RBI hopefully cut rate, earnings season lift Indian market
RBI hopefully cut rate, earnings season lift Indian market. Sensex surged 111 points to 32,687 and Nifty makes records with a high of 10,138, as rate cut hopes from RBI are expected.
The six-member Monetary Policy Committee headed by RBI governor Urjit Patel will announce the decision on rate-setting today. Bankers are expecting RBI to change its monetary stance and cut lending rates by a minimum of 0.25%.
The 30-share Sensex steamed by 111.31 points, or 0.34 per cent, to hit a high of 32,686.48, breaking its own records of 32,672.66 on July 27. The 50-share NSE Nifty advanced 23.20 points, or 0.22 per cent with a fresh high of 10.137.85.
The gauge had gained 265.29 points in the past two sessions.
Sectoral indices, led by bank, auto, realty, power, consumer durables, IT and PSU, were trading in the positive zone with gains of up to 0.70 per cent.
With a rise up to 2.40 per cent, NTPC, Lupin, Hero MotoCorp, Reliance Industries and Bharti Airtel were among the top performers.
—PTC News
