Mumbai, June 6 (IANS). The stock market on Friday saw a huge rise in the stock market after a 50 basis point cut in the repo rate by the Reserve Bank of India (RBI). At the end of the trading, the Sensex rose by 746.95 points or 0.92 percent to 82,188.99 and the Nifty at 252.15 points or 1.02 percent to 25,003.05.
This fast was led by banking stocks. The Nifty Bank rose by 817.55 points or 1.47 percent to close at 56,578.40. During the day, Bank Nifty touched the level of 56,695, which is the highest level of the main banking index so far.
Along with largecap, midcap and smallcap also saw a boom. The Nifty Midcap 100 index rose by 707.30 points or 1.21 percent to 59,010.30 and the Nifty Smallcap 100 index at 149.85 points or 0.81 percent to 18,582.45.
Auto, IT, PSU bank, financial services, pharma, FMCG, metal, realty and energy were the most growing index. Only the media index closed in the red mark.
The Sensex Pack included Bajaj Finance, Axis Bank, Maruti Suzuki, IndusInd Bank, Bajaj Finserv, Eaterial (Jomato), M&M, Tata Steel, Kotak Mahindra Bank, Titan, HDFC Bank and NTPC Top Gainers. Only Bharti Airtel and Sun Pharma were the top losis.
Senior Vice President, Ajit Mishra, in Railor’s Broking, said the Indian stock markets shut down positively due to positive domestic signals. Financial and realty saw the fastest. In the coming time, the impact of the rate cut will remain in the market.
Reserve Bank of India Governor Sanjay Malhotra had announced a large reduction of 50 basis points to 6 percent to 5.5 percent to promote the growth in the economy this morning.
The stock market started flat. Around 9.23 am, the Sensex was trading at 81,359.61 at 81,359.61 at around 9.23 am, while the Nifty was trading at 24,743.20 with a decline of 7.70 points or 0.03 percent.
-IANS
ABS/
