On expected lines US Ferderal Reserve promised new $600 billion bond-buying spree to rescue US economy from further slide.
This is the second time the Fed has engaged in quantitative easing, as it snapped up $1.7 trillion in mostly housing-related assets between December 2008 and March 2010.
While the US Economy is growing at snail's pace, high 9.6% rate of unemployment might push the economy into deflation.
Asian Markets spurt
Japan's Nikkei is trading up 180 points (2 pct) on weaker Yen while Australia jumped half percent. In a surprising move Canadian government late Wednesday rejected Anglo-Australian miner BHP Billiton’s $38.6-billion bid for Potash Corp. of Saskatchewan.
All eyes on Coal India
Coal India is likely to list around Rs 280 levels (current grey market price) against the offer price of Rs 245. After initial selling pressure, the stock might take off but do not expect move beyond Rs 320 levels.
While QE2 had a positive impact on global markets, Nifty is looking bullish at these levels except for it has to close above this level one more time.