Sensex surges over 1000 points, RBI's 50-bps hike focus

Market Closing Updates: Stocks rose on Weekended Friday with a focus of the Reserve Bank of India's consistent monetary policy action.

 The benchmark indices ended their seven-day losing skid after the RBI's announcement of a 50-basis point repo rate increase and statement highlighting the resiliency of the Indian economy.

The BSE Sensex rose 1,313 points during the day at the index level before easing off somewhat to close at 57,427, up 1,017 points or 1.8 percent. ON the other hand, the NSE Nifty50 drew ever closer to the 17,200 barriers before closing at 17,094, up 276 points or 1.64 percent.

Hindalco, Bharti Airtel, IndusInd Bank, Bajaj Finance, Kotak Bank, Titan, HDFC Bank, Bajaj Finserv, Tata Steel, and ICICI Bank were among the companies that closed in the green.

26 stocks of the 30 Sensex constituents and 41 of the 50 Nifty pack closed in the positive zone. The rise in these shares ranged from 2 percent to 5.6 percent.

Asian Paints, Coal India, Dr. Reddy's Labs, Britannia, Adani Enterprises, and ITC were on the list of losers.

The Nifty PSU Bank, Private Bank, and Financial Services sectors all saw gains of roughly 3 percent each, followed by the Nifty Metal, and up by 2 percent apiece.

The Reserve Bank of India (RBI)’s Monetary Policy Committee (MPC) announced a 50-basis points hike in the repo-rate to 5.90 percent on Friday to bring elevated inflation back to its target. Taking Friday’s rate hike into consideration, the Monetary Policy Committee has hiked the benchmark policy rate by 190 bps in the current financial year. 

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