Tags:
Journalism of Courage
Stock market benchmark Sensex ended a seven-day losing streak on Wednesday, gaining 864 points after the US Federal Reserve cut interest rates in an emergency move to prevent the world’s biggest economy from slipping into a recession.
The 3-share index rose 864.13 points to 17,594.07, led by index-heaviest Reliance Industries Ltd, which rose by Rs 196.80 to settle at Rs 2,554.85. The Sensex rose to a high of 17,997.11 and fell to a low of 16,951.03 points in volatile intra-day trading.
The wide-based National Stock Exchange index Nifty surged by 404.10 points at 5203.40, after touching the day’s high of 5328.05 and a low of 4891.60 points.
The US central bank cut short-term benchmark rate by a steep 75 basis points on Tuesday, in a surprise move that is aimed at checking the nation’s economy from slowing down and soothing the investor community.
