Business
Indian shares hold gains after RBI keeps rates steady as expected – Times of India
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BENGALURU: Indian shares held steady on Friday after the Reserve Bank of India stayed pat on key interest rates as expected.
The NSE Nifty 50 index was up 0.32% at 19,608.50, as of 10:22 a.m. IST, and the S&P BSE Sensex rose 0.29% to 65,821.50.
The RBI‘s rate-setting committee kept the key lending rate steady at 6.50%. The central bank also maintained its policy stance of “withdrawal of accommodation” to bring inflation within its target band.
The RBI governor retained inflation projection at 5.4% for fiscal 2024, but cautioned that inflation trajectory will be shaped by global food and energy prices, as well as El-Nino conditions.
All the 13 major sectoral indexes advanced, with rate sensitive stocks like realty, auto and financials adding between 0.35% and 1%.
The more domestically-focused mid-caps and small-caps gained 0.4% and 0.7%, respectively.
The NSE Nifty 50 index was up 0.32% at 19,608.50, as of 10:22 a.m. IST, and the S&P BSE Sensex rose 0.29% to 65,821.50.
The RBI‘s rate-setting committee kept the key lending rate steady at 6.50%. The central bank also maintained its policy stance of “withdrawal of accommodation” to bring inflation within its target band.
The RBI governor retained inflation projection at 5.4% for fiscal 2024, but cautioned that inflation trajectory will be shaped by global food and energy prices, as well as El-Nino conditions.
All the 13 major sectoral indexes advanced, with rate sensitive stocks like realty, auto and financials adding between 0.35% and 1%.
The more domestically-focused mid-caps and small-caps gained 0.4% and 0.7%, respectively.
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