NIFTY NUDGES 6000 AFTER FED RATE CUT

PTI
Mumbai: The National Stock Exchange index Nifty briefly crossed the milestone of 6,000 points in early trade on heavy buying by foreign funds after the US Federal Reserve slashed interest rates by 25 basis points yesterday.
The Bombay Stock Exchange was equally buoyant. Its 30-share Sensex spurted by 366.22 points to hit 20,204.21 points in the first five minutes of trade.
The 50-share Nifty went up by 111.30 point at 6,011.95 with most of the index linked stocks trading in green.
It later pared some of the gains, and was at 5993 at 10:45am, showing a gain of 92 points.
The market also received a booster from the Hong Kong share prices which opened higher today, up 1.27 per cent, tracking Wall Street’s gains after the US Federal Reserve cut its key interest rate by 25 basis points.
The US Fed cut its target for the federal funds rate to 4.5 per cent from 4.75 per cent, meeting the expectations of most analysts.