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Sensex gains 89 pts, Nifty holds 17,350 as RBI hikes repo rate by 50 bps

CLOSING BELL: While an in-line repo rate hike of 50 basis points gave ammunition to the bulls, bears tried to drag the indices as inflation projections were maintained for fiscal 2022-23 (FY23)

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MARKET LIVE | MARKET WRAP | RBI Policy

SI Reporter  | New Delhi 

EVENT HIGHLIGHTS

Sensex gains 89 pts, Nifty holds 17,350 as RBI hikes repo rate by 50 bps
CLOSING BELL

highlights: It was a wild ride for the on Friday as a hawkish monetary policy by the (RBI) led to a tug of war between bulls and bears. While an in-line hike of 50 basis points gave ammunition to the bulls, bears tried to drag the indices as inflation projections were maintained for fiscal 2022-23 (FY23) despite three consecutive rate hikes. 

Overall, the S&P BSE oscillated within a band of 405 points during the day, hitting a high of 58,649, and a low of 58,244. The index ended at 58,388, up 89 points or 0.15 per cent. The Nifty50, on the other hand, closed 16 points, or 0.09 per cent, higher at 17,397 levels. 

In the broader market, the BSE MidCap and SmallCap indices added up to 0.2 per cent. Among sectors, the Auto index fell over 1 per cent, bogged down by Balkrishna Industries (down 7 per cent), and M&M (2 per cent). On the upside, the IT index gained 0.6 per cent. 

Rate sensitive stocks hog limelight
Manappuram Finance soared nearly 10 per cent, clocking its biggest intra-day gain in recent times. Meanwhile, shares of State Bank of India were up 1.5 per cent and were seen inching towards a new historic peak; automobile major Bajaj Auto and realty player DLF were trading with modest gains. READ MORE

Covid-era cuts reversed entirely
The latest rate action takes the total tally of rate hikes since May to 140 basis points. Accounting for the introduction of the SDF at a higher rate than the reverse in April, effective rate hikes stand at 180 bps so far in 2022. READ MORE

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