Sensex up 150 points after RBI rejigs key rates

The Bombay Stock Exchange benchmark Sensex shot up 150 points at midsession on Tuesday as investors snapped up stocks after a less than expected hike in policy rates by the Reserve Bank.

The Bombay Stock Exchange benchmark Sensex shot up 150 points at midsession on Tuesday as investors snapped up stocks after a less than expected hike in policy rates by the Reserve Bank.

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The Sensex, which opened 94 points up, advanced further to 150.34 points to 17,551.02 at 1130 hrs, soon after the Reserve Bank of India hiked repo, reverse repo and CRR by 25 basis points each.

Marketmen said they were expecting a 50 basis points hike by the RBI to tame inflation. The 25 basis points hike had already been factored in by the market.

The wide-based National Stock Exchange index Nifty rose by 47.80 points to 5,251.45 with stocks in realty, banking and refinery sector gaining the most.