Sensex Rises Over 450 Points As RBI Maintains Status Quo On Key Rates; Nifty Trades Above 17,600

Mid- and small-cap shares were in the positive zone.

New Delhi: The Indian equity indices on Thursday surged after Reserve Bank of India (RBI) kept key rates unchanged to support economic growth. The benchmark BSE Sensex rose 459 points or 0.78 per cent to 58,925 in late deals, while the broader NSE Nifty moved 139 points or 0.80 per cent higher to 17,603.

The Reserve Bank’s monetary policy committee (MPC) held the lending rate, or the repo rate, at 4 per cent and the reverse repo rate, or the key borrowing rate, at 3.35 per cent. The central bank has held the key repo rate at record lows since May 2020 and reiterated time and again that it will remain supportive of growth and keep its stance accommodative until economic recovery is firmly entrenched.

Mid- and small-cap shares were in the positive zone as Nifty Midcap 100 index was up 0.32 per cent and small-cap shares were trading 0.26 per cent higher.

On the stock-specific front, Kotak Mahindra Bank was the top Nifty gainer as the stock surged 2.31 per cent to Rs 1,877.45. HDFC twins (HDFC and HDFC Bank), ONGC and Tata Steel were also among the gainers.

In contrast, Maruti Suzuki India, Indian Oil Corp, Dr Reddy’s, Shree Cement and Nestle India were among the laggards.

On BSE, the overall market breadth was slightly weak as 1,596 shares were advancing while 1,675 were declining.

On the 30-share BSE platform, Kotak Bank, HDFC twins, Tata Steel, PowerGrid and SBI attracted the most gains with their shares rising as much as 2.54 per cent.

Sensex had gained 657 points or 1.14 per cent to settle at 58,466 on Wednesday, while the broader NSE Nifty had moved 197 points or 1.14 per cent higher to close at 17,464.

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