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Markets zoom as RBI keeps rates unchanged
New coronavirus strain stings stock markets
Rate-sensitive sectors like financial, realty and auto gain; Global cues also bolster sentiment
Benchmark equity indices Sensex and Nifty rallied for a second straight session on Friday after the Reserve Bank maintained the status quo on policy rates, resulting in gains for rate-sensitive sectors like financial, realty and auto.
A firm trend in Asian and European markets also bolstered the investors' sentiment, traders said. The 30-share BSE Sensex climbed 364.06 points or 0.55 per cent to settle at 65,995.63. During the day, it jumped 464.24 points or 0.70 per cent to hit 66,095.81. The Nifty advanced 107.75 points or 0.55 per cent to end at 19,653.50. On the weekly front, the BSE benchmark climbed 167.22 points or 0.25 per cent, and the Nifty was up 15.2 points or 0.07 per cent.
"The risk of higher inflation led the RBI to become more realistic in their policy approach. The central bank maintained a hawkish tone on liquidity management, as they may consider OMO to contain liquidity in the system, which led to India's 10-year yield inching higher,” said Vinod Nair, Head of Research at Geojit Financial Services.
