Sensex Soars 412 Pts, Up 97p At 66.12

Mumbai:Raghuram Rajan got a rousing reception from the financial markets on Thursday as stocks, bonds and the rupee rallied in unison following the measures he announced in his maiden address after taking over as the new RBI governor  on Wednesday.      The short-term measures proposed by Rajan were aimed at stabilizing the rupee which touched a record low of 68.85 last week, and also to restore some confidence among market players.      The feel-good rally added 412 points to the sensex, taking it close to the 19k-mark, softened the benchmark 10-year yield to below 8.50% and strengthened the rupee by 97 paise, to close at 66.12.      However, as the rupee strengthened, gold prices fell by about Rs 1,500 and was quoted at Rs 30,500 per 10 grams in late trades.      Sceptics on Dalal Street said Thursday's market rally was boosted by short covering by speculators.  BRICS commits $100bn to FX fund      The BRICS group of emerging economies will contribute $100 billion to a fighting fund to steady currency markets destabilized by an expected pullback of US monetary stimulus, Russian President Vladimir Putin said on Thursday. China committed $41 billion, Brazil, India and Russia $18 billion each, and South Africa $5 billion. It falls short of the $240 billion fund originally envisaged and will take time to be functional. China admits to growth data fraud C hina has finally admitted to doctoring of data to show higher growth trajectory, something international experts have suspected for long. The National Bureau of Statistics, which has reviewed the statistics of 700,000 enterprises, has found the first case of data fraud in Yunnan province. Officials reportedly forced local companies to artificially inflate industrial output numbers.