Strong global cues lift Sensex, Nifty by over 6% in Diwali week

During the truncated week (October 24-28, 2011) that had just three full sessions and a special 75-minutes Muhurat Session, the market posted strong gains with investors going on a buying spree despite another round of rate hike by the Reserve Bank of India.

Another big boost for the market was the rally in global markets following positive news out of Europe where the leaders finally agreed on some austerity measures to pull Greece out of the debt trap.