Bank Nifty rises 700 points after RBI's 1st repo rate hike in 4 years

Bank Nifty rose more than 700 points on Wednesday to hit a high of 55,340.70 after RBI raised the repo rate by 25 bps as the "rate-hike concern was already factored into market prices", Enrich Money CEO R Ponmudi said. RBI also raised GDP growth forecast to 7.1%, which could help stabilise rupee and eventually improve confidence among foreign investors.