Sensex Hits 30,000 For First Time on RBI Rate Cut

The Sensex and Nifty registered fresh lifetime high levels in trades on Wednesday bolstered by a surprise repo rate cut by the Reserve Bank of India.

The 50-share Nifty opened 120 points higher at 9,116 and the BSE benchmark Sensex surged 431 points to 30,015.

Reserve Bank Governor Raghuram Rajan on Wednesday announced a surprise repo rate cut, the second inter-meeting interest rate cut in less than two months. Repo rate has been reduced by 25 basis points or 0.25 per cent to 7.5 per cent with immediate effect.

The move comes days after Finance Minister Arun Jaitley’s Union Budget announcement. In his Budget, Mr Jaitley had loosened the reins on public spending to drive growth, but promised lower-than-expected borrowing despite raising the fiscal deficit target.

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Source: Ndtvnews

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