Closing Bell: Market cheers RBI policy, Nifty ends above 17600

Closing Bell: Market cheers RBI policy, Nifty ends above 17600

by 5paisa Research Team Last Updated: 2022-02-10T17:48:43+05:30

Domestic equity bourses for the third day maintained the upward momentum guided by a positive RBI policy. The global markets also rallied ahead of the release of the US inflation data backed by healthy earnings results.

Indian equity market continued the winning streak for the third day after RBI’s Monetary Policy Committee (MPC) kept the key interest rates unchanged and continued with its accommodative stance in its policy meeting on Thursday. Even though the market expected RBI to moderate its policy tone, the central bank surprised everyone with a super dovish statement by maintaining its accommodative stance, modest inflation forecast and GDP growth of 7.8% in FY23.

The apex bank has now held the key repo rate at record lows since May 2020 and reiterated time and again that it will remain supportive of growth and keep its stance accommodative until economic recovery is firmly entrenched. This was the first RBI MPC meeting after the presentation of Budget 2022-23 in Parliament on February 1.

At the closing bell on February 10, the Sensex was up 460.06 points or 0.79% at 58926.03, and the Nifty was up 142 points or 0.81% at 17605.80. On the market breadth, around 1491 shares have advanced, 1761 shares declined, and 103 shares are unchanged.

Top Nifty gainers of the day include ONGC, Tata Steel, Infosys, SBI Life Insurance and HDFC Bank, while top losers were Maruti Suzuki, BPCL, Shree Cements, IOC and UltraTech Cement. Among the trending stock, Kotak Mahindra Bank was the top Nifty gainer as the scrip climbed 2.31% to Rs 1,877.45.

On a sectoral basis, all the sectoral indices ended in the green with IT, bank, power, metal up 1% each. In the broader market, BSE midcap and smallcap indices ended flat.

 

Also read: F&O Cues: Key support & resistance levels for Nifty 50


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