look news india
Ahmedabad: Indian stock market witnessed a sharp rise today after the US Federal Reserve reported a half percentage point cut in interest rates after four years as expected, but later it stopped due to profit booking pressure. However, both the major indices remained firm at the end of trading.
Nifty surged 234 points and Sensex surged 825 points to new highs in early trade today amid massive fresh buying by funds, HNIs and players amid reports of a federal rate cut.
However, the initial recovery in the market was later wiped out due to profit-booking pressure in IT, capital goods, oil stocks along with massive sell-off in small-cap and mid-cap stocks. However, at the end of the session, the Sensex rose 236.57 points to close at a new high of 83,184.40 and the Nifty rose 38.25 points to close at a new high of 25,415.80.
Meanwhile, the Dow Jones rose 466 points to 41,969 in early trade after fresh selling in the US stock market today following the cut in interest rates. While the Nasdaq index rose 480 points to 18054.