Indian equity benchmarks extended gains after the Reserve Bank of India’s Monetary Policy Committee kept the repo rate at a record low of 4 per cent and maintained an accommodative policy stance to support growth for as long as necessary. The Sensex shed 862 points or 1.5 per cent and the Nifty 50 index moved above its crucial psychological level of 17,400, led by gains in banking, financial services and information technology stocks.
As of 10:11 am, the Sensex was up 820 points at 58,453 and the Nifty 50 index was up 238 points at 17,414.
RBI’s benchmark interest (repo) rate currently stands at 4 per cent and reverse repo rate at 3.35 per cent. The central bank has kept key lending rates unchanged for the ninth time.
RBI Governor Shaktikanta Das said the MPC unanimously voted to maintain the stance needed to maintain rates and push growth to ensure inflation is under control as long as possible.
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