Sensex scales 45k for first time on policy boost
Mumbai: Equity benchmarks rallied to record highs on Friday after the RBI left the policy rates unchanged but maintained its accommodative stance and revised upwards the growth forecast for this fiscal.
Breaching the 45,000-mark for the first time, the 30-share BSE Sensex surged 446.90 points or 1 per cent to finish at 45,079.55. Intra-day, it touched a lifetime peak of 45,148.28.
Similarly, the broader NSE Nifty touched a new high of 13,280.05 during the session, before finishing 124.65 points or 0.95 per cent higher at 13,258.55 - its record closing high.
Rate-sensitive banking, financials, realty and auto stocks rallied after the policy announcement. ICICI Bank was the top gainer in the Sensex pack, spurting 4.20 per cent, followed by UltraTech Cement, Sun Pharma, Bharti Airtel, HUL, SBI, L&T, Axis Bank and IndusInd Bank. "RBI's decision to keep policy rates unchanged and maintain an accommodative stance for the current and upcoming year is well taken by the market. The possibility for a further rate cut in the near term can be ruled out considering the elevated levels of inflation," said Vinod Nair, Head of Research at Geojit Financial Services.