Sensex back to winning ways, jumps 234 pts as Fed shows no rush to raise rates

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MUMBAI, OCT 9: After a day’s pause, the benchmark BSE Sensex continued its winning streak today and surged 233.70 points on fresh buying in tech and metal stocks, tracking higher global cues stoked by the possibility of a US rate hike delay.
Minutes of the last Federal Reserve meeting released yesterday showed that officials were hesitant to hike rates for the first time in nearly a decade due to worries about global economy.
The 30-share BSE Sensex opened higher at 26,974.92 and hovered in a range of 27,200.44 to 26,910.59 before closing at 27,079.51 — showing a gain of 233.70 points.
Yesterday, the Sensex dipped for the time in seven days after losing 190.04 points as participants locked-in gains in blue-chip stocks.
In early trade, the 50-share NSE Nifty touched a high of 8,232.20, but on profit-taking at higher levels, it slipped to close at 8,189.70, still up by 60.35 points.
On weekly basis, both Sensex and Nifty surged 858.56 points and 238.80 points respectively.
Out of the 30-share Sensex pack, 18 scrips ended higher.
Among BSE sectoral indices, IT rose by 1.51 per cent, followed by teck 1.29 per cent, metal 0.99 per cent, capital goods 0.57 per cent, bankex 0.51 per cent and auto 0.42 per cent, while consumer durable fell by 0.18 per cent and power dropped 0.10 per cent.
The market breadth turned positive as 1,471 stocks ended in green, 1,304 closed in red while 124 ruled steady. The total turnover dropped further to Rs 2,878.40 crore from Rs 3,092.39 crore yesterday.

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