The S&P BSE Sensex surged over 500 points and traded comfortably above the psychological level of 25,000 on a late surge in other Asian markets. The 50-share Nifty index managed to reclaim the technically crucial 7,700 level. Bank Nifty rallied over 600 points. At the gathering, Assocham told the PM that policymakers needed to act fast to 'bullet-proof' India from the global headwinds. He called for a deep cut in interest rates and new duties to stop dumping of Chinese products, such as steel.
Gains on the benchmark indices were led by banking stocks. CNX Bank Nifty surged over 600 points in trade. Banking stocks rallied amid speculations that the central bank may dilute its proposed guidelines on base rates. The market also got a lift from Chinese shares, which rose nearly 3 per cent as a surge in late-afternoon buying helped erase early losses.
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