RBI cuts repo rate by 25 basis points ahead of Feb 3 policy

The market is celebrating RBI’s surprise rate cut in style. The Sensex is up 566.65 points or 2 percent at 27913.47, after gaining almost 600 points in opening. The Nifty is up 147.65 points or 1.7 percent at 8425.20. About 574 shares have advanced, 84 shares declined, and 228 shares are unchanged.

All banks are up while SBI gained 5 percent. ICICI Bank, HDFC, Axis Bank and HDFC Bank are top gainers while Hindalco and GAIL are among the losers in the Sensex.

The Indian rupee gained 30 paise in the early trade. It has opened at 61.88 per dollar versus 62.18 Wednesday.

The spot rupee started the day on a gung-ho note after trading lower in last two trading sessions on surprise rate cut move by RBI.

The Indian currency opened stronger by 30 paise at 61.88, below its psychological level of 62-mark.

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