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S&P BSE Sensex rallied over 400 points on Friday

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The S&P BSE Sensex rallied over 400 points on Friday, after the US Federal Reserve held off raising interest rates. The rally in the index was led by gains in HDFC, ICICI Bank, Infosys, Axis Bank, and HDFC Bank The 50-share Nifty index reclaimed its crucial psychological level of 8,000, supported by gains in banks, metal, FMCG, and realty stocks. “The US central bank held rates steady in a bow to worries about the global economy, financial market volatility and sluggish inflation at home, but it left open the possibility of a modest policy tightening later this year,” said a Reuters report. SKS Micro plunged 18 per cent while DHFL was down over 3 per cent. ENIL surged over 7 per cent while Tata Motors was down over 2 per cent. SBI added 2 per cent in trade. The rupee appreciated 31 paise to 66.15 against the US dollar and was trading at two-week high post Fed meet. The domestic currency had closed at 66.46 against the greenback on Wednesday. The US Federal Reserve left key policy rates unchanged for the 55th straight FOMC meet bowing to worries about the global economy, financial market volatility and sluggish inflation at home. The US markets were mixed overnight post the US Federal Reserve’s decision. The Dow Jones Industrial Average fell 65.21 points, or 0.39 per cent while the S&P 500 lost 5 points, or 0.26 per cent. The Nasdaq Composite added 4.71 points, or 0.1 per cent. Mixed trading was witnessed across most Asian markets. Japan’s Nikkei index fell 1.4 per cent while the South Korean Kospi and Hong Kong’s

Hang Seng gained 0.55 per cent each. China’s Shanghai Composite index traded marginally higher by 0.10 per cent.

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