Sensex surges 253 points after RBI keeps rates unchanged

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sensexMumbai, Dec 18 (PTI): The benchmark Bombay Stock Exchange Sensex Wednesday surged nearly 253 points in late morning trade on buying in blue-chip stocks led by the banking sector after the RBI kept interest rates unchanged in its monetary policy review.

After a positive opening, the Sensex spurted by 252.87 points, or 1.23 per cent, to 20,865.01 at 1120 hours soon after the Reserve Bank announced its mid-quarter policy.

Surprising the investors, the RBI kept key policy rate and the cash reserve ratio unchanged.

The Sensex had lost over 714 points in the last six trading sessions on expectations that the RBI might hike repo rate.

Similarly, the wide-based National Stock Exchange index Nifty rose by 81.45 points, or 1.33 per cent, to 6,220.50.

The banking sector index gained the most, rising 2 per cent to 13,052.77, followed by realty index by 1.83 per cent to 1357.17 points.

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