Advertisement

Market Update: Sensex surges 369 points post RBI policy; Nifty jumps 98 points in the closing session

04:17 PM Aug 06, 2020 | PTI

Domestic equity benchmark Sensex surged 362 points on Thursday after the RBI left interest rates unchanged but maintained an accommodative stance to boost growth.

After rallying 558 points during the day, the BSE Sensex ended 362.12 points or 0.96 per cent higher at 38,025.45. The broader NSE Nifty jumped 98.50 points or 0.89 per cent to 11,200.15.

Advertisement
Advertisement

Tata Steel was the top gainer in the Sensex pack, rising around 4 per cent, followed by Infosys, Bajaj Finance, TCS, HCL Tech, ICICI Bank and Tech Mahindra.

Advertisement

On the other hand, Bharti Airtel, M&M, L&T and Axis Bank were among the laggards.

Earlier in the day, the Monetary Policy Committee (MPC), headed by RBI Governor Shaktikanta Das, left the benchmark repurchase (repo) rate unchanged at 4 per cent.

Repo rate remains unchanged at 4%: RBI Governor Shaktikanta Das

Consequently, the reverse repo rate will continue to earn 3.35 per cent for banks for their deposits parked with the RBI.

Das said the MPC voted for keeping the interest rate unchanged and continued with its accommodative stance to support growth.

According to experts, market participants cheered the RBI's balanced approach, which is seen in line with expectations that the central bank will be looking at alternate measures such as forward guidance and maintain sufficient liquidity.

On the currency front, the rupee settled flat at 74.94 against US dollar.

Urgent revival of the COVID-19-hit economy on RBI's MPC discussion table

In the global market, bourses in Shanghai and Seoul ended with gains, while Hong Kong and Tokyo closed in the red.

Stock exchanges in Europe were also trading on a negative note in early deals.

Brent crude futures, the global oil benchmark, slipped 0.04 per cent to USD 45.19 per barrel.

Realty sector hails RBI decision to infuse Rs 10,000 cr liquidity into NABARD and NHB

( To view our epaper please Tap here . For all the latest News, Mumbai, Entertainment, Cricket, Business and Featured News updates, visit Free Press Journal. Also, follow us on Twitter and Instagram and do like our Facebook page for continuous updates on the go)

(To view our epaper please Read Now. For all the latest News, Mumbai, Entertainment, Cricket, Business and Featured News updates, visit Free Press Journal. Also, follow us on Twitter and Instagram and do like our Facebook page for continuous updates on the go)

Advertisement