Market opens in green, Sensex shoots 500 points

POST DIWALI CHEER: RBI moves have put smile back onto the faces of the investors who had faced bruising falls earlier

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Mumbai: Indian equities opened higher on Monday with the mood turning upbeat after the weekend rate cuts announced by the Reserve Bank of India (RBI) to lower the cost of borrowings for commercial banks and its steps to infuse additional equity.

The sensitive index (Sensex) of the Bombay Stock Exchange (BSE) opened distinctly higher at 10,209.37 points, and soon climbed further to 10,358.63 points, against the previous close at 9,788.06.

Some 30 minutes into trading, the key index was ruling at 10,190.04 points, with a gain of 401.98 points, or 4.11 per cent over the previous close. Only one scrip among the 30 that go into the Sensex basket was trading in the red.

The market mood was upbeat on account of the cuts announced by the RBI Saturday in the repo rate, the statutory liquidity ratio and the cash reserve ration.

The surprise step will not only lower the cost of borrowings for commercial banks and, in turn, reduce interest rates for households and the corporate sector alike, but also infuse additional liquidity worth Rs.400 billion into the system.