Markets snap three-day losing streak as RBI keeps policy rates unchanged

After Friday's gains, the Sensex gained 0.3% and the Nifty gained 0.6% during the week

The benchmark indices snapped their three-day losing streak and ended Friday's session with a gain of 0.7 per cent even as the Reserve Bank of India (RBI) kept key policy rates unchanged. Supportive global cues and decline in oil prices boosted sentiment.

The Sensex ended the session at 59,447, a gain of 412 points or 0.7 per cent. The Nifty, on the other hand, ended the session at 17,784, a gain of 145 points or 0.8 per cent. After Friday's gains, the Sensex gained 0.3 per cent and the Nifty gained 0.6 per cent during the week.

The RBI's six-member monetary policy committee (MPC) on Friday unanimously voted to keep the repo rate unchanged at 4 per cent. The RBI also decided to maintain its accommodative stance. The repo rate has remained unchanged since May 2020. RBI's status quo was a pleasant surprise for investors as central banks across the globe have been raising rates, prioritising inflation fighting over growth.