Closing Bell: Nifty ends at a record high, Sensex surges by 381 points after RBI keeps rates unchanged.

Closing Bell: Nifty ends at a record high, Sensex surges by 381 points after RBI keeps rates unchanged.

by 5paisa Research Team Last Updated: Oct 29, 2021 - 02:49 pm 50.1k Views
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Nifty ends at a record high, Sensex surges by 381 points after RBI keeps rates unchanged on October 8, 2021.

Domestic equity benchmarks Sensex and Nifty extended gains to a second straight day on Friday, October 8, 2021, after the RBI decided to keep the key rates unchanged and remain 'accommodative' after the scheduled review meeting. The market was cheerful about the announcements with the concerns about an earlier-than-expected tightening of monetary policy. Buying in oil and gas, IT, and PSU banking shares lifted the market. IT bellwether TCS was in focus ahead of the Q2 earnings announcement by the company.

On Friday, the Sensex closed 381 points or 0.6% higher at 60,059.1, while the broader Nifty 50 benchmark surged by 104.9 points to settle at a record of 17,895.2. Losses in pharmaceutical and FMCG counters limited the upside. The market extended rally for a second consecutive session and as a result, closed higher in four out of five sessions this week. It was mainly driven by positive global cues, and RBI policy, and the September quarter earnings.

On a sectoral basis, BSE IT and BSE Energy indices witnessed buying interest gaining 1.82% and 2.65%, respectively. The rest of the indices chose to remain subtle and traded almost flat on Friday. In the broader markets, the BSE Smallcap index ended 0.92% higher and the BSE Midcap index was up by 0.16% at the closing bell.

The Reserve Bank of India in its policy review meeting, kept the key lending rate or the repo rate steady at 4%, while the reverse repo rate or the borrowing rate also stayed unchanged at 3.35%.

Reserve Bank of India Governor Shaktikanta Das in his policy address said that, "There should not be any concern about the adequacy of liquidity in the banking system to support recovery or financial markets. Our entire approach is of gradualism, we don't want suddenness or surprises".

With bullish sentiments flowing in the markets, Reliance Industries, Wipro, Infosys, Tata Motors were the top gainers of the day, while SBI, NTPC and Maruti Suzuki were the top losers.

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