Business

Stock Markets Soar After RBI Maintains The Repo Rate

Benchmark equity indices Sensex and Nifty rose for a second straight session on Friday as the Reserve Bank kept the repo rate unchanged, leading to gains for rate-sensitive sectors such as financial, realty, and auto.

Traders noted that a strong trend in Asian and European markets boosted the investors’ confidence.

The BSE Sensex gained 364.06 points or 0.55 percent to 65,995.63. It increased by 464.24 points or 0.70 percent to 66,095.81.

The Nifty climbed 107.75 points or 0.55 percent to 19,653.50.

Among the Sensex companies, Bajaj Finserv rose about 6 percent, while Bajaj Finance surged nearly 4 percent. Titan gained 2.98 percent, followed by IndusInd Bank, ITC, JSW Steel, Infosys, Tech Mahindra, Tata Consultancy Services and Maruti.

Among the laggards were Hindustan Unilever, Asian Paints, Bharti Airtel, and HDFC Bank.

The Reserve Bank of India kept its key interest rate constant on Friday as inflation remains a big worry, and suggested that it would maintain liquidity tight using bond sales to bring prices closer to target.

The committee, which consists of three members from the central bank and a comparable number of external members, unanimously decided to keep the benchmark repurchase rate (repo) at 6.50 percent in a unanimous decision for the fourth consecutive meeting. It maintained its ‘withdrawal of accommodation’ stance.

In Asian markets, Seoul and Hong Kong closed higher, while Tokyo closed lower.

European stocks were trading in the green.

On Thursday, the US markets finished modestly down.

Brent crude lost 0.02 percent to $83.94 per barrel.

According to exchange data, Foreign Institutional Investors (FIIs) sold securities worth Rs 1,864.20 crore on Thursday.

On Thursday, the BSE benchmark gained 405.53 points or 0.62 percent to 65,631.57 points. The Nifty climbed 109.65 points or 0.56 percent to 19,545.75 points.

Also read: RBI Governor: 87% Of Rs 2,000 Notes Came As Bank Deposits; Rs 12,000 Cr In Currency Has Yet To Be Returned

Spriha Rai

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