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Market Wrap, Oct 9: Here's all that happened in the markets today

The benchmark indices ended nearly a per cent higher on Friday after the monetary policy committee (MPC) of the RBI left the repo rate unchanged at 4 per cent

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MARKET WRAP

BS Web Team  |  New Delhi 

markets
Illustration by Binay Sinha

  • RBI keeps policy rates unchanged; says worst is over for the economy;
  • Market rises for the seventh day in a row; BSE listed cos' m-cap hits record high at Rs 160.68 trillion;
  • Sensex gains 327 pts, Nifty ends at 11,914;
  • Financials gain post RBI policy announcement; Nifty Bank up around 3%; and
  • Lakshmi Vilas Bank ends over 8% higher on receiving a non-binding offer from Clix Group.
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The news in detail:
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Continuing their gaining streak for the seventh session in a row, the benchmark indices ended nearly a per cent higher on Friday after the monetary policy committee (MPC) of the RBI left the repo rate unchanged at 4 per cent but announced various liquidity measures to support the economy.
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Further, RBI Governor Shaktikanta Das said the stance of the policy would remain “accommodative,” for “as long as necessary – at least during the current financial year and into the next year – to revive growth.
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The S&P BSE Sensex today ended 327 points, or 0.81 per cent higher at 40,509 levels while the Nifty50 index settled above the 11,900-mark at 11,914, up 80 points, or 0.67 per cent. Meanwhile, the total market capitalisation of BSE-listed companies touched a new high of Rs 160.68 trillion today, led by Reliance Industries (RIL), and information technology (IT) stocks.
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On a weekly basis, Sensex rallied 4.6 per cent and Nifty gained 4.3 per cent.
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The Nifty sectoral indices were mixed. While Nifty Bank gained nearly 3 per cent to 23,847 levels, Nifty Pharma ended as the biggest loser - down over 1.3 per cent.
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In the broader market, the S&P BSE MidCap index slipped 0.42 per cent while the S&P BSE SmallCap ended 0.29 per cent lower at 14,966 levels.
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Now, let's take a look at the global markets
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World shares pushed on from one-month highs, with Asian stocks closing in on two-and-a-half-year highs, as expectations grew of a Democratic victory in US elections next month, reviving hopes for more US stimulus.
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In commodities, oil prices fell, erasing earlier gains but still leaving both benchmarks on track for their biggest weekly gains since early June on the back of supply cuts caused by a storm in the Gulf of Mexico and a strike of offshore workers in Norway.

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First Published: Fri, October 09 2020. 17:50 IST

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