Share Market Today: Sensex Gains 700 Points; Nifty Over 23K As RBI Keeps Repo Rate Unchanged
Share market today: On the 30-share Sensex platform, Wipro gained 5.25 per cent, followed by Infosys, TechM, Bajaj Finance, Tata Steel, Bajaj Finserv
Share market today: The two key equity benchmarks, Sensex and Nifty, on Friday were trading higher following the Reserve Bank of India's (RBI’s) Monetary Policy Committee (MPC) which kept repo rate unchanged at 6.5 per cent and increased FY25 gross domestic product (GDP) projection to 7.2 per cent from 7 per cent.
At 10.45 am, the BSE Sensex jumped 726 points to 75,801. On the other hand, the NSE Nifty50 was trading at 23,034, up 213 points.
Stock update
On the 30-share Sensex platform, Wipro gained 5.25 per cent, followed by Infosys, TechM, Bajaj Finance, Tata Steel, Bajaj Finserv. On the down side, Maruti, ITC, HUL, IndusInd Bank, Kotak Bank emerged losers.
In the broader markets, the BSE Midcap advanced 0.7 per cent and the BSE Smallcap rose 1.65 per cent higher.
Sectoral update
Sectorally, Nifty IT and Realty indices jumped 3 per cent, while Nifty Bank reversed losses to quote 0.7 per cent higher after RBI MPC announcements.
In the previous session on Thursday, the BSE benchmark rose 692 points to end at 75,074, while the Nifty climbed 201 points to settle at 22,821.
Global update
In Asian markets, Seoul quoted with gains, while Tokyo, Shanghai, and Hong Kong traded lower. US markets ended on a mixed note on Thursday.
Global oil benchmark Brent crude climbed 0.05 per cent to $79.91 a barrel.
Foreign Institutional Investors (FIIs) offloaded equities worth Rs 6,867.72 crore on Thursday, according to exchange data.
Rupee gains 6 paise
Meanwhile, the rupee gained 6 paise to 83.47 against the US dollar in early trade on Friday ahead of the RBI monetary policy announcement. Forex traders said the outflow of foreign funds and an upward movement in the crude oil prices weighed on the Indian currency even though the local unit found support from positive domestic equity markets and softening American currency overseas.
They said that market participants are likely to take cues from the decision of Reserve Bank's rate-setting panel. The Monetary Policy Committee (MPC) of RBI, which began its three-day deliberations on Wednesday, will announce the outcome on Friday.
At the interbank foreign exchange market, the local unit opened at 83.46 and then slipped to 83.47 against the greenback, registering a gain of 6 paise from its previous close. On Thursday, the rupee settled 9 paise lower at 83.53 against the dollar.
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