Sensex zooms 600 pts, Nifty above 8,400 on RBI rate cut


Mumbai: The benchmark BSE Sensex climbed over 600 points and the NSE Nifty regained the 8,400-mark in opening trade today as rate-sensitive stocks led rally after the RBI in a surprise move cut repo rate by 0.25 per cent.


The 30-share index, which shed 238.45 points in the previous two sessions, rebounded by 600.77 points, or 2.19 per cent, to trade at 27,947.59.


All the sectoral indices, led by banking and realty were trading in the positive terrain with gains up to 3.01 per cent.


On similar lines, the National Stock Exchange index Nifty regained the psychological 8,400-mark by surging 176.05 points, or 2.12 per cent to, 8,453.60.


Brokers said sentiments buoyed largely on the back of the RBI’s surprise move to cut repo rate by 25 basis points to 7.75 per cent, triggering all-round buying, particularly in interest-sensitive stocks.


Besides, encouraging quarterly earnings by some blue-chip companies and a better trend at other Asian bourses boosted sentiments.


Among other Asian markets, Hong Kong’s Hang Seng index was up by 0.15 per cent, while Japan’s Nikkei moved up by 1.46 per cent in early trade today.


The US Dow Jones Industrial Average ended 1.06 per cent lower in yesterday’s trade.