Indian markets started its day in positive nod with a gain of 72.67 points, at 8,768.20 . Indian markets rallied smartly today, outperforming most of the Asian markets.Sensex ended the day with a gain of 331.19 points, or 3.81% at 9,026.72 after touching a high of 9,061.72 and a low of 8,658.53. The broad-based NSE Nifty gained 98.25 points, or 3.70% at 2,752.25 after hitting a high of 2,762.60 and a low of 2,643.35. China cut CRR by 100 bps to 16% from 17% and also lowered lending rates to 5.58% from 6.66%, the sharpest cut in 11 years. This has increased hopes of RBI cutting rates in near future. All the European markets were trading in red along with US stock futures.

All the BSE sectoral indices closed in green. Bankex and Oil & Gas indices were the top gainers, up 6% and 4.4% respectively. Sterlite Ind. and ICICI bank were the top gainers among the sensex stocks, surging 12.9% and 9.6% respectively, while M & M and Maruti were the sole losers, down 2.5% and 0.5% respectively

 

Hopes that other central banks will follow suit after a surprise steep rate cut announced by Chinas central bank propelled the market sharply higher in late trade.

 

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