Sensex, Nifty Gain As RBI Retains Growth, Inflation Forecasts
(RTTNews) - Indian shares closed Friday's session higher after the Reserve Bank of India (RBI) left its benchmark interest rate unchanged, as widely expected, and retained its real GDP growth and inflation forecasts for FY24 at 6.5 percent and 5.4 percent, respectively.
Falling oil prices also supported sentiment as investors braced for the crucial September U.S. jobs report later in the day, which is likely to show a slowdown in hiring.
The U.S. jobs report due out later in the day as well as next week's inflation data may provide additional clues as to the path forward for Federal Reserve interest rates.
The benchmark S&P BSE Sensex climbed 364.06 points, or 0.55 percent, to 65,995.63 while the broader NSE Nifty index settled 107.75 points, or 0.55 percent, higher at 19,653.50.
Bajaj twins led the rally, with Bajaj Finance rallying 3.8 percent after announcing fund raising plans. Group firm Bajaj FinServ soared 5.6 percent.
Among other prominent gainers, Tata Consumer Products, IndusInd Bank and Titan Company rose 2-3 percent.
The Indian rupee was flat at 83.24 against the dollar.
India's benchmark bond yields jumped the most in 14 months today after the RBI talked tough on inflation and said it would consider selling bonds to soak up excess funds from the financial system.
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