Sensex recovers 7 per cent
23 Jan 2008
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The surprise 75-bps interest rate cut by the US Fed yesterday to 3.5 per cent (See: Fed announces unscheduled 75-basis point rate cut to 3.5 per cent) has injected fresh life to the stock markets after a two-day battering that saw the markets registering their worst falls (See: Sensex down 875 points at 16,729.94 in a volatile market).
Boosted by the positive sentiment of the Ferd's decision in Europe, the 30-share benchmark Sensex gained 7 per cent, and logged 17,900.97 and is currently holding at 17,763, while Nifty saw a 7.96 per cent rise to 5,289.40.
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