Breaking 3-day losing streak, indices rise as RBI keeps rates, stance unchanged
Mumbai, April 8, 2022
After sliding for three consecutive sessions, Indian equity indices settled high on Friday as the Reserve Bank of India's Monetary Policy Committee (MPC) kept policy rates unchanged, besides retaining its "accomodative" stance.
In the first monetary policy review of FY 23, the RBI retained the key short-term lending rate for commercial banks at 4 per cent.
The Sensex settled at 59,447.18 points, up 412.23 points or 0.70 per cent, whereas the Nifty closed at 17,784.35 points, up 144.80 points or 0.82 per cent.
"Market was cautious during the last 2-3 days ahead of the RBI meeting and its future policy stance. Measures being in-line with market expectations led to a relief rally. The focus has shifted to the Q4 earnings season, which will start next week, initiated by the IT & banking sector," said Vinod Nair, Head of Research at Geojit Financial Services.