Key benchmark indices on Wednesday surged as the Reserve Bank of India surprised markets by keeping its main lending rate (repo rate) unchanged at 7.75 per cent after the Mid-quarter Monetary Policy review.
The popular Sensex at BSE garnered 247.72 points or 1.2 per cent to settle at 20,859.86, its highest closing level since December 12, 2013. The index jumped 305.43 points at the day's high in mid-morning trade and index fell 43.44 points at the day's low in opening trade.
The 50-unit CNX Nifty at NSE jumped 78.10 points or 1.27 per cent to 6,217.15, its highest closing level from December 12, 2013. The index hit a high of 6,236 and a low of 6,129.95 in intraday trade.
It was widely expected that the central bank will raise repo rate by 25 basis points to rein in inflation after recent data showed that both consumer prices and wholesale prices accelerated last month.
During the day's trade, index heavyweight Reliance Industries (RIL) edged higher.