S&P 500 index at record closing - Nirmal Bang

U.S. stocks jumped, sending the S&P's 500 Index to a record closing level, as Fed Reserve Chairman Bernanke backed sustained monetary stimulus.

Asian stocks rose, with the regional benchmark headed for its biggest weekly gain since April, on optimism policy makers from U.S. to Japan will maintain monetary stimulus.

Tracking strong global cues, Sensex shot up by a whopping 382 points to close at near six-week highs led by a rally in bluechips, buoyed by US Fed Reserve Chief Bernanke's comments on continuing monetary stimulus. Brokers said the trading sentiment bolstered after Bernanke last night signalled that the monetary stimulus would continue for some time boosting the prospect of the flow of funds to emerging markets. Today IIP data will be released. A Bloomberg estimate is 1.5% as against 2.2% in the last month. Market is expected to open on a positive note and likely to remain range-bound during the day.

Source : Equity Bulls

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