Good day at the stock markets with equity investors celebrating key RBI decision
Equity investors on Dalal Street became mark>richer by over Rs 2.5 lakh crore today. This is because the equity market was happy over the Reserve Bank of India's decision to keep interest rates unchanged. This gave domestic lenders some space to absorb their loan losses.
A strong opening in European markets added to the happy mood.
The BSE Sensex climbed 577 points, or 1.75% to end the day at 33,596.
The NSE’s Nifty index jumped 196 points, or 1.94%. to 10,325.
As many as 48 stocks closed well, with Hindalco gaining the most at 6.52%.
The RBI kept the key policy rate unchanged at 6% for the fourth consecutive time since August last year because of the uncertainties around inflation.
The services has come back to its growth track in March thanks to greater inflows of new work.
Experts say that there has been consistent improvement in certain indicators and better than expected third quarter GDP, pick up in the manufacturing sector and industrial production, excellent auto sales numbers, and pick up in credit growth.