Business
Sensex rises 362 points to settle at 38,025; Nifty ends above 11,200
NEW DELHI: Equity indices finished higher on Thursday with the benchmark BSE sensex rising over 350 points led by gains in metal and IT stocks, after the Reserve Bank of India (RBI) kept key lending interest rates unchanged.
The 30-share BSE index surged 362 points or 0.96 per cent to close at 38,025; while, the broader NSE Nifty settled 98 points or 0.89 per cent higher at 11,200.
Top gainers in the sensex pack included Tata Steel, Infosys, Bajaj Finance, TCS, HCL Tech and ICICI Bank with their shares rising as much as 3.82 per cent.
While Bharti Airtel, M&M, L&T, Axis Bank and Bajaj Auto were the major losers falling up to 0.60 per cent.
On the NSE, sub-indices Nifty IT, FMCG, Metal and Financial Services gained as much as 1.78 per cent.
The RBI kept interest rates unchanged to help tame inflation that in recent times had surged past 6 per cent mark, and said that the economy is in an extremely weak condition following the pandemic.
RBI governor Shaktikanta Das said the central bank would remain “watchful for a durable reduction in inflation to use the available space to support the revival of the economy.
“RBI has categorically stated that there is more space for monetary action going forward. If the concerns regarding inflation remain under control, we can expect further policy action going forward,” V K Vijaykumar, chief investment strategist, Geojit Financial told news agency Reuters.
The central bank also said that it would allow a one-time restructuring of loans, a move that would help banks, at a time when the bad loans in the system is expected to double in the pandemic-ravaged economy.
Meanwhile, the rupee pared initial gains and settled for the day on a flat note at 74.94 against US dollar.
(With agency inputs)
The 30-share BSE index surged 362 points or 0.96 per cent to close at 38,025; while, the broader NSE Nifty settled 98 points or 0.89 per cent higher at 11,200.
Top gainers in the sensex pack included Tata Steel, Infosys, Bajaj Finance, TCS, HCL Tech and ICICI Bank with their shares rising as much as 3.82 per cent.
While Bharti Airtel, M&M, L&T, Axis Bank and Bajaj Auto were the major losers falling up to 0.60 per cent.
On the NSE, sub-indices Nifty IT, FMCG, Metal and Financial Services gained as much as 1.78 per cent.
The RBI kept interest rates unchanged to help tame inflation that in recent times had surged past 6 per cent mark, and said that the economy is in an extremely weak condition following the pandemic.
RBI governor Shaktikanta Das said the central bank would remain “watchful for a durable reduction in inflation to use the available space to support the revival of the economy.
“RBI has categorically stated that there is more space for monetary action going forward. If the concerns regarding inflation remain under control, we can expect further policy action going forward,” V K Vijaykumar, chief investment strategist, Geojit Financial told news agency Reuters.
The central bank also said that it would allow a one-time restructuring of loans, a move that would help banks, at a time when the bad loans in the system is expected to double in the pandemic-ravaged economy.
Meanwhile, the rupee pared initial gains and settled for the day on a flat note at 74.94 against US dollar.
(With agency inputs)
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