Mumbai: The Indian equity markets bucked a general weakness in the global equities and closed the day on a positive note led by interest rate sensitive banks and auto sector stocks after the RBI surprised the street with a 50 basis point cut in repo rate.
The Sensex, which fell 330 points after opening the day amidst a broad based sell-off in global stocks, staged a spectacular recovery gaining 767 points from its day’s lows to hit an intra-day high of 26,054.37 as soon as the RBI announced a rate cut. However, the index soon pared some of its gains on profit taking and ended the day at 25,778.66, posting a gain of 161.82 points or 0.63 per cent. The Nifty gained 47.60 points or 0.61 per cent to close the day at 7,843.30. However, foreign investors remained net sellers amidst global risk aversion.
