Reports » India

Indian stock market daily closing report (September 14, 2012)

Contributed by Nirmal Bang

Indian markets reported a smart rally today on account of announcement of QE3 by the Fed & some policy in itiative by the government on domestic front.

Federal Rese rve in its meet yesterday maintained its funds rate at 0.0%-0.25% 'atleast unt il mid-2015' and announced a third round of quantitative easing with a plan to purcha se USD 40 billion in mortgage backed securities every month until the economic condition improves

On domestic front the government increased the diesel prices by Rs 5 per litre and capped the use of subsidised LPG to 6 cylinders per family in a year. Under recoveries of public sector oil companies will now reduce by Rs 20,000 crore. Not only that it h as improved the investor's sentiments with government policy initiative.

The breadth of the market was positive in today's trade.