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The 30-share barometer closed 57.56 points higher at 18,077.61 points after an early range bound trade. Among the 30 BSE index components, 20 stocks closed with gains and nine ended with losses, while NTPC held unchanged.
Targetting to check the double digit inflation, RBI hiked its short-term lending and borrowing rate by 0.25 and 0.50 per cent respectively, which was well to expectation of the major market players, brokers said.
The bank also raised its projections for economic growth to 8.5 per cent this fiscal from the earlier estimate of 8 per cent, which further bolstered the market sentiment.
Banking stocks were in keen demand on expectations of better quarterly earnings. The BSE bankex rose by 0.69 per cent to 11,478.26 points after stocks of State Bank of India surged by Rs 26.15 to Rs 2,435, Punjab National Bank by Rs 14.35 to Rs 1,053.15 and HDFC Bank by Rs 13.65 to Rs 2,065.75.
ICICI Bank, Bank of India, Federal Bank, Kotak Mahindra Bank, Union Bank and Central Bank stocks also recorded handsome gains.
The broad-based National Stock Exchange index Nifty rose by 12 points to 5,430.60 points.
The auto sector index gained the most by 2.44 per cent to close at 8,337.96 as Bajaj Auto surged by Rs 123.35 to Rs 2,649.95 and Hero Honda by Rs 53.85 to Rs 1,865.70.
The realty sector index rose by 1.47 per cent to 3,461.25 as DLF, the biggest real estate developer, gained 2.06 per cent to Rs 319.50 on reports the domestic economic recovery firmly in place and strengthening.
A mixed pattern in the Asian region and higher opening in Europe this afternoon remained a positive factor for the market throughout the later half
Markets @ 12.00 PM (PTI)
The BSE benchmark Sensex gained nearly 76 points today on fund-based buying in heavyweight stocks, particularly financial companies, after the RBI's quarterly credit policy matched with market expectations.
The 30-share Bombay Stock Exchange benchmark index, which remained range-bound in early trade, rose by 70.04 points to 18,097.22 at 1200 hrs, soon after the Reserve Bank of India hiked the short-term lending (repo) rate by 0.25 percentage points to 5.75 per cent.
The broad-based National Stock Exchange index Nifty rose by 19.95 points to 5,438.55 at the same time.
The upsurge was supported by banking and other financial company stocks such as ICICI Bank, State Bank of India, HDFC Bank and Punjab National Bank.
The banking sector index spurted by 0.62 per cent to 11,470.61 at mid-session.
Markets @ 09.00 AM (PTI)
The Bombay Stock Exchange benchmark Sensex today opened 57 points higher after funds made cautious buying as the Reserve Bank of India will announce its quarterly credit policy later in the day.
The 30-share BSE barometer rose by 57.09 points, or 0.31 per cent, to 18,077.14 points. The index had lost 110.93 points yesterday.
The wide-based National Stock Exchange's Nifty also moved up by 15.15 points, or 0.27 per cent, to 5,433.75 points.
Brokers said fresh buying by funds in IT and auto stocks ahead of RBI credit policy to be announced later today, helped trading sentiments to improve.
Besides, encouraging quarterly corporate results and firming trends on the other Asian bourses which were up by almost 0.35 per cent in morning trade also influenced the sentiment, they said.
Among auto stocks, Maruti Suzuki rose by 0.86 per cent to Rs 1,201.30, Mahindra and Mahindra by 0.17 per cent to Rs 620.75, Tata Motors by 0.65 per cent to Rs 824.
Among other gainers Infosys Technologies gained 0.47 per cent at Rs 2,815.80, Reliance Industries by 0.44 per cent to Rs 1,056.70, Sterlite Industries by 0.57 per cent to Rs 175.15 and Tata Steel by 0.29 per cent to Rs 533.70.
 Limited.JPG)
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