Sensex Ends Higher As RBI Slashes Interest Rates

Published: Tuesday, October 4, 2016, 15:34 [IST]

Benchmark indices ended the day higher once again, after having surged in trade on Monday, as the Reserve Bank of India obliged with an interest rate cut.

The Sensex ended the day with gains of 91 points, while the Nifty rallied 31 points in trade, as markets cheered the Monetary Policy Announcement by new RBI Governor Urjit Patel, in which repo rates were cut by 25 basis points.

Sensex Ends Higher As RBI Slashes Interest Rates

Banking stocks were in the limelight after the rate cut decision. State Bank of India, ICICI Bank and other PSU Banking stocks like Union Bank of India and Syndicate Bank were all higher in trade.

Shares in Dhampur Sugars saw some buying support after the company said that it would acquire 51 percent stake in DETS at Rs 33 per shares. Shares in Tata Motors too rallied after the company saw a surge in the volumes for the month of Sept.

Welspun India shares, which jumped 4 per cent in the morning, after J C Penney said there was no intention of discontinuing relationship with Welspun India, gained only one per cent towards the end.

H P Electric, which got listed today, ended the day lower by almost 6 per cent, after the company had come-up with an IPO of Rs 202. The shares closed at Rs 190.

Meanwhile, the rupee was last seen trading at 66.55 to the US dollar. Check and convert currency rates here

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Story first published: Tuesday, October 4, 2016, 15:34 [IST]