Sensex, Nifty Rally As RBI Surprises With Jumbo Rate Cut

RTTNews | 4 days ago

(RTTNews) - Indian shares rallied on Friday as the Reserve Bank of India (RBI) surprised the market with a 50 basis points (bps) cut in the benchmark repo rate to 5.5 percent, slashed the cash reserve ratio (CRR) by 100 basis points to 3 percent, and also trimmed its inflation forecast for the year by 30 basis points to 3.7 percent.

The CRR cut alone is estimated to release Rs. 2.5 lakh crore into the financial system and boost economic growth.

RBI governor Sanjay Malhotra said the changes in growth-inflation dynamics call for not only continuing with the policy easing but also frontloading the rate cuts to support growth.

Traders also reacted positively to new reports that suggested the U.S. and China will resume trade talks in hopes of breaking an impasse over tariffs and global supplies of rare earth minerals.

The benchmark S&P/BSE Sensex jumped 746.95 points, or 0.92 percent, to 82,188.99 while the broader NSE Nifty index closed at 25,003.05, up 252.15 points, or 1.02 percent, from its previous close.

The BSE mid-cap and small-cap indexes gained 0.9 percent and 0.4 percent, respectively.

The market breadth was strong on the BSE, with 2,282 shares rising while 1,741 shares declined and 133 shares closed unchanged.

Rate-sensitive stocks topped the gainers list, with Bajaj FinServ, IndusInd Bank, Maruti Suzuki India, Axis Bank and Bajaj Finance surging 2-5 percent.

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RTTNews | 1h 34min ago

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RTTNews | 1h 40min ago

Canadian Dollar Appreciates Amid Risk Appetite

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RTTNews | 2h 21min ago

Swiss Market Ends Marginally Down

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RTTNews | 3h 46min ago

European Stocks Close On Mixed Note

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RTTNews | 4h 2min ago

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RTTNews | 5h 9min ago

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RTTNews | 5h 45min ago

Eurozone Investor Confidence Strongest In A Year: Sentix

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RTTNews | 8h 40min ago

EURUSD	1.14226	GBPUSD	1.34947	AUDUSD	0.65229
USDJPY	144.845	USDCAD	1.36695	USDCHF	0.82217

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Sensex, Nifty Rally As RBI Surprises With Jumbo Rate Cut