Sensex climbs 550 points, Nifty tops 17,100; Tata Steel up 4%, Dr Reddy’s drops 4%
“The market ignored the technical recession in the US and is pinning faith on the resilience of the economy, as reflected in low unemployment of 3.6 per cent and job vacancies that are at historical highs. Also, Powell’s observations this week indicated that the Fed is likely to slow down rate hikes after one more large hike in September,” said V K Vijayakumar, Chief Investment Strategist at Geojit Financial Services.
