New Delhi: Recuperating slightly from the lows, the stock markets surged ahead on Thursday after the United States Federal Reserve Chairman Ben Bernanke hinted an interest cut may on the cards soon.
The market sentiment was strengthened by a strong global turnaround as Bernanke hinted concrete efforts in the next few days which will pull out the US economy from the subprime crisis.
Bombay Stock Exchange benchmark index Sensex touched 15,200 points at 15:43 hours IST and later closed above the 15,000 mark. The National Stock Exchange index Nifty too surged 50 points and closed above 4,400.
BSE Midcap and Smallcap were up nearly 1 per cent.
US stocks rebounded sharply as investors grew more optimistic about chances for an interest rate cut. The Dow rose 247.44 points, or 1.90%, to 13,289.29, near its highs of the session.
Top gainers on the Nifty were VSNL at Rs 407 up 6.57 per cent, Siemens at Rs 1,254.60 up 3.32 per cent and Hero Honda at Rs 658 up 3.17%. Top losers on the Nifty were GAIL at Rs 314.50 down 1.96%, Reliance Energy at Rs 773 down 1.18% and BPCL at Rs 307.20 down 1.09%.
Axis Bank, Puravankara Projects and HDIL were the most actively traded counters on Thursday.
The markets witnessed buying support across the board, particularly short-covering by foreign institutional investors (FIIs) and operators on the concluding day of derivatives contract, brokers said.
Nifty September Future discount has once again slipped to 54.55 points at 4413. Tata Steel is also strong after posting strong consolidated numbers yesterday. Steel prices are seen firm going ahead on account of decline in imports from China. Brokerge houses have revised their estimates for Tata Steel.
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