The stock markets are trading strong on emergence of buying by funds in heavy-weight stocks, after the US Federal Reserve cut the rate of lending to banks last Friday
The BSE-30 share index, Sensex, which was on a downward march in the last few trading on concerns over the unwinding subprime mortgage crisis in the US, bounced back on Monday.
The BSE Sensex was trading at 14,446 up 0ver 300 points while the wide-based NSE Nifty was trading at 4212, up over 100 points in the afternoon trade.
All Asian markets were up 3.5-5.5 per cent during the Monday morning trade on the back of a strong rally on Wall Street on Friday after the US Federal Reserve slashed a key US bank lending rate by 0.5 per cent in a bid to ease the credit crunch. - DDNEWS
CBSMarketwatch top story is titled U.S. stocks head for higher open on Fed move. ""Markets probably have passed the point of maximum stress, at least in this episode," said Gerard Minack, a strategist for Morgan Stanley in Australia. He said the Fed was pressed to act by the near shutdown of short-term funding in the asset-backed commercial paper market."
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