Markets cheer RBI move

RBI's decision to hike rates across the board has been received well by the markets. The Sensex touched a high of 17,551. The index is now up 142 points at 17,543.

The Nifty is up 45 points at 5,249.
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(Updated at 1126 hrs)

Markets have risen up sharply as the RBI announced a 25 basis points hike across the board, which some feel are marginally positive.

The Sensex is now up 145 points at 17,550. The Nifty is up 49 points at 5,252.

The Realty index has surged 2.2% to 3,538. Bankex, oil & gas, PSU and auto indices have also advanced over 1% each.

Rate sensitive stocks have jumped almost immediately.

Mahindra & Mahindra has surged 2.5% to Rs 516. ICICI Bank and DLF have added 2% each to Rs 939 and Rs 323, respectively.

SBI has gained 1.8% at Rs 2,070. Other auto stocks have advanced. Maruti Suzuki and Tata Motors have moved up 1.5% each to Rs 1352 and Rs 787, respectively.

Jaiprakash Associates has advanced 1.8% to Rs 149.

Other stocks which have gained include Hindalco, Sterlite, ONGC and ACC. Reliance Communications, Sun Pharma and Reliance Infrastructure.

Reliance has moved up 1% to Rs 1,072. BHEL, Larsen & Toubro, Hindustan Unilever have gained 1% each.

However, TCS remains weak and is down 1% at Rs 803. Hero Honda, Bharti Airtel and Grasim are in red.

The BSE market breadth is positive. Out of 2,687 stocks traded, 2,020 have advanced while 591 have declined.