The central banks of Europe, the U.S., Britain, Canada, Japan and Switzerland eased banks' access to dollars by reducing their borrowing rates. They were responding to fears that a European country will default, touching off a credit crunch similar to what followed the 2008 collapse of Lehman Brothers.
Borrowing rates for European nations have skyrocketed on concerns that the European debt crisis has engulfed nations such as Italy which are too big to bail out. Borrowing rates for Italy, Spain and others have soared.
The central banks' action takes some pressure off the financial system, which has signaled in recent days that banks are losing faith in their trading partners. Banks need to trust each other to maintain healthy flows of credit and keep the system working.
Global Market are rallying and Nifty as per SGX (http://sgxrtchart.blogspot.com/)is trading at 5002.
Nifty Daily
As per Daily chart we discussed yesterday close above 5833 is very important level for December month.Yesterday Nifty closed above 5832 just a border line.
Nifty closed above 4800 for 3 days in a row....
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Rgds,
Bramesh
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