New Delhi, October 1 (HS): After eight straight sessions of losses, Indian equity markets staged a sharp rebound on Wednesday, buoyed by the Reserve Bank of India’s decision to keep repo rates unchanged and raise its growth forecast.

The BSE Sensex surged 715.70 points, or 0.89 percent, to close at 80,983.31. During intraday trade, it climbed as much as 800.81 points to hit 81,068.43. The NSE Nifty 50 also gained strongly, rising 225.20 points, or 0.92 percent, to settle at 24,836.30.

Sectoral momentum was led by auto and banking stocks. Tata Motors emerged as the top gainer, jumping 5.54 percent, while Kotak Mahindra Bank, Sun Pharma, Axis Bank, and ICICI Bank also posted solid gains.

On the downside, Bajaj Finance, State Bank of India, UltraTech Cement, and Tata Steel recorded declines.

In broader Asian markets, South Korea’s Kospi closed in positive territory, while Japan’s Nikkei ended lower. Chinese markets remained shut for the National Day holiday.

Analysts said that sustained buying in banking and financial shares following the RBI’s announcements gave impetus to the rally. The central bank’s decision to hold key interest rates steady while upgrading its economic growth estimates was viewed as a positive sign for investors.

Notably, over the past eight sessions, the Sensex had lost 2,746.34 points (3.30 percent), while the Nifty had declined 812.5 points (3.19 percent).

Hindusthan Samachar / Jun Sarkar