India's share market extended gains after opening higher on Thursday with the benchmarks BSE Sensex and NSE Nifty rising nearly 1% following the repo rate hike by the RBI's Monetary Policy Committee.
India’s share market extended gains after opening higher on Thursday with the benchmarks BSE Sensex and NSE Nifty rising nearly 1% following the repo rate hike by the RBI’s Monetary Policy Committee. In the three-day MPC meeting concluded on Wednesday, the Reserve Bank of India raised the key repo rates for the first time in the four-year period of Narendra Modi. Following RBI’s move, most of the rate-sensitive stocks ended higher on Wednesday with shares of SBI and PNB rising more than 1%.
The S&P BSE Sensex added 331.75 points to hit a day’s top of 35,510.63 whereas NSE Nifty surged 100.55 points to mark the day’s high of 10,785.2 on Thursday. Shares of heavyweight companies such as Axis Bank, ICICI Bank, Adani Ports, Tata Steel, Wipro, Yes Bank, Kotak Mahindra Bank, Reliance Industries (RIL), Asian Paints, HUL, ONGC and Bharti Airtel emerged as the top gainers among the components of BSE Sensex today. These 12 stocks advanced more than 1% each leading the rally in the key equity indices.
Shares of RIL, ICICI Bank, Infosys, HDFC, Axis Bank, HDFC Bank, Kotak Mahindra Bank, HUL, TCS and ITC contributed the most to the Sensex uptick. On a collective basis, these 10 stocks alone added more than 200 points to Sensex. At the time of writing, the shares of Power Grid and Coal India were the only two which were trading in negative territory.
Shares of Avanti Feeds, Time Technoplast, Prestige Estates Projects and ABB India were the top gainers among the ‘A’ group of BSE today while Kwality, Vakrangee, Shriram City Union Finance and VA TechWabag were the top laggards. Up until 11:12 am, 2,359 stocks were traded out of which 1,776 scrips advanced and 502 scrips declined while 81 remain unchanged.