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Bulls gallop as RBI ups growth prediction
Benchmark Sensex and Nifty rebounded to close at their new lifetime highs on Friday after the Reserve Bank of India (RBI) raised the growth forecast...
Benchmark Sensex and Nifty rebounded to close at their new lifetime highs on Friday after the Reserve Bank of India (RBI) raised the growth forecast for the current fiscal and kept policy rates unchanged, triggering heavy buying in banking and other rate-sensitive stocks.
The 30-share BSE Sensex rose 303.91 points, or 0.44 per cent, to hit its new peak of 69,825.60 points. The index touched the highest intra-day level of 69,893.80 points. The broader index Nifty also climbed 68.25 points or 0.33 per cent to reach a fresh record high of 20,969.40 points.
“The RBI took a balanced approach by raising the economic growth forecast and also expressing concern on food inflation, which may have an elevated trajectory in the short term. A drop in rabi sowing and dipping reservoir levels provides a perception that foodgrain prices can rise. The impact was visible on FMCG stocks, which underperformed today,” said Vinod Nair, head (research) at Geojit Financial Services.
