Stock Market: Sensex Rises 144 Points, Nifty Ends Near 17,600 After RBI Pauses Hike. Realty Surges Nearly 3%

Stock update: On the 30-share Sensex platform, Bajaj Finance, Tata Motors, Bajaj Finserv, IndusInd Bank, Sun Pharma, M&M emerged winners

In the broader markets, the BSE Midcap and Smallcap indices rose 0.7 per cent each.

Source : Getty

The two key equity benchmarks, Sensex and Nifty, on Thursday turned volatile after the Reserve Bank of India's (RBI's) Monetary Policy Committee (MPC) decided to keep the repo rate unchanged at 6.5 per cent during its bi-monthly policy meeting. The market was expecting a 25-basis point hike. However, the domestic indices ended in the green, extending the winning streak to the fifth straight session.

The S&P BSE Sensex swung 430 points during the day before closing at 59,833, up 144 points (0.24 per cent). On the other hand, NSE Nifty50, too, settled near 17,600-mark at 17,599, up 42 points (0.24 per cent).

#ABPLiveStockMarketWatch | Sensex Nifty on Thursday, which turned volatile after the RBI's MPC, closed in the green

At 03:30 PM, #Sensex gains 144 points to 59,833 & #Nifty up 42 points to close at 17,599

Here's a look at the stocks in focus:#ClosingBell #ABPLive #MarketWatch pic.twitter.com/BolSUb6z2s

— ABP LIVE (@abplive) April 6, 2023

On the 30-share Sensex platform, Bajaj Finance, Tata Motors, Bajaj Finserv, IndusInd Bank, Sun Pharma, M&M emerged winners. On the flip side, HCL Tech, ICICI Bank, Axis Bank, TechM, Titan, HUL were among the losers.

In the broader markets, the BSE Midcap and Smallcap indices rose 0.7 per cent each.

Sectorwise, Realty index surged nearly 3 per cent, followed by the Nifty Auto index (up 0.9 per cent), and the Nifty PSU Bank index (up 0.33 per cent). The Nifty IT index, however, capped gains as it fell 0.75 per cent.

In the previous session on Wednesday, the S&P BSE Sensex surged 583 points (0.99 per cent) to end at 59,689. On the other hand, the Nifty50 surpassed the 17,550-mark to settle at 17,557, up 159 points (0.9 per cent).

"RBI's pause is like Sachin stroke on a tricky pitch but with eyes set in and having the luxury of hitting the ball where ever he wanted. RBI had the option of a rate hike or a pause. The pause was not entirely unexpected. The RBI will watch developments and data before taking the next call. The market expects RBI to fetch maximum run and win the match on inflation and growth, no matter which direction they hit the ball," said Nilesh Shah, MD, Kotak Mahindra Asset management Company Ltd.

In Asian markets, Seoul, Japan, and Shanghai ended lower, while Hong Kong settled in the green. European equity markets were trading in positive territory during the afternoon trade. The US markets ended mostly lower on Wednesday.

Global oil benchmark Brent crude dipped 0.54 per cent to $84.53 per barrel.

Foreign Portfolio Investors (FPIs) bought equities worth Rs 806.82 crore on Wednesday, according to exchange data.

Meanwhile, the rupee pared initial losses and settled 2 paise lower at 81.92 (provisional) against the US dollar on Thursday after the RBI decided to keep the key benchmark policy rate at 6.5 per cent. Forex traders said the Indian rupee witnessed volatility after the Reserve Bank of India (RBI) surprised the market by pausing the rate hike.

At the interbank foreign exchange, the domestic unit opened weak at 81.95 against the dollar, and finally ended the day at 81.92 (provisional), 2 paise lower from its previous close. On Wednesday, the rupee gained 42 paise to close at 81.90 against the US dollar.