The Sensex at the Bombay Stock Exchange on Thursday rose by 667, riding on the wave of the Reserve Bank of India's decision to cut the repo rates earlier in the day.
After a strong opening, the Sensex remained steady, settling at 28,014 in the afternoon trade as of 2 pm on across-the-board buying by investors.
According to reports, other Asian markets also rose, with key stock indices in Japan, China, Hong Kong and Singapore gaining between 0.3 percent and 3.5 percent. However, the US Dow Jones Industrial Average ended 1.1 per cent lower in Wednesday's trade.
Earlier in the day, the RBI cut its repo rate by 25 basis points from eight percent to 7.75 percent. This move comes ahead of its February 3 policy review.
The repo rate is the rate at which the RBI lends money to commercial banks in the event of any shortfall of funds.
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