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

Randall Padilla
April 8, 2018

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 central bank kept the interest rate unchanged, as widely expected, but lowered inflation projection for 2018-19 to 4.7-5.1% in the first half and 4.4% in H2. This is its biggest single day gain since March 12 when it had rallied 610.80 points.

However, there was a twist in the tale as markets nosedived in the late afternoon session on the back of some fresh worries arising on the trade war between the United States and China.

Among the 50 stocks in the Nifty pack, 25 stocks advanced, while 25 declined.

At 11:13 AM, the BSE Sensex was trading at 33,530, down 66 points, while the Nifty50 index was trading at 10,302, down 23 points. The reverse repo rate, at which it borrows from banks and absorbs excess liquidity, will remain at 5.75%.

On similar lines, the NSE Nifty, after shuttling between 10,331.80 and 10,227.45, finished the day 196.75 points, or 1.94 points higher at 10,325.15.

Meanwhile, domestic institutional investors (DIIs) bought equities to the tune of Rs 615.28 crore yesterday, while foreign portfolio investors (FPIs) net sold shares worth Rs 108.02 crore, according to provisional data.

SBI, Tata Steel, and ICICI Bank were the top Sensex gainers.

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. In the Asian region, Japan's Nikkei ended 1.53 per cent higher, while Singapore gained 1.97 per cent. Hong Kong and Shanghai markets were shut today for a public holiday. The Nasdaq jumped 1.45% to end at 7,042 and the S&P 500 rose 1.16% to close at 2,645.

Minutes into trading, it was quoting at 33,411.74 points, up by 392.67 points, or 1.19 per cent.

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