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Sensex remains in green despite RBI status quo
Continuing its upward trend, the benchmark BSE Sensex rallied by over 129 points despite the Reserve Bank keeping the interest rate unchanged. The Sensex, which gained over 100 points in the early trade, was quoting higher by 129.13 points, or 0.48 per cent, at 26,906.58 during late morning trade after the RBI maintained the key lending rate at 6.50 per cent in its 2ndbi-monthly monetary policy re
Mumbai: Continuing its upward trend, the benchmark BSE Sensex rallied by over 129 points despite the Reserve Bank keeping the interest rate unchanged. The Sensex, which gained over 100 points in the early trade, was quoting higher by 129.13 points, or 0.48 per cent, at 26,906.58 during late morning trade after the RBI maintained the key lending rate at 6.50 per cent in its 2ndbi-monthly monetary policy review today.
The gauge had lost 65.69 points in the previous two sessions. Similarly, the NSE index Nifty was trading at 8,240.30, up39.25 points, or 0.47 per cent. The BSE banking index was up 0.65 per cent to 20,337.21,while the realty index was quoting up 0.29 per cent to1,427.55.
Brokers said RBI's decision to keep key interest rate unchanged was largely in line with investor expectations and did not have much immediate positive impact. RBI Governor Raghuram Rajan kept the key policy rates unchanged citing higher upside risks to 'inflation trajectory' but said the central bank will remain accommodative provided data are supportive.
The central bank left the short-term lending rate or repo rate unchanged at 6.50 per cent, and the cash reserve requirement of banks at 4 per cent. The central bank also retained the growth projection at 7.6 per cent for 2016-17citing corporate profits and surge in consumption.
