Indian Stock Market News, Information, Tips, Investment, IPO Details, Analysis Report

The US Federal Reserve has cut funds and discount rates by 75 bps. It has cut the discount rate by 75 bps to 4% while the funds rate is now at 3.5%.

There was not a schedule meeting today but surprisingly they call emergency meeting today and announce good news.

This is the first inter-meeting rate cut since September 17, 2001.

US Treasury Secretary Henry Paulson said the rate cut shows that the Fed is nimble and is able to move quickly.

This is really a good news and lets hope that tomorrow Indian stock market will be bounce back.

Today sensex was down -875.41 points in the market and nifty was down -309.5 points. Today’s top gainers were Bharti Airtel, Tata Motors and losers were ONGC, ITC, Hindalco and Mahindra & Mahindra. BSE sensex closes at 16729.94 and nifty at 4899.30.