The stock markets were in a jubilant mood on Wednesday with the BSE Sensex zooming 490 points to close at a 28-month high of 20,200; and the National Stock Exchange’s Nifty soaring 150 points to 6,100 on buying in realty, banks and auto shares after the Reserve Bank of India governor’s remark that he was “happy” over the softening in inflation fuelled fresh hopes of a rate cut.