April 24, 2018

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

06 April 2018, 01:46 | Rufus Hill

Sensex trades 440 points higher, Nifty above its 10200-mark

Sensex today: Tata Steel, Adani Ports rally; index on strong footing, spike 350 points

Mumbai- Key Indian equity indices on Thursday escalated after the Reserve Bank of India (RBI) maintained status quo on its key short-term lending rate at 6 per cent at its first bi-monthly monetary policy review of 2018-19.

The Sensex vaulted 577.73 points or 1.75 per cent to end the day at 33,596.80 while the Nifty soared 196.75 points or 1.94 per cent to close the session at 10,325.15.

Global markets were strong in trade as recent investor worries over an elevation in US-China trade tensions abated.

HDFC Bank's chief economist Abheek Barua, however, feels that it was "an unexpectedly dovish policy with the RBI highlighting inflation risks (oil, procurement prices, HRA for government employees) but at the same time revising their forecasts downward". The central bank has left the CRR and SLR also unchanged at 4% and 19.5%, respectively. The rally extended to the broader markets as well, lifting the mid-cap index by 1.88 per cent and small-cap 1.87 per cent.

The pack of gainers was led by State Bank of India, jumping nearly 5 per cent.

On the other hand, Power Grid Corporation (down 0.15 per cent) and Bharti Airtel (down 0.14 per cent) remained the two stocks that closed the day slightly down.

Vedanta (up 5.69 percent) and Hindalco (6.65 percent) were biggest gainers among Nifty50 stocks while Tata Steel was up 3.55 percent, which all lifted Nifty Metal index 4 percent.

Bank stocks saw robust gains today, buoyed by the RBI's decision of relaxing provisioning norms for lenders.

The Nifty50 index climbed 197 points, or 1.94 per cent to settle at 10,325.

After the central bank allowed banks to spread their debt trading losses of the third and fourth quarters of fiscal 2017-18, over the next four quarters, bank stocks rose yesterday as banks will be able to show higher profitability due to lower provisioning. Japan's Nikkei gained 1.2 per cent. Markets in mainland China, and those in Hong Kong and Taiwan, are closed on Thursday.

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