USA government has proposed a historic $500 billion bailout of financial firms. The Bush administration is asking Congress to let the government buy billions of dillar worth of toxic mortgages in the largest financial bailout since the Great Depression.The plan would give the government broad power to buy the bad debt of any U.S. financial institution for the next two years. It would raise the statutory limit on the national debt from $10.6 trillion to $11.3 trillion to make room for the massive rescue. The proposal does not specify what the government would get in return from financial companies for the federal assistance.
Sensex today closed 691.55 point up at 19854.12 , Nifty was up 218 points at 5985.10. It is the 6th bigeest gain in oneday. Today's main contributors are IT stocks. Wipro was up at 535.30 (+8.86%), Infosys up at 1810.90(+6.63%) and Satyam closed at 454.55 up by 6.28%. The buying activity was wide-base and lifted almost all the sectoral indices. Sector wise performance was as follows - BSE IT 4581.61 (+260.98) BSE Healthcare 4294.83(+52.30) BSE FMCG2218.74(+20.29) BANKEX 11101.74 (+363.15) BSE Auto5586.83(+45.57) BSE TECk3961.96 (+185.00) BSE PSU 9830.01 (+317.11) Today BSE Midcap closed at 9211.71 up by 186.17 and BSE Smallcap index closed at 11980.57 up by 167.25 points.
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