The key points from the document are: 1) Indian markets opened higher after the RBI unexpectedly cut the repo rate by 0.25% to 7.75% boosting banking and interest rate sensitive stocks. 2) The Sensex closed over 2.5% higher while the Nifty closed around 8,500 after breaching that level, suggesting new highs could be seen if gains are sustained. 3) Banking stocks surged on the surprise RBI rate cut while Bajaj Auto reported quarterly profit that met estimates and TCS' quarterly profit came in at Rs. 5,440 crore.