Benchmark indices snapped their three-day losing run and settled 0.8 per cent higher on Friday. Investors heaved a sigh of relief as the Reserve Bank of India decided to keep the interest rates unchanged and maintainee ‘accommodative’ stance despite liquidity unwinding by global central banks. The RBI also announced revised inflation and GDP growth forecasts in-line with market expectations. Yields on 10-year bonds, however, hit multi-year high of 7.075, inching up 2.3 per cent.
Againt this backdrop, the S&P BSE Sensex climbed 571 points from the day’s low to end at 59,447, up 412 points against Thursday’s close. The NSE Nifty, too, advanced 145 points to settle at 17,784 in a broad-based rally. Both the indices had hit intra-day highs of 59,654 and 17,843, respectively.
That apart, Dr Reddy’s Labs, M&M, Tata Steel, Titan, Reliance Industries, Asian Paints, Nestle India, and IndusInd Bank were the other gainers, rising upwards of 1.5 per cent each.
On the downside, only Tech M, NTPC, Maruti Suzuki, Sun Pharma, and HCL Tech were the laggards, down up to 1.2 per cent.
Sectorally, the Nifty Metal index was the biggest gainer, rising 2 per cent. Meanwhile, the Nifty IT index ended wee bit in the red.
Reserve Bank of India’s (RBI) six-member monetary policy committee (MPC) on Friday voted unanimously to keep the policy repo rate unchanged at 4 per cent and decided to remain accommodative but focus on withdrawal of accommodation to ensure inflation remains within the target while also supporting growth.
With the volatile external environment due to the geo-political situation in eastern Europe posing a downside risk to downside risks to domestic growth and upside risk to inflation projections, the RBI has revised its inflation projection upwards and sharply cut its growth projections for the economy in the current financial year. READ MORE
World shares gained on Friday as investors assessed the pace of the Federal Reserve’s monetary tightening plans and news from Ukraine. Japan’s Nikkei and South Korea’s Kospi ended 0.4 per cent and 0.17 per cent higher, respectively, while the pan-European Stoxx 600 index jumped 1.1 per cent.
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