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Stock markets get policy boost
Sensex, Nifty rise for 5th consecutive session; Buying in RIL, banking and financial shares offset losses in IT, power and FMCG stocks amid weak global cues
Mumbai: Benchmark indices Sensex and Nifty continued their winning run for the fifth day on Thursday as RBI's surprise policy move to pause rate hikes boosted buying in interest rate-sensitive stocks.
Gains in index majors HDFC twins and Reliance Industries (RIL) helped offset losses in IT, Power and FMCG stocks amid weak global trends. Bouncing back from early fall, the 30-share BSE Sensex rose by 143.66 points or 0.24 per cent to settle at 59,832.97. During the day, it advanced 260.75 points or 0.43 per cent to 59,950.06. The broader NSE Nifty gained 42.10 points or 0.24 per cent to finish at 17,599.15 after falling in initial trade.
After raising interest rate by a cumulative 250 basis points in 11 months, the RBI unexpectedly kept benchmark rate unchanged as global banking woes added uncertainty to the economic outlook.
"RBI surprised the market by pausing policy rates; nonetheless, there was some talk about this unexpected statement, which keeps it ahead of other major central banks across the world. The market is in a good mood, and this policy provides us with further cause to rejoice. However, given that we have witnessed a good recovery from recent lows and that we have a long weekend and a weekly expiry, some profit-taking or consolidation cannot be ruled out," said Santosh Meena, head (research), Swastika Investmart Ltd.
In the broader market, the BSE midcap gauge climbed 0.71 per cent and smallcap index advanced 0.70 per cent. Among sectoral indices, realty jumped 2.90 per cent, auto climbed 0.94 per cent, industrials (0.89 per cent), utilities (0.80 per cent), oil & gas (0.77 per cent), healthcare (0.76 per cent) and power (0.73 per cent). IT, teck, metal, consumer durables and telecommunication were the laggards.
