Sensex rises over 600 points after RBI keeps lending rates unchanged
Sensex
The Sensex finally closed 577.73 points (1.75%) up at 33,596.80, while the Nifty closed 196.75 points (1.94%) up at 10,325.15
The BSE Sensex rose over 600 points after the Reserve Bank of India kept its repo rate unchanged at 6 per cent. The reverse repo rate was also kept unchanged at 5.75 per cent.
The Nifty meanwhile rose over 200 points.
The bank had been expected to stick to its 'neutral' stance to support an early recovery in economic growth as inflation eases.
The Sensex finally closed 577.73 points (1.75%) up at 33,596.80, while the Nifty closed 196.75 points (1.94%) up at 10,325.15.
The stock market had been rising Thursday even before the central bank announced its new rates.
The shares were tracking global equity markets that recovered after fears of a Sino-US trade war eased, with metal stocks such as Hindalco Industries Ltd and banks such as ICICI Bank Ltd among top gainers.
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The United States expressed willingness to negotiate a resolution to the trade dispute with China after Beijing retaliated against proposed US tariffs on $50 billion in Chinese goods by targeting key American imports.
"All sectors which were impacted yesterday, including metals, are recovering today mainly because the fears of escalation in trade wars have receded, at least for the time-being," said Deepak Jasani, head of retail research at HDFC Securities.
(With inputs from Reuters)