The Week That Was - May 17

Sensex jumps 490 pts to 28-month high on rate cut hopes

Markets were in a jubilant mood on Wednesday with BSE Sensex zooming 490 points to close at 28-month high of 20,200 and NSE Nifty soaring over 150 points to 6,100- level on buying in realty, banks and auto shares after RBI`s "happy" remark on falling inflation fuelled rate cut hopes.

Investor wealth, as measured by market capitalisation, surged by a staggering Rs 1.30 lakh crore as three stocks rose for fall of every two. This more than recovers Rs 1 lakh crore that was wiped off on across-the-board selling on Monday.

The Bombay Stock Exchange 30-share barometer today resumed higher and gradually rose to settle at 20,212.96, a rise of 490.67 points or 2.49 percent. Previously, it had concluded at 20,301.10 on January 5, 2011. Today`s gain is the highest in percentage terms since June 2012.

NSE Nifty index jumped by 151.35 points or 2.52 percent to end at 6,146.75. Similarly, MCX-SX flagship index SX40 closed 245.6 points, or 2.10 percent, higher at 11,925.14.

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