Record high: Sensex hits 30000, Nifty at 9100 on RBI move

The Reserve Bank of India signaled that it was convinced by the fiscal consolidation measures announced in the Budget. The RBI has kept the cash reserve ratio (CRR) unchanged at 4 percent.

09:15

Moneycontrol Bureau The market has opened at record high after Reserve Bank of India, in a surprise move, cut repo rate by 25 basis points to 7.5 percent. The Sensex is up 407.43 points or 1.4 percent at 30001.16, and the Nifty is up 112.90 points or 1 percent at 9109.15. About 533 shares have advanced, 94 shares declined, and 93 shares are unchanged.

The Reserve Bank of India signaled that it was convinced by the fiscal consolidation measures announced in the Budget. The RBI has kept the cash reserve ratio (CRR) unchanged at 4 percent.

"Disinflation is evolving along the path set out by the Reserve Bank in January 2014 and, in fact, at a faster pace than earlier envisaged," the RBI said in its statement for the reasons behind the rate cut. This is the second out of turn 25 basis point-cut after the one in January.

It is a celebration time for the bank stocks with major gainers like SBI, ICICI Bank, Axis Bank and HDFC. M&M is also up 2 percent. Among the losers are Dr Reddy's Labs, GAIL and Wipro.

The Indian rupee opened higher by 26 paise at 61.66 per dollar.  

Himanshu Arora of Religare said, "The USD-INR pair is expected to strengthen today amid persistent upside in dollar against a basket of currencies and will continue to react to India's January fiscal deficit surpassing the full year target. However, upside to the dollar may remain capped as German Parliament approves Greek bailout extension. The USD-INR pair is expected to trade in the range of 61.76-62.18/dollar."

The dollar hovered below an 11-year high versus a basket of major currencies, as investors await US economic data and a European Central Bank meeting later this week for fresh direction clues.

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