Nifty Bank Soars Over 800 Points After RBI Rate Cut

The Indian stock indices ended on a strong note and surged after the larger-than-expected policy rate cut, reflecting elevated optimism among the market participants on the last trading day of the week.

- TDG NETWORK

At the end of the trading on Friday, the BSE Sensex was at 82,188.99, up 746.95 points or 0.92 per cent, and the Nifty 50 was up 252.15 points or 1.02 per cent.

The market analysts say that the RBI's decision to cut the repo rate exceeds expectations and gives a strong message to the markets that the apex bank is willing to move aggressively when macroeconomic conditions allow. Following the MPC outcome announcements, Nifty Bank hit a new high, and the Central Bank was surprised with a larger-than-expected policy rate cut of 50 basis points, taking the repo rate to 5.5 per cent. The Nifty Bank ended at 56,578.40, climbing over 817 points.