Market indices extend gains post RBI policy

Mumbai: Market indices extended gains from the previous closing on account of the Reserve Bank of India (RBI) monetary policy statement released on Wednesday.

BSE’s Sensex traded 319.18 points higher at 35,498.06, while Nifty inched closer to the 10,800 mark, trading at 10,780.50 at the time of filing this report.

Around 1710 shares advanced, 463 shares declined, and 98 shares remained unchanged, according to moneycontrol.

Among top gainers are Axis Bank, Tata Steel and Vedanta, while Airtel, Tech Mahindra and Titan incurred significant losses.

Meanwhile, the Indian Rupee dipped from its opening figure of Rs.66.93 to Rs. 67.09 against one US dollar.

On Wednesday, the RBI hiked the repo rate and reverse repo rate to 6.25 percent and 6 percent respectively.

Maintaining a neutral stance, the central bank’s six-member Monetary Policy Committee (MPC), in its statement reiterated its commitment to achieving the medium-term target for headline inflation of four percent on a durable basis.

“GDP growth is projected in the range of 7.5-7.6 percent in H1 and 7.3-7.4 percent in H2, with risks evenly balanced,” the statement read. (ANI)