RBI's decision to remain accommodative propelled market to an over 7-month high as the Sensex wrested back control of the crucial 27,000-mark at the close by surging more than 232 points.
In the second bi-monthly monetary policy meeting of this fiscal, RBI kept the repo rate unchanged at 6.50 per cent and the cash reserve requirement at 4 per cent.
Right from the word go, the BSE Sensex was up and running as it advanced to hit the day's high of 27,082.63 after the market gave Reserve Bank of India's accommodative stance a thumbs-up. The index finally settled higher by 232.22 points, or 0.87 per cent, at 27,009.67 -- a level last seen on October 28 last year.
Rupee vs Dollar. Graphics/PTI
The NSE Nifty was shuttling between 8,294.95 and 8,216.40 and ended at 8,266.45, up 65.40 points, or 0.80 per cent. The rupee firmed up against the dollar.
The state-run SBI surged by 5.4 per cent, followed by ICICI Bank 4.31 per cent. Other big movers were ITC, Sun Pharma, Hind Unilever, Tata Steel, L&T, Lupin, BHEL, ONGC and Adani Ports.