The 30-share index, which had gained almost 400 points in opening trade, made further headway to quote 577.73 points, or 1.75%, higher at 33,596.80 at closing. The BSE Sensex closed down 351.56 points or 1.05 percent to 33,019.07. The monetary policy committee of RBI kept the repo rate unchanged today at six percent, and has changed its stance to neutral. This is its biggest single day gain since March 12 when it had rallied 610.80 points.
The renewed fears of a trade war between the United States and China spooked the Indian market.
The NSE Nifty, after shuttling between 10,331.80 and 10,227.45, finally settled 196.75 points, or 1.94 points higher at 10,325.15.
A string of positive domestic cues, including forecast of a normal monsoon and encouraging services sector PMI data, added to the buying momentum, brokers said.
Rate sensitive stocks were at the forefront of the rally after the RBI eased NPA provisioning norms for banks.
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Among the 50 stocks in the Nifty pack, 25 stocks advanced, while 25 declined. The Reverse Repo rate now remains unchanged at 5.75%. China's main market, the Shanghai Composite Index, closed down 0.15 percent to end the day at 3,131.84 points, erasing some healthy gains earlier in the session.
Bank Nifty too rose 2.61% or 630 points to 24,759 level.
SBI (-1.6%), Vedanta (-1.6%), Infosys (-1%), Tata Motors (-1.3%) and L&T (-1.3%) were the top losers in today's trade. While Japan's Nikkei 225 was trading in green, up by 1.73 per cent, South Korea's Kospi was also up by 1.43 per cent.
Sectoral indices led by metal, IT, auto, teck, and capital were all in red and trading losses up to 1.06 percent. The German DAX dropped 0.4 percent and France's CAC 40 index slid 0.2 percent while the U.K.'s FTSE 100 inched up 0.1 percent.