INDIAN BENCHMARKS: SENSEX ENDS 438 POINTS HIGHER ON DOVISH FED COMMENTS, NIFTY 50 ABOVE 7700
A dovish commentary from US Federal Reserve Chief Janet Yellen sparked off a relief rally in the domestic equity market on Wednesday. With the US Fed seen holding rates in April, expectations of a rate cut by the Reserve Bank of India heightened on Dalal Street.
"Yellen's speech has given more elbow room to the Reserve Bank of India."
The S&P BSE Sensex closed the day higher by 438 points, or 1.76 per cent, at 25,338 while the 50-share Nifty50 closed at 7,735, up 138 points, or 1.32 per cent.
The broad-based rally saw the broader market indices outperform the equity benchmarks. The BSE midcap and small cap indices closed higher by 1.81 per cent and 1.87 per cent, respectively.
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The crucial resistance for Nifty SPOT is now seen at 7750 and above this 7801. Support for the immediate term is now placed at 7643 and next support will be 7582.
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