Australian stock market gains after split rate decision

Most economic analysts had predicted the Reserve Bank would raise interest rates. (Joel Carrett, Bianca De Marchi/AAP PHOTOS)

The Australian share market has gained ground after the Reserve Bank lifted interest rates in a split decision that raised hopes the central bank might forgo third strike hike in May.

The benchmark S&P/ASX200 index on Tuesday finished up 30.9 points, or 0.36 per cent, to 8,614.3, while the broader All Ordinaries climbed 26 points, or 0.3 per cent, to 8,819.4.