The RBI's surprise rate cut of 25 basis points
(bps) powers the Bulls with the Sensex scaling 30000. The Sensex is up 264.44
points or 0.9 percent at 29858.17 and the Nifty gains 62.55 points or 0.7
percent at 9058.80. About 1398 shares have advanced, 906 shares declined, and
165 shares are unchanged.
Rate sensitive banks, auto and real estate stocks
lead the way. Sun Pharma, ICICI Bank, Bharti Airtel, HDFC and Tata Motors are
top gainers in the Sensex. Among the losers are Coal India, Hindalco, GAIL, Tata
Power and Wipro.
Meanwhile, activity in India's services industry
expanded at its fastest pace in eight months in February as improving domestic
demand drove a surge in new orders. Increased activity at service firms, which
make up over half the economy, is good news for policymakers - especially after
last week's first annual budget from Prime Minister Narendra Modi's government
failed to deliver big-bang reforms.
The HSBC Services Purchasing Managers' Index,
which surveys around 350 private companies and is compiled by Markit, rose to
53.9 in February from 52.4, its highest since June 2014. A reading above 50
indicates growth.
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