Nifty conquers 6000 after Fed rate cut

Equities opened very strong on Thursday morning driving the benchmark Nifty past the 6000 milestone. Investor optimism was back again after a pause, following the US central bank’s interest rate cut of 25 basis points, inline with market expectations. At 10 am, the National Stock Exchange’s Nifty was up 87 points or 1.46 per cent at 5987.05. Biggest contributors to the rise were Reliance Petroleum (5.43%), Larsen and Toubro (2.87%) ONGC (2.54%), HDFC Bank (2.52%) and Hindalco Industries (2.42%). The Bombay Stock Exchange’s Sensex was up 257 points or 1.29 per cent at 20,094.86.