Sensex jumped over 300 points above the psychological 27,000 level for the first time since Oct. 28, 2015, while the broader Nifty approached the key 8,300 level today. Domestic equities rallied despite Reserve Bank Governor Raghuram Rajan holds repo rate at 6.5 percent.
Today’s gains were led by the sensitive and real estate banking stocks rate. Bank Nifty, the sub-index of bank shares on the National Stock Exchange, met more than 1.5 percent, outperforming the broader markets.
State Bank of India, the country’s largest lender, jumped over 5 percent and was the top gainer Nifty50, followed by private lender ICICI Bank. Nifty 39 of 51 components ended in the green, indicating the uptrend in the markets.
The rupee also showed resistance and strengthens 66.73 per dollar as the RBI will intervene to provide dollars in case of extreme volatility.