Buoyed by the US Federal Reserve's decision to maintain status quo on policy rate, the domestic market staged a smart rally on Friday, with S&P BSE Sensex gaining 254.94 points, or 0.98 per cent, led mainly by the rate-sensitive stocks. During the day, the market surged over 500 points in a relief rally, mainly on rate-cut hope even as Asian markets ended mixed and European markets had a weak opening. The US markets flat on Thrusday night amid volatility after the Fed rate decision. The broader 50-stock NSE Nifty ended below 8,000, but gained 82.75 points, or 1.05 per cent.
The mood on the Street was upbeat thorughout the day, as hopes of a rate cut by the Reserve Bank of India at its next bimonthly monetary policy review on September 29 added life to bank and realty stocks. 17 of the benchmark 30-stocks ended the day with gains. India VIX, the fear gauge, slumped over 17 per cent to 18.2400.
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