Nifty, Sensex Winning Streak Extends As Market Cheers RBI Monetary Policy

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Nifty, Sensex Winning Streak Extends As Market Cheers RBI Monetary Policy
Credit: © Reuters.

By Malvika Gurung -- Enthused by the Reserve Bank’s status quo on key monetary rates and hold on accommodative stance, the Indian equity benchmarks continued their winning streak for the third consecutive session.

Post the RBI’s policy announcement, banking and financial stocks rose. Metal and IT stocks also witnessed buyings, while losses in oil and gas stocks pulled the market lower. In addition, strong cues from global markets also supported the bullish tone on Thursday’s session.

Domestic benchmarks Nifty 50 and Sensex ended 0.81% and 0.79% higher, respectively. The broadest market index Nifty 500 outperformed the headline indices, rising 1.64%.

Motilal Oswal (NS: MOFS ) read RBI’s decision of holding policy rates as being more focused on domestic macro variables, compared to its global peers, like the Fed which has indicated taking multiple rate hikes in the year.

While Dalal Street welcomed RBI’s super dovish stance and modest inflation forecast and GDP growth of 7.8% in FY23, the market is likely to get influenced by the US inflation figures for January 2022 scheduled today, in the short to medium term, stated head analyst at Geojit Financial Services.

All sectoral indices on the Nifty basket, except Nifty Auto and Nifty PSU Bank , ended in green. Nifty Metal gained 1.24%, while Nifty IT rose over 1%. Nifty Bank and Nifty Financial Services also gained over 1%.

74% of stocks listed on the Nifty50 index ended in green, led by ONGC (NS: ONGC ) and Tata Steel (NS: TISC ), up 3.63% and 2.04%, respectively, while Indian Oil Corporation (NS: IOC ) and Maruti Suzuki (NS: MRTI ) India slumped 1.7% and 0.9%, respectively.

On the 30-scrip Sensex, only 5 stocks ended in red. Among the blue-chip gainers, top stocks besides ONGC and Tata Steel included Infosys (NS: INFY ), SBI (NS: SBI ) Life Insurance (NS: SBIL ), HDFC Bank (NS: HDBK ), Grasim Industries (NS: GRAS ), Kotak Mahindra Bank (NS: KTKM ) and Mahindra & Mahindra (NS: MAHM ).

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