Zee Media Bureau
New Delhi: Reacting to the unexpected move by Reserve Bank of India, the benchmark BSE Sensex on Wednesday surged more than 260 points. Similarly, the wide-based National Stock Exchange index Nifty moved up by 27 points to 6,166.
Reserve Bank surprised the markets by keeping the repo rate- the rate at which the central bank lends money to commercial banks- unchanged at 7.75 percent in its mid-quarter review of monetary policy today.
Similarly the reverse repo rate too stays at 6.75 percent, the cash reserve ratio (CRR) at 4 percent and the marginal standing facility (MSF) at 8.75 percent.
The Sensex had lost over 714 points in the last six trading sessions on expectations that the RBI might hike repo rate.
In the Asian region, Japan's Nikkei rose by 1.54 percent, while Hong Kong's Hang Seng index gained 0.61 percent in early trade.
First Published: Wednesday, December 18, 2013, 10:03