New Delhi: Indian stock indices continued to rise on Thursday after the Reserve Bank of India (RBI) kept its key rate unchanged to support economic growth. The central bank’s Monetary Policy Committee (MPC) held the lending rate, or repo rate, at 4 percent and the reverse repo rate, or key borrowing rate, at 3.35 percent.
The 30-share BSE rose 460 points, or 0.79 percent, to settle at 58,926, while the broader NSE Nifty moved 142 points, or 0.81 percent, to close at 17,606. Both indices are up more than 2 percent in three consecutive trading sessions.
Mid and small cap stocks ended positively as the Nifty Midcap 100 index rose 0.29 percent and small cap stocks rose 0.47 percent.
13 of the 15 sector meters – compiled by the National Stock Exchange – came out in green. Nifty Metal outperformed the index with an increase of 1.24 percent.
On a stock-specific front, ONGC was the best riser as the stock rose 3.63 percent to Rs 169.90. Tata Steel, Infosys, SBI Life and HDFC Bank were also among the winners.
By contrast, Maruti Suzuki India, Indian Oil Corp, Shree Cement, UltraTech Cements and Adani Ports were among the losers.
Also, Adani Wilmar rose a whopping 19.98 percent to reach the upper circuit cap of Rs 381.80, valuing the company at Rs 49,621 crore. The stock is up about 66 percent in just three sessions from the issue price of Rs 230.
“The market witnessed some strong trends and an attempt to keep the support level around the Nifty 50 index level of 17,600. While maintaining above 17,400 is the most important factor from a short-term perspective, market research suggests it is important to stay above this level. level for the market to gain momentum and extend the rally to 18,000,” said Vijay Dhanotiya, Category Lead – HNI Products at CapitalVia Global Research Limited.
Overall market size was slightly weak positive as 1,568 shares rose, while 1,769 fell on BSE.
On the 30-share BSE platform, Tata Steel, Infosys, HDFC twins (HDFC and HDFC Bank), Kotak Mahindra Bank, M&M and PowerGrid achieved the most profits with a 1.96 percent increase. Maruti, Nestle India, Reliance Industries and Titan were among those left behind.