Sensex soars 390 points to 1-week high

Snapping a three-session losing streak, the BSE benchmark Sensex today surged by 390 points to close at over one-week high on handsome gains in bluechip stocks, led BHEl and Hindalco, as US Federal Reserve signalled that there wouldn't be immediate rate hike.

Similarly, the 50-share NSE Nifty regained 7,900 level by rising 117.85 points or 1.5 per cent to its highest level in four days to 7,960.55.

Brokers said the trading sentiment bolstered on the release of minutes of meeting of US Federal Reserve, confirming interest rates would remain low, triggering all-round buying by funds and retail investors.

Globally, mixed closing in choppy trade on the other Asian markets and a higher opening of the European stocks, also influenced the sentiment, they added.

The benchmark BSE 30-share Sensex resumed in positive zone and gathered momentum to touch session's high of 26,688.70, before settling at 26,637.28 - a rise of 390.49 points, or 1.49 per cent. This is also Previously, it had zoomed 480.92 points, or 1.81 per cent on September 18.

The gauge had lost over 383 points in the past three sessions.

Minutes from the Fed's September meeting showed policymakers cautious about rushing into rate hikes, and worried that the dollar is rising too fast.

Besides, appreciating rupee which strengthened to over two-week high to 60.96 (intra-day) against the dollar and easing global crude prices which fell to two-year low, too influenced sentiments, they added.

Buying was strong with all sectoral indices led by capital goods, realty, banking, power and metal ending in positive zone with gains of up to 3.01 per cent.

In the 30-Sensex constituents, 25 ended higher led by BHEl (8.37 per cent), Hindalco (6.01 per cent) and SBI (2.84 per cent), while five shares ended lower led by Wipro (down 0.83 per cent).

Sectorally, auto, bankex and consumer durables were the biggest gainers.