Sensex Surges Over 950 Points, Nifty Ends Above 17,800 For First Time

The Indian equity benchmarks sky rocketed to record highs on Thursday on the back of strong global cues after the US Fed signaled that tapering could start earlier than market expectations. The Sensex rose as much as 1,030 points to hit record high of 59,957.25 and Nifty 50 index closed above its important psychological level of 17,800 for the first time led by gains in banking, financial services, and oil & gas shares. The Fed said last night it will likely begin tapering its monthly bond buying as early as November, and indicated it could raise interest rates more quickly than expected.

The Sensex surged 958 points to close at record high of 59,885.36 and Nifty 50 index climbed 176 points to settle at an all-time high of 17,823.

The broader markets were also firm, with the BSE Midcap index and BSE Smallcap index gaining 1.1 per cent each. All sectoral indices are trading in the green, with the exception of the pharma space. Financial and banking shares are propelling the markets higher in afternoon trading.

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