Renewed rate cut hopes cheer markets; Sensex zooms 255 points

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Mumbai: Markets gained for the second day Friday as the benchmark BSE Sensex rallied 255 points to close at nearly three-week high of 26,218.91 while the NSE Nifty hit the 8,000-level on rate cut hopes after the US Fed decided to hold off on raising rates.

 

Furthermore, the rupee rebounding 74 paise to 65.72 against the dollar (intra-day) and a mixed trend in global markets buoyed sentiment.

The 30-share barometer started off on a strong footing and retook the crucial 26,000-mark to hit the day’s high of 26,471.82 on intensified buying.

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