NEW DELHI: The S&P BSE Sensex surged over 200 points in trade, while the 50-share index Nifty reclaimed its crucial psychological level of 8400, ahead of July futures and options (F&O) expiry.Asian markets were mixed, tracking cues from the US Federal Reserve’s two-day policy review that concluded on Wednesday. In its policy statement, the US apex bank said that the US jobs market was improving and that the inflation rate in the country was much in line with its target rates, raising hopes that the US central bank is preparing for a September rate hike.

Overall, the market breadth remained positive, with every seven out of 10 BSE stocks quoting in the green.
During the trading hours, shares of Bank of baroda surged over 4 per cent after the company came out with its Q1 earnings. The PAT slipped 23 per cent as it stood at Rs 1,052 crore vs Rs 1,362 crore YoY.On global front, Japan’s Nikkei climbed 1.4 per cent. Hong Kong’s Hang Seng index was up 0.2 per cent. South Korea’s Kospi, China’s Shanghai Composite and Singapore’s Straits Times were quoting up to 0.5 per cent lower.

“To support continued progress toward maximum employment and price stability, the Committee today reaffirmed its view that the current 0 to 1/4 per cent target range for the federal funds rate remains appropriate. In determining how long to maintain this target range, the Committee will assess progress–both realised and expected–toward its objectives of maximum employment and 2 per cent inflation,” the US Fed statement said.When the Committee decides to begin to remove policy accommodation, it will take a balanced approach consistent with its longer-run goals of maximum employment and inflation of 2 per cent,the Fed statement added.

Source : http://economictimes.indiatimes.com/markets/stocks/news/fed-cheer-sensex-up-over-200-points-nifty-above-8400-nestle-down-2-gati-surges-7-essar-oil-3/articleshow/48276307.cms

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