The stock market gained momentum due to the announcement of RBI Monetary Policy Review.
Mumbai:
Share Market Updates : There is tremendous growth in the stock market on Wednesday. Today, the announcement on policy rates was made by the Monetary Policy Review Committee of the Central Reserve Bank. RBI Governor Shaktikanta Das told in the press conference that RBI has once again taken a soft stance and has not made any change in key policy rates. Repo rate has been kept at 4 per cent and reverse repo rate at 3.35 per cent. Even before the meeting, both the benchmark indices were registering a rise, but after the announcement, the BSE Sensex jumped 800 points.
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At 11.12 in the morning, the BSE Sensex was rising by 822.66 points or 1.43% and the index was at 58,456.31. NSE Nifty was up by 236.45 points or 1.38% at 17,413.15 points.
The BSE Sensex gained more than 700 points in early trade and the Nifty 50 index managed to reach above its psychological level of 17,350. Banking, financial services and real estate stocks have registered gains on Nifty. RBI’s decision on policy rates will have the biggest impact on these sectors.
At 9:28 am, the Sensex was trading at 58,318 with a gain of 685 points and the Nifty 50 was at the level of 17,383 with a gain of 207 points. HCL Tech was the top gainer in the Sensex, rising over two per cent, while Infosys, Bharti Airtel, Tech Mahindra, L&T, Reliance Industries and ICICI Bank also saw gains. On the other hand, among the major companies, only NTPC’s shares were running in losses.
Among other major Asian stock markets, Shanghai, Seoul and Tokyo were trading with gains in mid-session deals, while Hong Kong was running in losses. Meanwhile, international oil benchmark Brent crude fell 0.42 per cent to $75.12 a barrel.
In the previous session, the 30-share index was up 886.51 points or 1.56 per cent at 57,633.65 and the Nifty was up 264.45 points or 1.56 per cent at 17,176.70. Foreign institutional investors (FIIs) remained net sellers in the capital market and sold shares worth Rs 2,584.97 crore on Tuesday.