In its biggest single-day rally in over 5 years, benchmark Sensex today zoomed by 728.73 points to reclaim the 28,000-mark on massive buying across sectors after RBI Governor Raghuram Rajan sprang a surprise by cutting interest rates to boost growth.
Markets opened with a gap-up of nearly 500 points. Before trading began Rajan, who had focused on quelling inflation since taking office in September 2013, lowered the benchmark repurchase rate to 7.75 per cent from 8 per cent, the first reduction since May 2013. As the day progressed, participants, both domestic and foreign, stepped up purchases.
Investor wealth reclaimed the Rs 100-lakh crore mark. Buying was seen across-the-board as all 12 BSE sectoral indices ended with gains of between 0.44-7.99 per cent.
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