Though the RBI’s December monetary policy did not have many positive surprises, the equity markets welcomed the Monetary Policy Committee’s decision to hold the repo rate at 6.5% by surmounting new peaks.
The NSE Nifty crossed 21,000 level for the first time for a brief period after the policy announcement.
The BSE Sensex also touched an all-time high of 69,888 around 10:30 AM as the RBI governor announced a revision of the FY24 GDP growth estimate to 7%, 50 basis points higher than its earlier estimate of 6.5%.
By the time of writing this report, both the benchmark indices Nifty and Sensex had stelled below their all-time high levels with 0.4% gains.
The Nifty was trading at 20,978 at 11.45 am, up 77 points from previous day’s close. Sensex was trading at 69,815, up 293 pints around 11:45 am.
Nifty Bank was up 0.5% at 47,069, while Nifty Financial Services was up 0.54% at 21,136.
HDFC bank was the biggest gainer at the time of filing of this report with 1.33% upward move. The stock was trading at Rs 1,652. IDFC First Bank was up 0.9%, ICICI and IndusInd Bank were up 0.5%.
However, the biggest gainers in Nifty were not the banking or financial sector stocks. HCLT Tech with a 3% up move was the biggest gainer in Nifty at the time of filing of this report, followed by JSW Steel with 2.86% gain and LTI Mindtree with 2.54% gain.
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