Domestic benchmark indices began the trading session on Friday in the green. The S&P BSE Sensex gained more than 150 points at the open, rising 0.24 percent to 58,500, while the NSE Nifty 50 index crossed 17,400. Bank Nifty was trading above 37,800, while the India VIX was trading in the red, just above 19 levels.
Reliance Industries led the Sensex laggards, falling 0.90 percent, followed by Maruti Suzuki India, Nestle, and HDFC. Ultratech Cement was the top gainer, up 1.68 percent, followed by Bharti Airtel and Larsen & Toubro. Bank stocks were in the spotlight ahead of the RBI’s monetary policy committee decision.
RBI Governor Shaktikanta Das announced today that the MPC unanimously decided to raise rates by 50 basis points to 5.4 percent. The MPC stated that it is focused on withdrawing its accommodation stance, according to RBI Governor Das.
“With inflation expected to remain above the upper tolerance threshold in Q2 and Q3 of the current financial year, the MPC stressed that sustained high inflation could destabilise inflation expectations and harm growth in the medium term” , RBI Governor Shaktikanta Das said while announcing the policy decision.
RBI Governor Das said that India’s foreign exchange reserves are still strong, and are the 4th highest globally.
