Sensex hits 16-month-high

The Sensex and the Nifty hit a 16 month high at 16,677.04 and 4958.40 following the records made by the US markets on Tuesday.
It was the Benanke effect that rippled through Asia on Wednesday morning where the Hang Seng was up 537 points.
The Fed chairman Ben Bernanke lit the spark with his view that the US “recession is very likely over at this point.” However the dollar was weak, but gold was strong and hit a new 18-month high of $ 1,018.15 per ounce. Oil traded below $71, with benchmark crude for October delivery off 18 cents to $70.75 a barrel in European electronic trading.
The contract rose $2.07 overnight.
The Sensex was up 222.59 points and the Nifty 66.30 points. Germany’s DAX rose 0.9 per cent to 5,677.32 and Britain’s FTSE 100 gained 1.1 per cent to 5,099.10. France’s CAC-40 rose 1.1 per cent to 3,792.91.Major benchmarks in Korea, Hong Kong and Australia were up about 2 per cent or more, and Wall Street was expected to gain on the open.

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