Sensex, Nifty, Stock Market Today: Indices settle with marginal good points, Sensex rises 89 factors on RBI price hike
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Stock Market Today: The topline fairness indices on BSE and National Stock Exchange (NSE) trimmed their intraday good points and ended marginally increased on Friday after the Reserve Bank of India (RBI) hiked its repo price by 50 foundation factors (bps).
The S&P BSE Sensex rose 89.13 factors (0.15 per cent) to finish at 58,387.93, whereas the Nifty 50 settled at 17,397.50, up 15.50 factors (0.09 per cent). Both the indices had opened round 0.2 per cent increased earlier within the day and prolonged their good points after RBI Governor Shaktikanta Das introduced the central financial institution’s choices with the Sensex hitting a excessive of 58,649.19 and the broader Nifty touching 17,474.40. However, they trimmed their good points within the afternoon offers and settled with marginal good points.
On the Sensex pack, UltraTech Cement, ICICI financial institution, Bharti Airtel, Power Grid Corporation of India, Infosys and Wipro had been the highest gainers on Friday. In distinction, Mahindra & Mahindra (M&M), Maruti Suzuki India, Reliance Industries (RIL), IndusInd Bank, Bajaj Finserv and State Bank of India (SBI) had been the highest laggards.
Among sectoral indices, the Nifty IT index rose 0.64 per cent and Nifty financial institution inched up 0.44 per cent. On the opposite hand, Nifty Auto index fell 1.09 per cent, Nifty Consumer Durables declined 1.09 per cent.
In the broader market, S&P BSE MidCap index rose 20.83 factors (0.09 per cent) to finish at 24,479.05 whereas the S&P BSE SmallCap settled at 27,605.08, up 63.56 factors (0.23 per cent).
“Despite the rate hike being on the higher side of the expectations, the market welcomed the RBI’s move of 50 basis hike with rising bond yields. Even though metals prices are softening, RBI decided to keep FY23 inflation targets unchanged at 6.7 per cent, which is above the tolerance level. However, given that Q3 and Q4 inflation is anticipated to be between 4.0 per cent and 4.1 per cent, the market is hopeful for the future,” mentioned Vinod Nair, Head of Research at Geojit Financial Services.
