Mutual fund managers trapped by swing

A senior fund manager of a prominent fund house was expecting the markets to rise post the interest rate cut by the Fed. However, one thing that he had not bargained for was that moments after the opening bell rang, the Sensex would touch an all-time new high at 16K levels. What surprised him further was the fact that the markets maintained their momentum through the day, gaining over 600 points - only the second time that has happened - and closing at a new peak of 16,322.

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