The Reserve Bank of India (RBI) has once again maintained a ‘Status Quo’ in policy repo rate and stance in the first bi-monthly monetary policy of fiscal FY22. Investors cheered RBI’s policy outcome and tapped equity markets. Right after when MPC presented the policy, Sensex topped more than 417 points with an intraday high of 49,618.68. Meanwhile, Nifty 50 reclaimed over 14,800-level by touching an intraday high of 14,809.70 and surging over 126 points.
Both benchmarks maintain their gaining spree.
At around 10.30 am, Sensex was performing at 49,557.76 higher by 356.37 points or 0.72%. Nifty 50 was performing at 14,786.50 up by 103 points or 0.7%.
Bank Nifty also picked up the pace and was trading at 32,673.75 higher by 172.40 points or 0.53%. IndusInd Bank, IDFC First Bank, SBI, PNG and Bandhan Bank were top gainers soaring by 1-2%.
On Nifty 50, stocks that advanced most were – Nestle, SBI Life, Bharti Airtel and RIL soaring more than 2% each. Hindalco surged by 1.8%.
On the contrary, stocks that slipped most on Nifty 50 were – Tata Consumer, TCS, Wipro and Tech Mahindra tumbling between 0.4-1%.
RBI has decided to keep the repo rate unchanged at 4%, while maintaining its accommodative stance.
Likewise, RBI’s reverse repo rate stands at 3.35%. MSF and Bank rate unchanged at 4.25% each.
RBI governor Shaktikanta Das in its monetary policy briefing stated that the central bank will remain accommodative as long as necessary for sustaining growth on a durable basis.
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( With inputs from indiainfoline)