Nifty PSU Bank, the public sector bank index and Nifty Realty, the real estate index, were up 3% each, while Nifty Auto, Nifty Bank and Nifty Private Sector Bank index were up nearly 2% as compared to 1.6% rise in the benchmark Nifty 50 index at 02:37 pm.
The RBI’s six-member monetary policy committee (MPC), headed by Governor Urjit Patel, on Thursday kept unchanged the key repo rate at 6% and cash reserve ratio at 4%. The MPC had started its 2-day meeting on Wednesday amid little hope of a rate cut, given a hardening in global crude oil prices.
State Bank of India (SBI), Bank of India, Canara Bank, Bank of Baroda, Indian Bank, Syndicate Bank, Allahabad Bank, Oriental Bank of Commerce and Union Bank of India from the Nifty PSU Bank index and Indiabulls Real Estate, DLF and Sobha were from the Nifty Realty index up more than 3% on the NSE.
Actual inflation outcomes in January-February averaged 4.8%, largely reflecting the sharp decline in vegetable prices and significant moderation in fuel group inflation. The available information suggests that vegetable prices continued to moderate in March as well. Accordingly, inflation in Q4:2017-18 is now projected at 4.5%, the RBI said in first bi-monthly monetary policy statement, 2018-19.
Excluding the impact of HRA revisions, CPI inflation is projected at 4.4-4.7% in H1:2018-19 and 4.4% in H2. GDP growth is projected to strengthen from 6.6% in 2017-18 to 7.4% in 2018-19 – in the range of 7.3-7.4% in H1 and 7.3-7.6% in H2 – with risks evenly balanced, added statement.