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RBI's dovish stance buoys bourses
Equity benchmarks defied gravity for the third session on the trot on Thursday after the RBI left interest rates unchanged, but retained its accommodative policy stance to support the post-pandemic economic recovery. A positive trend in global stocks also supported the domestic markets, traders said.
Mumbai: Equity benchmarks defied gravity for the third session on the trot on Thursday after the RBI left interest rates unchanged, but retained its accommodative policy stance to support the post-pandemic economic recovery. A positive trend in global stocks also supported the domestic markets, traders said.
Overcoming a wobbly start, the 30-share BSE Sensex settled 460.06 points or 0.79 per cent higher at 58,926.03. Likewise, the broader NSE Nifty jumped 142.05 points or 0.81 per cent to end at 17,605.85.
"The domestic market maintained its upward momentum aided by strong global cues and positive RBI policy. Though the market expected RBI to moderate its policy tone, the central bank surprised with a super Dovish statement by maintaining its accommodative stance, modest inflation forecast and GDP growth of 7.8 per cent in FY23. Global market rallied ahead of the release of the US inflation data backed by healthy earnings results," said Vinod Nair, head (research) at Geojit Financial Services.
Unmesh Kulkarni, MD, Julius Baer India, adds that "the RBI has struck a surprisingly Dovish chord in this policy announcement. Citing downside risks to the economy from the Omicron wave, it is focusing more on ensuring a strong economic recovery rather than fighting inflation. The RBI is somewhat not too focused on the global concerns over inflation, rise in global interest rates, and the high global oil prices. A key ponderable in the near-term for the markets would be how the RBI will manage the escalated borrowing in the next year and maintain an orderly yield curve."
Foreign institutional investors (FIIs) remained net sellers in the capital market as they sold shares worth Rs 892.64 crore on Wednesday, according to stock exchange data.
Tata Steel was the top gainer in the Sensex pack, spurting 2.11 per cent, followed by Infosys, HDFC Bank, HDFC, Kotak Bank, M&M and PowerGrid. Only four stocks closed in the red -- Maruti, Ultratech Cement, Nestle India and Reliance Industries, dipping up to 1.64 per cent. Barring capital goods, all BSE sectoral indices logged gains, led by power, metal, bankex, finance, utilities and IT.
