New Delhi: A surprise cut in key lending rates by the Reserve Bank of India sent the Sensex soaring to touch the 30,000-mark for the first time in history. The 30-share index crossed the 30,000-mark by surging 431.01 points, or 1.45 percent, to trade at an all-time high of 30,024.74 and the National Stock Exchange index Nifty breached the 9,100-mark for the first time by climbing 122.95 points, or 1.36 per cent, to 9,119.20.
At 10:15am, the Sensex was trading at 29,890, while Nifty was at 9,081.55 points, gains of 1% and 0.95% respectively. Leading the rally on the Sensex were Tata Motors (up 2.3%), ICICI Bank (up 2.1%), ITC (up 2%), SBI (a gain of 1.8%).
The 50-share Nifty opened trade on Wednesday 120 points higher at 9,116, while the BSE benchmark Sensex soared 431 points within 10 minutes of opening to 30,015 points, crossing the record 30,000-mark.
All the sectoral indices, led by banking and realty, were trading in positive zone with gains up to 2 percent. The Reserve Bank of India signaled that it was convinced by the fiscal consolidation measures announced in the Budget 2015. The RBI has kept the cash reserve ratio (CRR) unchanged at 4 percent.
Meanwhile, the rupee strengthened by 27 paise to trade at 61.65 against the dollar in early trade on Wednesday at the Interbank Foreign Exchange after the RBI cut interest rates by 0.25 per cent to 7.5 per cent.
Forex dealers said besides a higher opening in domestic equity market, the dollar’s weakness against other Asian currencies supported the rupee. The developments come days after Finance Minister Arun Jaitley’s Union Budget announcement.
Bureau Report
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