The Australian market has today shrugged off weak leads, bouncing off the "flash crash" lows to make strong gains following Reserve Bank commentary this afternoon.

The big banks started moving higher before the RBA announcement, and have powered ahead on confirmation of a steady interest rate environment. The market is turning green, with gains spreading to smaller finance stocks and property trust, as well as industrials, telcos and energy stocks.

A more responsive approach from the RBA to changes in global growth prospects appears to have given investors comfort.

Lagging today are all the recent top performers. Defensives are weak, particularly consumer staples and healthcare.

The gold take over twins are also lacking lustre, falling despite a generally good performance by resource stocks.

Provided by Cityindex.com.au