Markets back in Green after RBI pauses interest rate hikes

6 Apr 2023 , 01:13 AM

During the Thursday afternoon session, Indian shares showed a quick rebound following the announcement of the Reserve Bank of India’s decision to keep the policy rates unchanged.

Governor Shaktikanta Das of the RBI referred to the ‘turmoil in the global economy and unparalleled uncertainty in geopolitics’ as reasons for maintaining the policy rates.

He also mentioned that the central bank is closely monitoring the economic outlook and the influence of policy measures on the overall economy.

There was widespread anticipation that the RBI would increase rates by 25 basis points (bps), raising the repo rate to 6.75%, which would be the highest it has been in seven years, before taking a break for the remainder of the year.

On the sectoral front, Nifty metal stocks are trading with a nearly 1% uptick. Heavyweight IT stocks are trading under pressure. All other major sectoral indices are trading higher.

At around 1.10 PM, BSE Sensex is trading 195 points higher at 59,885. NSE Nifty is up by 60 points at 17,616.

Adani Enterprises (+5.01%) is the top NSE gainer today with a 5% uptick. Bajaj Finance (+2.67%) and Bajaj Finserv (+2.29%) both are trading nearly 3% higher. Adani Ports (+2.08%) and IndusInd Bank (+1.98%) are trading 2% higher.

HCL Tech (-1.72%) is the top NSE loser. ONGC (-1.14%) and Tech Mahindra (-1.01%) are trading 1% lower. Nestle India (-0.68%) and Britannia (-0.64%) joined the laggards with a marginal downside.

A total of 33 stocks advanced on the nifty index today, 14 declined, and 3 remain unchanged.

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