Closed Bell

Stock market highlights: The Reserve Bank of India’s in-line monetary policy move lifted equities on Friday. The benchmark indices snapped their seven-day losing streak as the RBI delivered a 50-basis repo rate hike, and highlighted the resilience of the Indian economy in its statement.

At the index level, the S&P BSE Sensex climbed 1,313 points intraday before cooling slightly to end at 57,427, up 1,017 points or 1.8 percent. Meanwhile, the NSE Nifty50 was closer to 17,200 level before ending at 17,094, up 276 points or 1.64 percent.

26 of the 30 Sensex constituents, and 41 of the 50 Nifty constituents closed in the positive zone led by Hindalco, Bharti Airtel, IndusInd Bank, Bajaj Finance, Kotak Bank, Titan, HDFC Bank, Bajaj Finserv, Tata Steel, and ICICI Bank. These shares rose between 2 percent and 5.6 percent.

The list of losers included Asian Paints, Coal India, Dr Reddy’s Labs, Britannia, Adani Enterprises, and ITC.

Among sectors, Nifty PSU Bank, and Private Bank indices advanced by around 3 percent each, followed by Nifty Metal and Financial Services indices, up 2 percent each.

The Reserve Bank of India’s Monetary Policy Committee (MPC) announced a 50 basis point (bps) hike in the repo rate to 5.90 percent on Friday to bring rising inflation back to its target. Including Friday’s rate hike, the MPC has raised the benchmark policy rate by 190 bps in the current financial year. READ MORE

Source link