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Sensex gained 174 points on the favourable RBI monetary policy.
While keeping the key rates – repo and reverse repo rates steady -- the RBI announced reduction in Statutory Liquidity Ratio by 50 basis points for commercial banks on Tuesday. This gives banks freedom to expand credit to the non-government sector.
The banking regulator also allowed foreign portfolio investors to participate in the domestic exchange traded currency derivatives market to the extent of their underlying exposures plus an additional $10 million.
The benchmark index opened at 24,729 against previous close of 24,685. It made a high of 24,892 and low of 24,627 before closing at 24,859. From a recent low of 24,217 recorded on May 30, the Sensex has gained 641.25 points or 2.64 per cent in two trading sessions. Market turnover was up at Rs 4,084 crore against Rs 3,619 crore recorded on Monday.
The NSE index Nifty rose 53.35 points to end at a fresh high of 7,415.85,
Auto stocks posted a mixed performance in the market with Tata Motors and Mahindra and Mahindra falling and Maruti Suzuki gaining strength.
The major gainers were Havells India (7%), Suzlon Energy (7%), Indiabulls Real Estate (7%), Tata Steel (7%), Sesa Sterlite (7%), Adani Ports (6%), Hindustan Zinc (6%), Gitanjali Gems (6%), Indian Hotels (6%) and Jet Air India (5%).
Prominent losers were Mphasis (-4%), Dr Reddys Lab (-3%), Wockhardt (-3%), TV18 Broadcast (-3%), Allahabad Bank (-3%) and HCL Tech (-2%).
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