Bajaj Finance was the top gainer in the Sensex pack, gaining 3.14 per cent. UltraTech Cement, Reliance Industries, Infosys and Bajaj Finserv were major gainers. L&T declined the most by 1.62%, followed by Bharti Airtel, Axis Bank, Kotak Bank and Hindustan Unilever. , Photo Credit: Reuters
Benchmark equity indices Sensex and Nifty closed with gains of over 0.5% each on Wednesday following buying in IT, financial and oil stocks. RBI slows down rate hike,
The 30-share BSE Sensex ended its two-day losing streak to close at 60,663.79, up 377.75 points or 0.63%, with gains in 24 scrips.
The broader NSE Nifty ended 150.20 points, or 0.85%, higher at 17,871.70 led by rally in Adani Enterprises, Adani Ports and HDFC Life.
Vinod Nair, Head of Research, Geojit Financial Services, said, “Bulls captured the markets as RBI’s MPC meeting saw a small rate hike in line with market expectations. RBI has taken a more optimistic view on domestic growth by raising GDP ” Forecasts cautiously keeping CPI inflation at 5.3% for FY24″.
Bajaj Finance was the top gainer in the Sensex pack, gaining 3.14 per cent. UltraTech Cement, Reliance Industries, Infosys, Wipro, HCL Tech, TCS, Bajaj Finserv, Tata Motors, Tech Mahindra, Titan and Maruti were among major gainers.
L&T declined the most by 1.62%, followed by Bharti Airtel, Axis Bank, Kotak Bank and Hindustan Unilever.
The Reserve Bank of India slowed the pace of interest rate hike for the second time in a row when it raised borrowing costs by 25 basis points as expected on Wednesday.
The RBI projected retail inflation to ease to 5.3% in the next fiscal from 6.5% this year on assumptions of lower imported inflation.
It raised its GDP growth forecast to 7% from 6.8% for FY23 and pegged the growth rate for the next fiscal at 6.4%.
Shares in Asia were mixed on Wednesday, as US stocks edged higher after comments from the Federal Reserve chairwoman signaled that a strong jobs report by itself would not sway its stance on an interest rate hike.
Hong Kong, Sydney and Seoul rose while Tokyo and Shanghai declined. US futures turned lower while oil prices were little changed.
Foreign institutional investors (FIIs) were net sellers in the capital market on Tuesday as they sold shares worth Rs 2,559.96 crore, according to exchange data.