You are here: Home » Markets » News

Sensex jumps 1,017 pts on RBI's 50-bps hike; Nifty nears 17,100; banks lead

CLOSING BELL: The benchmark indices snapped their seven-day losing streak as the RBI delivered a 50-basis point repo rate hike, and underscored the resilience of the Indian economy in his statement

Topics
MARKET LIVE | MARKET WRAP | Markets

SI Reporter  | New Delhi 

EVENT HIGHLIGHTS

Sensex jumps 1,017 pts on RBI's 50-bps hike; Nifty nears 17,100; banks lead
CLOSING BELL

Stock market highlights: 
The Reserve Bank of India's in-line monetary policy action lifted equities on Friday. The benchmark indices snapped their seven-day losing streak as the RBI delivered a 50-basis point repo rate hike, and underscored the resilience of the Indian economy in his statement. 

At the index level, the climbed 1,313 points intra-day before cooling off a little to end at 57,427, up 1,017 points or 1.8 per cent. The NSE Nifty50, meanwhile, inched closer to 17,200 level before ending at 17,094, up 276 points or 1.64 per cent.

26 of the 30 Sensex constituents, and 41 of the 50 Nifty constituents closed in the positive zone led by Hindalco, Bharti Airtel, IndusInd Bank, Bajaj Finance, Kotak Bank, Titan, HDFC Bank, Bajaj Finserv, Tata Steel, and ICICI Bank. These shares rallied between 2 per cent and 5.6 per cent.

The list of losers included Asian Paints, Coal India, Dr Reddy's Labs, Britannia, Adani Enterprises, and ITC. 

Among sectors, the Nifty PSU Bank, and Private Bank indices advanced around 3 per cent each, followed by the Nifty Metal, and Financial Services indices, up 2 per cent each.

outcome :: Key highlights
The Reserve Bank of India (RBI)’s Monetary Policy Committee (MPC) announced a 50 basis points (bps) hike in the repo rate to 5.90 per cent on Friday in order to bring elevated inflation back to its target. Taking Friday’s rate hike into consideration, the MPC has hiked the benchmark policy rate by 190 bps in the current financial year. READ MORE

CATCH ALL THE LIVE UPDATES

Auto Refresh