Sensex hits an all time high; Bank stocks in focus as RBI decides to retain key policy rates

According to the Governor, this accommodative stance will continue till the end of this fiscal year ended March 2021.

Dec 04, 2020 10:12 IST India Infoline News Service

Stock Market Jump
While the benchmarks ended flat in yesterday's trade, today on Friday they picked up and are trading in the green. The RBI Governor Shaktikanta Das who has been leading the Monetary Policy Committee decided to not change the key policy rates. According to the Governor, this accommodative stance will continue till the end of this fiscal year ended March 2021. 

The RBI's decision to not change the repo rate, rate at which RBI lends to banks, had all the sectoral indices trading in the green on NSE, at around 11.10 am. The bank and financial services stocks reacted positively to this news, as well.

At around 11 am, Nifty50 was trading 0.81% higher at 13,240.70, and BSE Sensex rose by 0.82% to 44,999.20. Sensex touched its all time high at 45,023.79 earlier in the day.

Nifty Bank rose by 1.32% while the PSU Bank stocks gained by 1.06%. Financial Services stocks climbed 1.17%. 

The Metal stocks on the NSE jumped by highest, surging my 1.88% in the morning trade. Hindalco Industries led the sectoral index rising by a whopping 5.12%, with SAIL gaining by 3.04% and National Aluminium rising by 2.62%, at its tail.

Media stocks too fared well and recorded a growth of 1.87%. On the Nifty Media index, Dish TV, Jagran and ZEE Limited were the top gainers, climbing by over 3% each.

On the benchmarks, UltraTech Cement rose by 5.20%, Hindalco climbed 5.12%, Grasim gained by 3.29% earning themselves a spot on the list of top gainers. While, Reliance shed 0.83%, Dr Reddy lost 0.54% made it to the top losers list along with HCL Tech, Infosys and HDFC Life.

Related Story