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Sensex closes 36 pts up ahead of US Fed rate cut

Sensex closes 36 pts up ahead of US Fed rate cut
PTI
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First Published: Wed, Oct 29 2008. 04 48 PM IST
Updated: Wed, Oct 29 2008. 04 48 PM IST
Mumbai: Mood swings on the bourses amid expectations of a rate cut announcement by the US Federal Reserve lead to a volatile trading session, and the Bombay Stock Exchange benchmark Sensex ended over 36 points higher.
The Sensex, which commenced the Samvat year 2065 on a cheerful note on Tuesday, remained volatile by swinging between 9,297.76 and 8,894.34, before ending higher 36.43 points at 9,044.51.
Similarly, the wide-based National Stock Exchange index Nifty rose by 12.45 points at 2,697.05, after touching the day’s high of 2,781.25 and a low of 2,631.90 points.
Marketmen said trading sentiment remained extremely volatile on expectations that the US Federal Reserve might cut interest rate, a measure to control troubled financial markets.
They said the market also remained jittery on reports of the Finance Minister meeting Reserve Bank of India and Security Exchanges of India chiefs later in the day.
Short-covering was provided support to the market, which dropped nearly 37 per cent this month, ahead of expiry of October month derivative’s segment, they added.
Major support to the market came from metal, oil and gas, auto and information technology segment stocks.
Metal segment index gained the most by rising 298.19 points at 4,870.87 followed by oil and gas sector by 153.81 points at 5,678.33 as segment major Reliance Industries recorded a handsome gain of 12.07% at Rs 1204.40
All wholesale commodity markets, including bullion, steel, metal and chemical closed across the board on Tuesday and will remain so on Wednesday on account of Vishwakarma Pooja and Bhai Dooj.
The bullion market in Mumbai, will be closed for two days, 29 October and 30, on account of Diwali.
Bombay Stock Exchange, National Stock Exchange and forex will also be closed tomorrow on account of ‘Bhaudeez´ and reopen on Friday.
However, the commodity futures markets - MCX, NCDEX and NMCE would open late Wednesday in the evening for special trading session, beginning at 5pm.
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First Published: Wed, Oct 29 2008. 04 48 PM IST
More Topics: Indian Markets | Sensex | BSE | NSE | Stocks |