Conventionally, rate sensitive stocks tend to move up when RBI reduces interest rate as the cut in turn will boost credit growth in the banking system, there by giving more money in the hands of customers.
Budget 2019 India: Foreign portfolio investors (FPIs) have pared their portfolios for 13 straight sessions, selling shares worth $1.62 billion since July 5 — sales in the last three sessions have crossed $500 million.
The Mukesh Ambani-led Reliance Industries (RIL), which was about half the size of Indian Oil Corporation (IOC) till nearly 11 years ago, has displaced the public sector refiner as the biggest company by revenue.
The Sensex gained a smart 537.29 points or 1.44% to close at 37,930.77, suggesting investors are pricing in the formation of a stable government. The broader Nifty rallied 150.05 points, or 1.33%, to end the session at 11,407