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

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

The 30-share index, which shed 238.45 points in the previous two sessions, rebounded by 600.77 points, or 2.19%, 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%.

On similar lines, the National Stock Exchange index Nifty regained the psychological 8,400-mark by surging 176.05 points, or 2.12% 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%, 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%, while Japan's Nikkei moved up by 1.46% in early trade today.

The US Dow Jones Industrial Average ended 1.06% lower in yesterday's trade.