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In a surprise move, Reserve Bank of India on Tuesday in its monetary policy review announced to cut repo rate by 50 basis points to 6.75 per cent.
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Earlier, a Reuters poll last week showed only one out of 51 economists had expected a 50 basis points rate cut, while 45 had expected a 25 bps cut.
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The RBI has lowered its economic growth forecast for the current fiscal to 7.4 per cent from 7.6 per cent.
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The stock markets reversed early losses after the central bank cut its key interest rate by 50 basis points versus expectations of a 25-basis-point cut.
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The BSE Sensex closed 161.82 points up at 25,778.66. Nifty closed 47.60 points up at 7,843.
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In line with equity market, the rupee today ended higher by nine paise to close at 65.96 against the US currency on persistent selling of dollars by banks and exporters amid sustained capital inflows.
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Gold continued its slide for the third straight day as prices fell by Rs 235 to Rs 26,575 per ten gram at the bullion market today. Silver also slipped below the Rs 35,000-level by plunging Rs 900 to Rs 34,700 per kg on poor offtake by industrial users and coin makers.
Govt extended ITR AY 2025-26 deadline, but only 4.56 crore returns filed so far
