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Market Closes Positively, Sensex Gains 1000 Points Post RBI Interest Rate Hike


Stocks

oi-Jalaj Jain

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The markets have closed positively, and the benchmark indices of the Indian market have surged rapidly in today’s trading session. Bank, Finance, Energy, and Realty sector have dragged the markets to a positive move; however, FMCG and IT sector underperformed during the starting period but closed positively in the market.

Overall the top gainers of the market are from the banking, finance, and Realty sector. The top gainers of the Nifty 50 index were, Hindalco (5.41%), Bhartiartl(4.62%), Indusindbnk (3.87%) and the top losers from the Nifty 50 sector today were Asian paint(-1.19%), Dr Reddy (-0.85), and Adani Enterprises (-0.83%).

The Global sentiments haven’t affected the Indian index today as the market was driven by the news today. The RBI has hiked interest rates by 50 basis points as expected by most experts and analysts, and RBI governor Shaktikanta Das looked optimistic about India’s economic growth.

While explaining the rationale behind the 50 basis point hike: “This action will support medium-term growth prospects. Accordingly, the MPC decided to increase the policy repo rate by 50 basis points to 5.9% and remain focused on withdrawing accommodation while supporting growth.”

Markets have seen a huge upside after a sharp fall which shows huge volatility in the markets and is surrounded by all the global bearish sentiments; the markets are expected to continue the volatility in the upcoming trading sessions.

Story first published: Friday, September 30, 2022, 15:35 [IST]



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