Stock markets cheered the RBI’s surprise move to cut repo rate with the benchmark Sensex today surging 728.73 points in its biggest single-day gain since May 2009 to end at 28,075.55 on the back of all-round buying.

The NSE Nifty soared 216.60 points to close at 8,494.15. Investor wealth reclaimed the Rs 100-lakh crore mark led by gains in shares of realty, banking, capital goods, power, auto and oil & gas. Over 1,700 stocks listed on the BSE rose.

Besides, a strengthening rupee which was trading over one per cent higher at 61.35 against the dollar (intra-day) also buoyed the trading sentiments.

Today’s Sensex gain of 728.73 point is the biggest daily rise since May 4, 2009 when it had jumped by 731.50 points. The Reserve Bank of India today surprised markets with a 25 basis points cut in repo rates to 7.75 per cent with a view to boost economic growth.