Sensex spurts 222 points after rate cut by RBI

April 17, 2012 12:08

The BSE benchmark Sensex spurted by over 222 points in late morning trade today after the Reserve Bank cut short-term lending rate to support the economic growth.

The 30-share index spurted by 222.33 points to trade at 17,373.28 soon after RBI announced cut in short-term lending rate, repo rate, by 0.50 percentage point. Similarly, the National Stock Exchange Nifty index shot up by 67.20 points to 5,293.40 points.

The upsurge was mostly lead by interest rate sensitive stocks such as banking, realty and auto. Realty major DLF was trading higher by 1.55 per cent at Rs 202.60, while banking behemoth SBI gained 1.58 per cent to trade at Rs 2,301.10. Private lender ICICI Bank rose by 1.13 per cent to Rs 883.30.

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