Record high:
Sensex hits 30000, Nifty at 9100 on RBI move
The market has opened at record high after Reserve Bank of India, in a surprise move, cut repo rate by 25 basis points to 7.5 percent. The Sensex is up 407.43 points or 1.4 percent at 30001.16, and the Nifty is up 112.90 points or 1 percent at 9109.15. About 533 shares have advanced, 94 shares declined, and 93 shares are unchanged.
The Reserve Bank of India signaled that it was
convinced by the fiscal consolidation measures announced in the Budget. The RBI
has kept the cash reserve ratio (CRR) unchanged at 4 percent.
"Disinflation is evolving along the path set
out by the Reserve Bank in January 2014 and, in fact, at a faster pace than
earlier envisaged," the RBI said in its statement for the reasons behind
the rate cut. This is the second out of turn 25 basis point-cut after the one
in January.
It is a celebration time
for the bank stocks with major gainers like SBI, ICICI Bank, Axis Bank and
HDFC. M&M is also up 2 percent. Among the losers are Dr Reddy's Labs, GAIL
and Wipro.
The Indian rupee opened
higher by 26 paise at 61.66 per dollar.
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