RBI kept rates unchanged and the choppy markets rose to end the day on a positive note. The markets were taken aback not by the decision to hold rates, rather the reasons given by the RBI for the decision. The central bank stated that inflation would rise to 7 percent from its previous number of 6.5 percent and that the GDP for FY12-13 would be lowered to 6.5 percent from 7.3 percent. Eurozone market stability before the ECB meet saw Indian markets rise before today’s close.
The Sensex closed 92.5 points (0.54%) higher at 17236.18 points, with highs of 17253.67 and a lows of 17004.09 in intraday trade today. The Nifty closed 27.2 points (0.52%) higher at 5227 points on highs of 5234.55 and a lows of 5154.05 points.
Among the sectoral indices on the BSE, the Midcaps closed 0.71 percent higher and the Small Caps inched higher by 0.11 percent. The Oil & Gas Index rose 1.89 percent, the Realty Index upped 1.24 percent, Healthcare Index advanced 0.85 percent. However, Bankex was down 0.21 per cent on account of RBI’s stance and the Power Index declined 0.21 percent.
Globally, Asia closed higher on hopes of a stimulus provision from Europe’s banks. Europe, too, followed on the same news as it is trading marginally higher.
Power outage in North India dominated news again which is why the BSE Power Index declined.
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(Economic Times, Business Standard and CNBC)
Categories: General News