Business

Sensex surges 577 points as RBI keeps rate unchanged, lowers inflation forecast

Sensex surges 577 points as RBI keeps rate unchanged, lowers inflation forecast”

A day after Sensex surged almost 600 points, investors traded cautiously as they looked to book profits ahead of the weekend.

The market indices on Thursday rallied after the Reserve Bank of India (RBI) kept its repo rate and reverse repo rate unchanged at 6 percent and 5.75 percent respectively. On the whole, GDP growth is projected to strengthen from 6.6% in 2017-18 to 7.4% in 2018-19, in the range of 7.3-7.4% in the first half and 7.3-7.6% in the second half, with risks evenly balanced, the central bank said.

At 11:13 AM, the BSE Sensex was trading at 33,530, down 66 points, while the Nifty50 index was trading at 10,302, down 23 points.

The barometer 30-scrip Sensitive Index (Sensex) of the BSE, which opened at 33608.59 points, traded at 33,570.07 points (9.25 a.m.) - down 26.73 points or 0.08 per cent - from its previous session's close. The Dow was down by over 500 points, but it managed to end the session with gains of 0.96% at 24,264. This is its biggest single day gain since March 12 when it had rallied 610.80 points.

A string of positive domestic cues, including forecast of a normal monsoon and encouraging services sector PMI data, added to the buying momentum, brokers said.

A total of nine stocks registered a fresh 52-week high in trade today, while 15 stocks touched a new 52-week low on the NSE.

The renewed fears of a trade war between the U.S. and China spooked the Indian market.

Market breadth was positive with 2,070 stocks closing higher against 631 closing in the red. Vedanta, HUL, Axis bank, UPL, SBI, TCS were the other major losers in the Nifty falling between 0.7-1 per cent.

In other Asian Markets, Hong Kong's Hang Seng gained 1.03 percent while Japan's Nikkei rose by 0.13 percent in early trading. London's FTSE too was up 1.29 per cent.



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