Sensex jumps 400 points, Nifty nears 5950 amid global rally - NDTV

The BSE Sensex rallied to nearly 1-month highs after U.S. Federal Reserve Chairman Ben Bernanke said on Wednesday a highly accommodative monetary policy would be needed for the foreseeable future, raising hopes any tapering of the asset purchase programme may not be necessarily close. The Sensex traded 410 points or 2.12 per cent higher at 19,704 as of 11.40 a.m., while the Nifty traded 128 points higher at 5,944. The rupee traded at 59.65 against the dollar after earlier pulling back to 59.32. Mr Bernanke's comments reassured investors who were dismayed by his comments last month that the Fed would likely slow its bond purchases later this year and end them around mid-2014 if the economy strengthens. Traders hope that foreign investors may taper off their recent selling, which has reached a net Rs 11,080 crore since the start of June. Market analyst Sarvendra Srivastava said the breakout would add momentum to this upmove and targets of 6,050-6,100 are possible. Banking stocks led the rally, with the Bank Nifty surging around 3 per cent. On the Nifty, 49 stocks traded higher led by private lenders such as HDFC Bank (up 3.6 per cent) and ICICI Bank (up 2.6 per cent). IndusInd Bank rose 4 per cent after brokerages gave thumbs up to Q1 earnings. Reliance Industries bounced back 1.4 per cent after falling sharply yesterday. Tech stocks also rallied with TCS rising 2.5 per cent, while Infosys gaining over 1 per cent ahead of earnings announcement tomorrow. Drugmaker Ranbaxy was the only stock that traded lower on the Nifty. (With inputs from Reuters) via Business - Google News http://news.google.com/news/url?sa=t&fd=R&usg=AFQjCNFCsVBlcnka0Vx1iAlW9S-Kapumjg&url=http://profit.ndtv.com/news/market/article-sensex-jumps-400-points-nifty-nears-5950-amid-global-rally-324324

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