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Sensex ends above 27000 post RBI policy

Sensex ends above 27000 post RBI policy

Finally, the BSE Sensex ended with a gain of 232 points at 27,010. The BSE Sensex opened at 26,834 touched an intra-day high of 27,083 and low of 26,829.53. The NSE Nifty closed with a gain of 65 points at 8,266. The NSE Nifty opened at 8,236 hitting a high of 8,295 and low of 8,216.

Stock market in India rallied on Tuesday after the Reserve Bank of India kept an accommodating stance in its second bi-monthly policy review for the current fiscal. RBI Governor Raghuram Rajan kept benchmark repo rate unchanged at 6.5% and CRR at 4%. The central bank also left statutory liquidity reserve unchanged.
 
In RBI's policy review, Rajan said that the central bank will monitor macroeconomic and financial developments and will formulate scope for reduction in repo rate. RBI has retained its March 2017 inflation projection at 7%. Data in the next few months will provide more clarity regarding RBI's March 2017 inflation target of 7%.
 
Sentiment also got a fillip early in the day tracking world equity markets after dovish tone from Janet Yellen cooled near-term US rate hike possibilities.
 
Coming back to domestic action, the realty stocks staged a strong rally; the S&P realty index gained by over 1.7% followed by the banking index up 1.6%, consumer durables index, FMCG, capital goods index were up by 1% and auto index up by 0.5%.
 
On the other hand, IT, telecom and oil & gas were among the major losers.
 
State Bank of India, ICICI Bank, UltraTech Cement, Hindalco, Ambuja Cement, ITC, Sun Pharma, HUL, Zee Ent and Tata Steel were among the top gainers on NSE.
 
On the other hand, BPCL, IndusInd Bank, Tata Power, Aurobindo Pharma, Infosys, Eicher Motors and Idea Cellular were among the major losers.
 
Finally, the BSE Sensex ended with a gain of 232 points at 27,010. The BSE Sensex opened at 26,834 touched an intra-day high of 27,083 and low of 26,829.53.
 The NSE Nifty closed with a gain of 65 points at 8,266. The NSE Nifty opened at 8,236 hitting a high of 8,295 and low of 8,216.

 

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