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Markets in a super rally after RBI maintains status quo; Sensex tops over 800 pts, Nifty 50 above 17,400; Bajaj twins, TCS, HCL Tech, RIL, HDFC Bank outshine

RBI leaves the policy repo rate unchanged for the ninth consecutive time at 4%.

December 08, 2021 10:10 IST | India Infoline News Service
Market Up
Indian markets traded on a bull run during Wednesday's early bell after the Reserve Bank of India (RBI) maintained the status quo in the bi-monthly monetary policy of the country, keeping the repo rate unchanged at 4%. A broad-based buying was recorded across sectoral indices that drove Sensex to near 58,500-mark and Nifty 50 almost shy of 17,425.

IT and Banking stocks led the rally with substantial gains also witnessed in capital goods, consumer durables and oil & gas stocks. The status quo in monetary policy is on expected lines as the focus is shifted towards new Omicron virus variant uncertainties.

At around 10.06 am, Sensex was trading at 58,441.47 up by 807.82 points or 1.40%. The index has touched an intraday high of 58,495.46.

Nifty 50 traded at 17,407.95 higher by 231.25 points or 1.35%. The index has clocked the day's high of 17,424.65.

In terms of sectoral indices, on BSE, the IT index climbed over 725 points or 2%. The Bankex index soared over 605 points or 1.45%, while the Capital Goods and Oil & Gas index surged more than 1% each. Consumer Durables climbed nearly 335 points.

On Sensex, Bajaj Finance and HCL Tech were the top bulls surging nearly 3% followed by Bajaj Finserv soaring 2.5%. Infosys and ICICI Bank advanced more than 2% each.

L&T, SBI, Bharti Airtel, Tech Mahindra, Reliance Industries, IndusInd Bank, HDFC Bank, IndusInd Bank, TCS, Axis Bank and Sun Pharma soared between 1-2%.

Maruti Suzuki was the only bear on Sensex but with a marginal downside.

RBI leaves the policy repo rate unchanged for the ninth consecutive time at 4%. Likewise, the reverse repo rate under the LAF remains unchanged at 3.35% and the marginal standing facility (MSF) rate and the Bank Rate at 4.25%.

Further, the MPC also decided to continue with the accommodative stance as long as necessary to revive and sustain growth on a durable basis and continue to mitigate the impact of COVID-19 on the economy, while ensuring that inflation remains within the target going forward.

These decisions are in consonance with the objective of achieving the medium-term target for consumer price index (CPI) inflation of 4 per cent within a band of +/- 2 per cent, while supporting growth.

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