Markets end higher after RBI decides to keep benchmark rates unchanged
Nifty closed at 9663 level higher by 26 points, Sensex closed at 31271 level higher by 80 points on Wednesday.
RBI maintained status quo in its second Bi-monthly monetary policy by keeping benchmark rates unchanged. Repo rate is unchanged at 6.25%. Reverse repo rate under the LAF remains at 6%, and the marginal standing facility (MSF) rate and the bank rate at 6.5%. RBI’s neutral stance pulled major indices in the market from their day’s low to close in positive territory.
Broader market indices outperformed the major indices in Wednesday’s trading session. BSE Mid-cap index closed higher by 0.58% at 14818 level while BSE Small-cap index closed higher by 0.75% at 15425 level.
India VIX closed lower by 2.17% at 10.89 level. There were 860 advances, 601 declines and 74 unchanged stocks on NSE reflecting some positive bias floating in the market.
Bank Nifty touched its fresh 52-week high of 23606 level higher by 190 points after RBI’s neutral stance. Bank stocks like Federal Bank, PNB, ICICI Bank and Bank of Baroda gained in the closing hour.
Nifty IT index remained lower for the day closing at 10701 level down by 1.89%. IT giant, TCS closed lower by over 3% at 2613 level. Other IT stocks like Mindtree, Tech Mahindra, Infosys, Wipro, HCL Tech also closed in red zone.
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