Markets closed up by 2.62%, RBI cut Repo rate by 25 basis :: HDFC Securities

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Statistics

The Sensex gained 729 points to record its highest single-day gain since May 18, 2009. The 30-share Sensex jumped 729 points to end at 28,076 and the 50-share Nifty soared 217 points to end at 8,494. The BSE Bankex hit a record high of 22,260 and the NSE Bank Nifty hit a record high of 19,410.In the broader market, the BSE Mid-cap gained 1.2% and Small-cap index ended up 1%.
Market breadth ended strong with 1,719 gainers and 1,175 losers on the BSE. NSE cash turnover was at Rs. 16474.

Sectors & Stocks

All the sectoral indices ended in the green with rate sensitive leading the gains and BSE Realty emerging as the top sectoral gainer up 8% followed by Bankex, Capital Goods and Auto among others. M&M gained nearly 3%. Housing Development and Infrastructure (HDIL), Perstige, Indiabulls Real Estate, Unitech, DLF, Godrej Properties and Sobha rallied between 4-18%. RIL has gained 3.5% and ITC ended up 2.8%. TCS gained over 1%  

Way forward

Nifty ended up 2.62% after RBI announced repo rate cut of 25 basis points. Nifty also made an Ireland reversal pattern which is bullish in nature.  If  in coming session Nifty trades above 8520 level then traders could expect  Nifty to trade up to 8550 level followed by 8625. If Nifty trades below 8450 level and sustains for 15 mins then traders could expect down move up to 8410 followed by 8360 level.