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Markets on a roll as status quo on policy rates trigger a widespread rally

03:59 PM Dec 08, 2021 | FPJ Web Desk

The benchmark indices extended the gain consecutively for the second day in a row. The Nifty settled at 17469.75 levels with 1.7 percent gains while the Banknifty increased by 1.75 percent to close at 37285.80 levels.

All the sectoral indices have traded positively wherein Nifty PSU BANK and MEDIA have contributed more than 2 percent returns in a day.

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Sensex was up 1,016.03 points or 1.76 percent at 58,649.68. The broader Nifty index was up 293.10 points or 1.71 percent at 17,469.80. About 2270 shares have advanced, 941 shares declined, and 121 shares are unchanged.

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Among the major gainers on the Nifty were Bajaj Finance, Hindalco Industries, Maruti Suzuki, SBI and Bajaj Finserv. Losers included HDFC Life,Kotak Mahindra Bank, Power Grid Corp, Divis Labs and IOC.

Mohit Nigam, Head - PMS, Hem Securities, said, "Among sectors, all the key indices were trading with a positive momentum. The European markets are trading flat today. RBI kept accommodative stance with interest rate unchanged at 4 percent and reverse repo rate at 3.35 percent and will maintain this stance as long as necessary to revive and sustain growth which gives a clear signal that RBI is giving a strong and durable support to the economy without downsizing any support which will be beneficial for the equity markets as well. Hence, the markets have given a stellar run up today giving a thumbs up to RBI's comments today".

"Despite record equity selling by FIIs, RBI has done well to defend the currency and made sure that imported inflation is under check. Immediate support and resistance for Nifty 50 is 17,200 and 17,700 and for Bank Nifty is 36,900 and 37,800."

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