Sensex Reclaims 26,000 Points As Fed Keeps Interest Rate Steady

Sensex Reclaims 26,000 Points As Fed Keeps Interest Rate Steady Benchmark indices ended the day sharply higher after the US Federal Reserve kept interest rates steady in its policy meet. Dovish comments by the Federal Reserve saw investors in India heavily buying into stocks on hopes that a delayed interest rate hike might see fresh FPI inflows into India.

The status quo by the US Federal Reserve also boosted the prospects of an interest rate cut in India on Sept 29, when Reserve Bank of India officials meet to decide on monetary policy.

Check Sensex gainers and losers The Sensex ended the day with gains of 254 points at 26,218 points, while the Nifty closed the day higher by 82.75 points. Leading the set of gainers from the Sensex and the Nifty were banking stocks led by Axis Bank, which both jumped more than 4 per cent. Other notable gainers in trade were public sector banks like State Bank of India, Canara Bank and Bank of Baroda.

There were very few losers in trade today including the likes of GAIL. Tata Motors fell after reports that Tata Steel would be selling shares of the company at a price between Rs 324.50 and Rs 338.05. FMCG stocks were also weak as investors shifted attention from safe heaven to risky bets including banking stocks.

 Mid cap stocks also saw some buying traction with Crisil gaining a huge 9 per cent, while IRB jumped 7 per cent. Meanwhile, markets across Asia ended the day with gains, while most of Europe was trading with huge losses. The German DAX and the French CAC were down almost 2 per cent in trade.

Govt To Resolve Pending Taxation Issues: FM

Govt To Resolve Pending Taxation Issues: FM The Indian Government has said that it has been making efforts to resolve pending taxation issues and promised to continue reforms to lift the country's economic fundamentals to make it an attractive investment destination, media reported.

Commenting on the issue, Finance minister Arun Jaitley told the media, "A number of them (pending disputes) have been put to rest and we are trying over the next few days so that many others can be put to sleep either by a judicial resolution or by an executive resolution." "The government had many reform steps lined up to promote ease of doing business.

It's working on measures such as a bankruptcy code, dispute resolution in major contracts, expeditious arbitration proceedings and a public procurement law. These are reforms which we are trying to put on track," he added. The Finance minister also added that the Government was clear about the direction of economic Governance.

The Government is planning to restructure the model of Governance to take the burden of employment off a delicate agriculture sector, one which forces the pace of development of the services and urban sector and builds a vibrant manufacturing sector.