Australia today became the first advanced economy to raise interest rates since the global financial crisis and promised more rises to come, declaring the risk of recession over.
The markets rebounded strongly towards close, riding on the back of a recovery in Europe. The Sensex recovered more than 400 points from its intra-day lows to close at 16,632, down 222 points and the Nifty ended at 4,943, lower by 62 points.