Business

Share Market’s fall stopped, Sensex climbs 1,017 points, Nifty closes above 17,000

Photo:FILE Share Market

Highlights

  • Sensex jumped 1,016.96 points or 1.80 per cent to end at 57,426.92
  • Nifty also closed at 17,094.35 with a strength of 276.25 points
  • Brent crude rose 1.19 percent to $ 89.54 per barrel

Share Market The BSE Sensex closed higher on Friday after the Reserve Bank’s monetary policy announcement on the fall in the last seven trading sessions. The Reserve Bank of India (RBI) has increased the policy rate repo by 0.5 per cent to 5.9 per cent in the bi-monthly monetary policy review on Friday. Overall, since May, the RBI has increased the repo rate by 1.90 percent. With this, the 30-share BSE Sensex jumped 1,016.96 points or 1.80 per cent to close at 57,426.92, making a comeback after seven consecutive sessions. At one point during trading, it had climbed up to 1,312.67 points. Similarly, the Nifty of the National Stock Exchange also closed at 17,094.35, up 276.25 points or 1.64 per cent.

Indian economy strengthens

Madhavi Arora, Chief Economist, Emkay Global Financial Services, said, “The 0.50 per cent hike in the repo rate by the Monetary Policy Committee is in line with expectations.” Sensex stocks include Bharti Airtel, IndusInd Bank, Bajaj Finance, Titan, Kotak Mahindra Bank. , HDFC Bank and Tata Steel were the major gainers. On the other hand, Dr Reddy’s, Asian Paints, ITC and Hindustan Unilever declined. Santosh Meena, Head of Research, Swastika Investmart Limited said, “RBI has increased interest rates by 0.50 percent as expected. This increase has been made keeping in view the strength of the Indian economy amid concerns arising from the global situation, economic slowdown in the world and aggressive stance of various central banks. Shanghai Composite ended in losses while Hong Kong’s Hang Seng closed higher.

Strong trend in Europe markets

Major markets in Europe were trading strong in early trade. The US markets closed with a big fall on Thursday. Meanwhile, international oil benchmark Brent crude rose 1.19 per cent to $89.54 per barrel. According to the data available in the stock market, the sell-off by foreign institutional investors is continuing. He sold shares worth Rs 3,599.42 crore on Thursday.

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Shivam Bangwal

Shivam Bangwal is an Indian based entrepreneur who is a tech, travel and coding enthusiast with a post graduation degree on Master's of Computer Applications. He is a founder of Youthistaan, People News Chronicle, Hitchhike TV, Branding Panther and many more.
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