Markets Trade firm..on Fed cuts

The markets are trading firm at the higher level on buying seen in scrips across sectors. After the Fed cut discount rate by 75 bps markets across globe have rallied. All BSE indices are trading higher. Power, banking, telecom and capital goods stocks are the star performers.

Market breadth is very positive, NSE advance:decline ratio of 13:1. Midcap and small cap stocks have seen strong bounce back. BSE Midcap index is up over 3% and smallcap index is up nearly 3%.

Bankex is up over 5% followed by realty up 5%, capital goods and power index up over 3.5%.
At 11.20 hrs IST, the Sensex is up 503.72 points at 15336.18, and the Nifty up at 4654.70.
About 1787 shares have advanced, 1191 shares declined, and 80 shares are unchanged.
JP Associates up over 7.8% followed by ICICI Bank and HDFC Bank up over 6%. SBI, Bharti Airtel, PNB, Tata Power, SAIL, L&T, RPL and RNRL were the major gainers.
In the global markets Asian markets were trading firm. Hong Kong's Hang Seng added 3.61%, Japan's Nikkei gained 3.23%. Yesterday, Wall Street ran up their biggest one-day gains in more than five years following that interest rate cut. The rally was led by financials.