Mumbai. Domestic stock markets closed higher on Friday after the Reserve Bank of India (RBI) proposed to keep policy interest rates stable and approve lending to ‘Real Estate Investment Trusts’ (REITs). Sensex gained 266 points while Nifty gained 51 points.
Due to buying in the last phase of the trading session, BSE’s 30-share benchmark index Sensex rose 266.47 points, or 0.32 percent, to close at 83,580.40. During trading, the Sensex saw a sharp rise of 655.05 points from the day’s low of 82,925.35.
At the same time, NSE’s 50-share standard index Nifty closed at 25,693.70 points with a gain of 50.90 points or 0.20 percent. There was a lot of volatility in the market during trading. The RBI decided to keep the repo rate unchanged at 5.25 percent in its bi-monthly monetary policy review.
The decision was taken unanimously in the six-member Monetary Policy Committee (MPC) of the central bank. Along with this, RBI also maintained its neutral monetary stance, which indicates that there is little possibility of change in rates at present.
Among Sensex companies, ITC recorded the highest rise of 5.09 percent. Apart from this, shares of Kotak Mahindra Bank, Hindustan Unilever, Bharti Airtel, Bajaj Finance, Power Grid and Bajaj Finserv were also in gain.
On the other hand, shares of Tata Consultancy Services (TCS), Tech Mahindra, Adani Ports, Asian Paints, Eternal and HCL Tech closed with a falling trend. RBI Governor Sanjay Malhotra informed about the proposal to approve lending to REITs to promote financing in the real estate sector.
However, banks will be given this approval only with certain prudential safeguards. This announcement is expected to provide long-term financial support to the real estate and credit ecosystem. In other markets of Asia, South Korea’s Kospi, China’s Shanghai Composite and Hong Kong’s Hang Seng were in loss, while Japan’s Nikkei closed with gains. Most European markets were showing a bullish trend in afternoon trading. American markets closed with a decline on Thursday.
Vinod Nair, head of research, Geojit Investments Limited, said, “Most of the time there was soft trading in the domestic stock markets, but in the last part of the session, the indices rose due to buying in the shares of FMCG and private banks.” Nair described the monetary policy of RBI as per expectations and said that it has given positive signals regarding growth.
According to stock market data, foreign institutional investors (FIIs) sold shares worth Rs 2,150.51 crore on Thursday. Meanwhile, international oil benchmark Brent crude rose 1.20 percent to $68.34 per barrel. On Thursday, Sensex was at 83,313.93 points with a loss of 503.76 points and Nifty slipped by 133.20 points at 25,642.80 points.
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