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BW Businessworld

Sensex Surges Nearly 600 Points On US Fed Move

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The BSE Sensex surged 556 points and the Nifty gained 179 points in early morning trade after the US Federal Reserve stunned markets and decided not to taper its asset-buying programme.
The Fed said it would await evidence of stronger economic growth before adjusting the pace of its purchases, and in a press conference, Federal Reserve Chairman Ben Bernanke said market expectations cannot dictate policy actions.
The NSE bank index surged 6.73 per cent in trade on hopes that the RBI may ease some of emergency cash tightening steps it had initiated in mid-July. The BSE Sensex was up 2.7 per cent while the the Nifty rose 3 per cent at 0937 IST.