Sensex jumps 589 points as RBI keeps repo rate steady
India's stock markets finally bounced back on Wednesday—Sensex jumped 589 points to 80,857 and Nifty rose 170 points to 24,781.
Big names like Shriram Finance, Kotak Mahindra Bank, and Tata Motors led the charge with gains up to 4%.
The main boost? The Reserve Bank of India (RBI) decided not to change its repo rate, keeping it at 5.5%.
Banking stocks see heavy buying
The RBI's steady hand calmed worries about rising loan costs and inflation.
This reassurance made investors more confident—financial stocks rallied, the rupee edged up a bit against the dollar, and market volatility dropped.
For anyone tracking their investments or thinking about entering the market, today's mood was noticeably brighter.
Analyst says 'further upswings' likely
Banking shares saw heavy buying after the RBI news, helped along by positive vibes from global markets like the US and South Korea.
Plus, falling crude oil prices eased inflation fears even further.
As analyst Anand James put it: "Nifty closed near the day's low, but oscillators remain accommodative for further upswings," hinting there could be more upside ahead.