Business News Highlights: Sensex, Nifty Plunges After RBI Keeps Repo Rates Unchanged
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Indian equity benchmarks opened higher on Thursday, ahead of the RBI's monetary policy decision. The 30-share BSE Sensex rose by 321 points or 0.45 per cent to trade at 72,473, while the NSE Nifty gained 65 points or 0.30 per cent to trade at 21,996.
In the last trading session on Wednesday, the Sensex and Nifty indices initially rose but later fluctuated between gains and losses, ultimately closing flat. Market volatility prevailed as investors awaited the RBI monetary policy announcement scheduled for Thursday. The S&P BSE Sensex ended the day at 72,152, down 34 points, while the NSE Nifty50 closed at 21,931, up by just 1 point.
The RBI Monetary Policy Committee meeting’s conclusion is set to be announced on Thursday at 10 am, and experts believe that the interest rates are expected to remain the same and RBI’s proactive approach in managing inflation reflects a balanced strategy of the central bank.
“With the Reserve Bank of India (RBI) keeping the repo rate at 6.50 per cent and revising its GDP forecast for the current fiscal year upwards, it sets a positive tone for the economy. With inflation under control, RBI's decision signals stability and provides a conducive environment for infrastructure projects. This is in line with our expectations for continued growth in various sectors, including credit. RBI's proactive approach in managing inflation reflects a balanced strategy that supports economic expansion while maintaining price stability,” said Sathvik Vishwanath, Co-Founder & CEO of Unocoin.
This week, investors are also eagerly awaiting earnings reports from a range of companies, which include Lemon Tree Hotels, Procter & Gamble Health, TATA Consumer Products, 3M India, Grasim Industries, LIC India, and Zomato, among others.
Wastage Of Public Resources Sent Economy Into A Funk: Govt
"The UPA government's decade of governance (or its absence) was marked by policy misadventures and scams such as non-transparent auction of public resources (coal and telecom spectrum), the spectre of retrospective taxation, unsustainable demand stimulus and ill-targeted subsidies and reckless lending by the banking sector with undertones of favouritism, etc," states the government in the 'white paper' presented by FM.
UPA Inherited A Healthy Economy, But Made It Non-performing In Its 10 Yrs: Govt
The 'white paper' presented by FM said, "The UPA Government inherited a healthy economy ready for more reforms, but made it non-performing in its ten years. In 2004, when the UPA government began its term, the economy was growing at 8 per cent (with industry and services sector growth above 7 per cent each and a resuscitating agriculture sector growth above 9 per cent in FY04) amidst a benign world economic environment."
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