1. Sensex gains nearly 200 points, Nifty reclaims 10,100 level as macro data heavy week concludes

Sensex gains nearly 200 points, Nifty reclaims 10,100 level as macro data heavy week concludes

BSE Sensex jumped 186.31 points to hit the day's high of 32,783.49. All the sectoral indices of NSE traded in the green with Nifty Auto, Nifty Metal, Nifty Realty, Nifty PSU Bank index leading the gains.

By: | Updated: December 7, 2017 10:10 AM
Investors seemed to have taken a sigh of relief after macroeconomic data-packed week ended yesterday with RBI fifth bi-monthly monetary policy keeping the repo rate unchanged at 6%. (Image: Reuters)

Sensex and Nifty opened almost unchanged on Thursday on the back of value buying after an 8-day negation which led the key benchmark indices to drop by 3%. BSE Sensex jumped 186.31 points to hit the day’s high of 32,783.49 while NSE Nifty edged up 60.75 points to mark the day’s high at 10,104.85. Investors seemed to have taken a sigh of relief after macroeconomic data-packed week ended yesterday with RBI fifth bi-monthly monetary policy keeping the repo rate unchanged at 6%. The domestic markets were trading higher with every sector rejoicing the surge. All the sectoral indices of NSE traded in the green with Nifty Auto, Nifty Metal, Nifty Realty, Nifty PSU Bank index leading the gains.

Shares of NTPC, Tata Steel, Maruti, Hero MotoCorp, L&T, and Bajaj Auto leading the charge while Sun Pharma, Wipro and Reliance Industries falling a little in the early trades. The heavyweight shares of L&T, Maruti Suzuki, State Bank of India, ICICI Bank contributed the most to the Sensex gains. Collectively these four stocks alone added about 48 points to the index. The benchmark Sensex gained 17.87points to open at 32,615.05 and the broader Nifty rose 19.35 points to begin at 10,063.45.

Meanwhile, the regional markets were trading mixed with Tokyo’s Nikkei 225 gaining 1.2% to 22,439.19 and Australia’s S&P/ASX 200 rising 0.6% to 5,977.8 while Hong Kong’s Hang Seng index was flat at 28,218.64, the Shanghai Composite index slipped 0.5% to 3,276.66 and South Korea’s Kospi lost 0.4% to 2,464.14. Meanwhile, US markets also ended mixed on Wednesday with the S&P 500 falling a bit, as Microsoft and other technology stocks made modest gains. The Dow Jones Industrial Average ended down 0.16% at 24,140.91 while the S&P 500 lost 0.01% to 2,629.27 whereas the Nasdaq Composite added 0.21% to 6,776.38.

In a major development, the Reserve Bank of India kept the repo rate unchanged at 6% in its latest credit and monetary policy review, as was widely expected given the concerns on the rising headline inflation and firm global crude oil prices. The RBI’s 6% repo rate, last revised in August, is lowest in seven years since November 2010. The GVA (gross value added) forecast for FY18 also kept unchanged at 6.7%. RBI maintains status quo; repot rate unchanged at 6%reverse repo rate at 5.75%, bank rate at 6.25%. “On the basis of an assessment of the current and evolving macroeconomic situation at its meeting today, the Monetary Policy Committee (MPC) decided to keep the policy repo rate under the liquidity adjustment facility (LAF) unchanged at 6.0 per cent,” the central bank said in its policy statement.

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