Global markets too were trading higher which boosted sentiments further. The FTSE, DAX and CAC were all trading higher.
Sentiments were boosted when the RBI surprised the markets by cutting repo rates by 50 basis points against the consensus estimates of 25 basis points. Lower interest rates are expected to propel corporate profitability and spur investments.
Banking stocks exhibited a mixed trend today with ICICI Bank, HDFC Bank and State Bank of India gaining, while Bank of Baroda and UCO bank lost ground.
Among the other gainers in trade today were the Anil Dhirubhai Ambani group stocks that included Reliance Communications and Reliance Infrastructure.
Among the losers were Cairn India, HCL Tech, Kotak Mahindra and Mahindra and Mahindra.