Sensex hits new peak with slight gains after RBI’s decision to keep repo rate unchanged
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Mumbai Due to the decision of the Reserve Bank of keeping the policy interest rate stable, the domestic stock market index Sensex succeeded in reaching a new peak with a slight rise on Friday despite negative global signals, while there was a slight decline in the Nifty. BSE’s 30-share index Sensex closed at a record level of 74,248.22 points, up 20.59 points or 0.03 percent. Sensex also touched a new high of 74,361.11 during the day’s trading. National Stock Exchange (NSE) index Nifty closed at 22,513.70 points with a slight decline of 0.95 points. Due to selling, 28 out of 50 Nifty stocks closed with a decline.
In fact, the Indian markets remained in a limited range due to the Reserve Bank’s decision to keep the policy repo rate stable at 6.5 percent. The Monetary Policy Committee of the Reserve Bank kept the repo rate unchanged at 6.5 percent for the seventh consecutive time. But food inflation remains a matter of concern given the forecast of warmer than normal temperatures during April-June. Vinod Nair, head of research at Geojit Financial Services, said, “Although the RBI policy meeting was as expected, concerns over food inflation and heat wave warning weighed on business sentiments.”
Due to this, 18 out of 30 Sensex stocks closed with a decline. These include UltraTech Cement, L&T, Bharti Airtel, Bajaj Finance, Tech Mahindra, Asian Paints, Maruti, Titan and JSW Steel. In contrast, shares of Kotak Mahindra Bank, Bajaj Finserv, HDFC Bank, ITC and SBI closed with a gain of up to 2.09 percent. BSE Largecap index gained 0.15 per cent while Midcap and Smallcap index gained 0.50 per cent each. Global oil benchmark Brent crude rose 0.11 percent to $90.75 a barrel. In other markets of Asia, Japan’s Nikkei, Hong Kong’s Hang Seng and South Korea’s Kospi closed with losses.
European markets were trading with a negative trend. American markets closed largely with a decline on Thursday. “Global sentiment has been weakened by rising crude oil prices and tensions in West Asia,” Nair said. Investors are looking forward to the upcoming US non-agricultural employment data in search of clarity on the future stance of the Federal Reserve on interest rates. According to stock market data, Foreign Institutional Investors (FIIs) invested money worth Rs 1,136.47 crore on Thursday. There was a net sale of shares. In the last trading session, the Sensex had increased by 350.81 points and closed at a record level of 74,227.63 points. Similarly, Nifty also touched a new peak of 22,514.65 points with a gain of 80 points.
Disclaimer: IndiaTheNews has not edited this news. This news has been published from PTI-language feed.
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