Indian benchmark indices surged nearly 1% on Friday after the Reserve Bank of India delivered a larger-than-expected 50 basis points repo rate cut to 5.50% and unexpectedly slashed the cash reserve ratio (CRR) by 100 bps.

RBI Governor Sanjay Malhotra said the sharper-than-expected cut is intended to ease borrowing costs, supported by improved inflation dynamics.

The CRR cut is expected to infuse 2.5 trillion Indian rupees into the banking system, in addition to the existing liquidity surplus of 3 trillion rupees, Reuters reported citing Barclays.

The central bank also shifted its policy stance to 'Neutral' from 'Accommodative' and revised inflation forecasts downward, boosting sentiment across rate-sensitive sectors like realty and financials.

The BSE Sensex climbed 734.90 points, or 0.9%, to 82,176.94, while the NSE Nifty 50 rose 252.25 points, or 1%, to end above the key 25,000 mark at 25,003.15.

Shriram Finance (NSE:SHRIRAMFIN, BOM:511218) led index gainers with a 5.7% rise, followed by Bajaj Finance (NSE:BAJFINANCE, BOM:500034) and JSW Steel (NSE:JSWSTEEL, BOM:500228).

On the downside, HDFC Life Insurance (NSE:HDFCLIFE, BOM:540777), Bharat Electronics (NSE:BEL, BOM:500049), and Bharti Airtel (NSE:BHARTIARTL, BOM:532454) were among the top laggards.

Wardwizard Innovations & Mobility (BOM:538970) secured an order from SpeedforcEV for 2,500 Wolf+ electric scooters to be deployed across cities including Mumbai, Delhi, Ahmedabad, and Pune. The scooters will be leased by SpeedforcEV to Ferry Automotive for fleet and last-mile delivery services, with service and technical support included.

Navkar (NSE:NAVKARCORP, BOM:539332) announced the resignation of its CEO Arun Sharma, effective Sept. 5, citing personal reasons, according to a regulatory filing.