The BSE Sensex surged almost 276 points to end above the key 35,000-mark on Wednesday even as the RBI hiked the policy rate by 0.25 per cent on inflation concerns.

However, the RBI retained the GDP growth forecast for 2018-19 at 7.4 per cent on hopes of further boost to investments and higher consumption.

The central bank hiked the benchmark lending rate for the first time in four-and-half-years on inflation concerns arising from a surge in international oil prices.&nbsp

The repo rate now stands at 6.25 per cent.&nbsp

The BSE Sensex, which opened strong at 34,932.49, fell after RBI's policy announcement but soon recovered to touch the day's high of 35,230.54.&nbsp

It finally ended at 35,178.88, up 275.67 points, or 0.79 per cent.&nbsp

The gauge had lost 419.17 points in the previous three sessions.

On similar lines, the NSE Nifty, after shuttling between 10,698.35 and 10,587.50, finished the session 91.50 points, or 0.86 per cent higher at 10,684.65.&nbsp

Meanwhile, domestic institutional investors (DIIs) bought shares worth a net Rs 474.33 crore, while foreign portfolio investors (FPIs) sold shares worth Rs 157.51 crore yesterday, as per provisional data.&nbsp

The central bank hiked the benchmark lending rate for the first time in four-and-half-years on inflation concerns arising from a surge in international oil prices.

The BSE Sensex surged almost 276 points to end above the key 35,000-mark on Wednesday even as the RBI hiked the policy rate by 0.25 per cent on inflation concerns. However, the RBI retained the GDP growth forecast for 2018-19 at 7.4 per cent on hopes of further boost to investments and higher consumption. The central bank hiked the benchmark lending rate for the first time in four-and-half-years on inflation concerns arising from a surge in international oil prices. The repo rate now stands at 6.25 per cent. The BSE Sensex, which opened strong at 34,932.49, fell after RBI's policy announcement but soon recovered to touch the day's high of 35,230.54. It finally ended at 35,178.88, up 275.67 points, or 0.79 per cent. The gauge had lost 419.17 points in the previous three sessions. On similar lines, the NSE Nifty, after shuttling between 10,698.35 and 10,587.50, finished the session 91.50 points, or 0.86 per cent higher at 10,684.65. Meanwhile, domestic institutional investors (DIIs) bought shares worth a net Rs 474.33 crore, while foreign portfolio investors (FPIs) sold shares worth Rs 157.51 crore yesterday, as per provisional data.

Sensex soars 276 pts even as RBI hikes rate

International Monetary Fund&#39;s World Economic Outlook data released on Monday revised the global growth rate upwards to 3.9 per cent in both 2018 and 2019 while India&#39;s growth projection has been pegged at 7.4 per cent for 2018 and 7.8 per cent for 2019 respectively.&nbsp;

<a href="http://www.wionews.com/business-economy/gst-will-raise-indias-economic-growth-to-more-than-8-imf-15011">Global economies </a>are recovering simultaneously and at a stronger pace, and will get at least a short-term boost from the US tax cuts, the IMF said.&nbsp;

In the latest update to the <a href="http://www.wionews.com/business-economy/india-needs-to-strengthen-rbis-independence-international-monetary-funds-report-27419">IMF&#39;s World Economic Outlook</a>, nearly all the forecasts for 2018 and 2019 were revised upward compared to the October edition.

However, the fund warns that exuberant financial markets could be due for a reversal.

The global economy is now expected to grow 3.9 percent this year and next, two-tenths higher than the previous estimate, and up from 3.7 percent in 2017.

Advanced economies are seeing solid simultaneous growth, and the US tax reform passed just before Christmas will have a measurable effect, at least for a couple of years.

&quot;The revision reflects increased global growth momentum and the expected impact of the recently approved the US tax policy changes,&quot; the IMF said.

&quot;Some 120 economies, accounting for three-quarters of world GDP, have seen a pickup in growth in year-on-year terms in 2017, the broadest synchronized global growth upsurge since 2010.&quot;

And for 2019, the IMF increased its US growth forecast a whopping 0.6 points from October to 2.5 percent.

The corporate tax cuts are seen driving investment, which could add growth of 1.2 percent to the US economy through 2020, while also contributing to the faster expansion in US trading partners like Mexico.

The UK economy, facing separation from the European Union, was also one of the very few that did not see an upward revision. The 2018 forecast was unchanged at 1.5 percent.

Japan saw a rare and large upgrade of five-tenths for this year to 1.2 percent.

China saw a more modest improvement of just one-tenth to 6.6 percent.

&quot;The current cyclical upswing provides a unique opportunity for structural and governance reforms,&quot; the IMF said, adding, &quot;policymakers should guard against the temptation to defer reforms and budgetary adjustments for later.&quot;

In the latest update to the IMF's World Economic Outlook, nearly all the forecasts for 2018 and 2019 were revised upward compared to the October edition.

International Monetary Fund's World Economic Outlook data released on Monday revised the global growth rate upwards to 3.9 per cent in both 2018 and 2019 while India's growth projection has been pegged at 7.4 per cent for 2018 and 7.8 per cent for 2019 respectively. Global economies are recovering simultaneously and at a stronger pace, and will get at least a short-term boost from the US tax cuts, the IMF said. In the latest update to the IMF's World Economic Outlook, nearly all the forecasts for 2018 and 2019 were revised upward compared to the October edition. However, the fund warns that exuberant financial markets could be due for a reversal. The global economy is now expected to grow 3.9 percent this year and next, two-tenths higher than the previous estimate, and up from 3.7 percent in 2017. Advanced economies are seeing solid simultaneous growth, and the US tax reform passed just before Christmas will have a measurable effect, at least for a couple of years. "The revision reflects increased global growth momentum and the expected impact of the recently approved the US tax policy changes," the IMF said. "Some 120 economies, accounting for three-quarters of world GDP, have seen a pickup in growth in year-on-year terms in 2017, the broadest synchronized global growth upsurge since 2010." And for 2019, the IMF increased its US growth forecast a whopping 0.6 points from October to 2.5 percent. The corporate tax cuts are seen driving investment, which could add growth of 1.2 percent to the US economy through 2020, while also contributing to the faster expansion in US trading partners like Mexico. The UK economy, facing separation from the European Union, was also one of the very few that did not see an upward revision. The 2018 forecast was unchanged at 1.5 percent. Japan saw a rare and large upgrade of five-tenths for this year to 1.2 percent. China saw a more modest improvement of just one-tenth to 6.6 percent. "The current cyclical upswing provides a unique opportunity for structural and governance reforms," the IMF said, adding, "policymakers should guard against the temptation to defer reforms and budgetary adjustments for later."

India to grow at 7.4% in 2018, global growth rate revised upwards: IMF

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Sensex soars 276 pts even as RBI hikes rate

India to grow at 7.4% in 2018, global growth rate revised upwards: IMF