The Reserve Bank of India (RBI) today announced simulative steps to push liquidity in the Indian economy.
Accordingly, Reverse-repo cut was slashed to 3.75-percent from 4 percent earlier to help banks lend more. Some other steps were also introduced in favour of the lenders.
On a positve reation, shares of non-banking financial companies (NBFC) such as Indiabulls Housing Finance, Mahindra&Mahindra Financial, L&T Holdings, Shriram Transport, gained over 7-pc on RBI’s boost.
Nifty financial service climbed 2.50 percent, Nifty BanK, Private bank were also trading positively. Get the updated Free Nifty tips, best stock tips from the expert.
At 12.30-pm, the Sensex scaled higher by 453 points and the Nifty higher by 123 points in trade.