Market Overview
The benchmark 30-share BSE index closed up 1.59 percent, or 260.42 points, at 16,676.75, after having risen as much as 1.8 percent during trade, with 24 of its components gaining. The BSE Sensex shows one the best close in nearly two weeks on Tuesday, bolstered by a rally in global equities after U.S. consumer spending data eased concerns about the health of the world's largest economy. In the broader market, gainers were ahead of losers in the ratio of 2.6:1 on strong volume of 652 million shares. The gains were underpinned by data that showed India's economy grew at 7.7 percent in the June quarter, its weakest pace in six quarters but better than gloomier predictions.
Market Outlook
Despite a two-day rebound, the outlook for BSE Sensex remained hazy, with economists forecasting another rate increase on Sept. 16 when the central bank reviews policy.
The overall market mood will remain cautious in the near term," there is still lingering worries about the euro zone debt crisis. August was one of the worst months for Global Equities especially for European market which fallen most since Lehman brothers crisis.
While India Market fell 8.4 percent in August, its second straight monthly drop and the biggest percentage decline since January as rising rates and global economic uncertainty triggered a flight from risky assets.
Global Market are in red along with SGX nifty shows flat to negative outlook for the day.
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