Nifty Clocks Best One-Day Gain In Two Years On RBI Outlook
On Countdown: Experts On RBI Monetary Policy Stance
Indian equity benchmarks rebounded sharply from yesterday's drop led by banking and metal shares after RBI raised growth outlook for 2018-19 while keeping rates unchanged and maintaining a neutral stance.
The NSE Nifty 50 index rose 1.9 percent or 197 points, the most since May 26, 2016, to 10,325 and the S&P BSE Sensex surged 577.73 points or 1.75 percent to 33,596.80.
Today's rally also got a boost from global cues as concerns about a trade war between the world’s two largest economies eased after the U.S. and China signaled room for talks.
All sector gauges compiled by the National Stock Exchange ended higher led by the Nifty PSU Bank index's 5 percent surge. Metal stocks also logged in stellar gains and the Nifty Metal index climbed 4 percent.
Block Deal Alert
- Tata Motors has 11 lakh shares change hands in a block. Stock up 1.8 percent at Rs 362.
Buyers and sellers were not immediately known
Nifty Bank Surges Most In Nearly 6 Months
Gauge of banking shares on the National Stock Exchange — Nifty Bank index surged as much as 2.88 percent, the most in nearly six months, to 24,824 after the Reserve Bank of India kept policy rates unchanged and maintained its neutral stance.
- Indian equity benchmarks were headed for their highest close in three weeks after the Reserve Bank of India raised growth outlook while keeping policy rates unchanged and maintaining neutral stance.
- The S&P BSE Sensex rose 1.7 percent or 575 points to 33,598 and the NSE Nifty 50 index surged 1.8 percent or 188 points to 10,317.
- All sector gauges compiled by the National Stock Exchange were trading higher led by the Nifty Metal index's 4 percent surge. Banking stocks also logged in gains as the Nifty Bank and Nifty PSU Bank index rose 2.3 and 3.5 percent respectively.