The benchmark equity indices of India came out of their eight-session fall on Wednesday, emerging as second-best performing market in Asia after Philippines as several measures announced by the Reserve Bank of India (RBI) boosted the sentiment even though it kept the repo rate unchanged.

Both the Nifty 50 and the Sensex closed 0.9% higher at 24,836.30 and 80,983.31 respectively. Broader indices also rose. BSE Midcap ended 0.9% higher at 45,325.31 and BSE small cap was 1.2% higher at 52,798.21. In the eight-session fall before this, Nifty and Sensex had fallen nearly 3%.

Key RBI measures fueling the financial sector rally

Wednesday’s rise was driven by sharp rise in the shares of HDFC Bank , Kotak Bank, and Axis Bank as the central bank announced a raft of banking sector reforms

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