensex ended with a hefty gain of 1,140 points in sync with the surging global Markets - European bourses rebounded and the Wall Street rallied amid hopes of further interest rate cut by Fed Reserve on January 29.
The Sensex commenced the day in a recovery mode and shot up by 1,005.57 points to 18,227.31 at 1400 hrs, on aggressive buying by funds. The buying was reportedly triggered by reports that lawmakers in the U.S. have formulated a plan to boost economic growth.
Similarly, the second wide-based National Stock Exchange index Nifty surged by 304.30 points to 5337.75, as trading sentiment was boosted by a firming trend in Asian Markets.
U.S. stocks rose yesterday, helping the Standard and Poor's 500 Index to its biggest two-day rally since November, after U.S. lawmakers agreed to boost spending to bolster growth. Stocks of heavy machinery, metal, bank and refinery Companies gave major support to the market today.