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Sensex rises 570 pts, Nifty above 10300 as RBI holds policy rates

08 April, 2018, 01:00 | Author: Melinda Barton
  • Sensex zooms over 330 points Nifty re-claims 10,200 in opening trade

The BSE Sensex took off on a positive note at 33,289.96 and advanced to the day's high of 33,637.46 before ending at 33,596.80, up 577.73 points, or 1.75 per cent.

Losses may however get capped by positive sentiment created by RBI monetary policy which sounded dovish and triggered a sharp rally in the previous session. The monetary policy committee of RBI kept the repo rate unchanged today at six percent, and has changed its stance to neutral.

Equities were also buoyed by favourable global trends after the United States indicated it was open to negotiations in its trade dispute with China, easing fears of a full-blown trade war.

Indian stock markets had rallied sharply on Thursday after the Reserve Bank cut its inflation forecast for the first half of this fiscal and also deferred until next year a new accounting standard for the country's banks that would have led to higher bad-loan provisioning requirements.

The market breadth was negative with 1,444 shares declining ed nd 1,190 shares rising on the BSE.


Consequently, Nifty closed flat at 10,332, while the Sensex settled with a slight gain of 30 points, or 0.09 per cent, at 33,627.

Meanwhile, foreign portfolio investors (FPIs) bought shares worth Rs 335.18 crore on net basis, while domestic institutional investors (DIIs) sold equities to the tune of Rs 152.55 crore yesterday, provisional data showed.

However, for the week, Nifty managed to clock a gain of over 2 per cent. Sensex, on the other hand, rose nearly 2 per cent for the week.

SBI (-1.6%), Vedanta (-1.6%), Infosys (-1%), Tata Motors (-1.3%) and L&T (-1.3%) were the top losers in today's trade. Japan's benchmark index Nikkei 225 has surged 1.58%, while China's Shanghai Composite and Hong Kong's Hang Seng are closed for a holiday.

Nasdaq closed in green, up by 1.43 per cent while FTSE 100 was also up by 0.05 per cent at the closing on Wednesday.

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