Sensex Surges 500 Points Post RBI Rate Hike: Banking And Finance Sector Lead The Markets

The markets opened flat today and turned negative in the first 15-minutes candle before the RBI monetary policy announcement. The RBI Monetary Policy announcement came out as predicted by most experts and analysts, and markets are responding well to the policy.

The Banking and Finance sector is surging the most and leading the markets to the positive side; however, the IT and Pharma sector remains under pressure and are trading negatively. The banking stock has given the most positive response, and the decisive banking stocks are surging rapidly. HDFC bank is up 1.96%. Currently, ICICI bank is up 1.71%, and the leading public sector bank SBI has gained 2.06% in today's trading session.

The finance and banking stocks are the top gainers in the large-cap stock base. However, in the Nifty 50 index, the top gainers are ONGC (3.28%), Hindalco (3.03), power grid (3.03%), Kotak bank (2.15%) and the top losers are DrReddy (-1.63%), Asian Paint (-1.18%), TCS (-1.13%).

Overall the latest RBI announcement had a positive impact on the markets. The interest rate was expected to be announced more than 50 basis points by many experts, but that's not the case; it is announced that the expected 50 basis points will increase the interest rates.