Sensex Up 250 Points, Nifty Above 17,850 Ahead Of RBI Policy Decision
NDTV
Tata Motors was top Nifty gainer, the stock rose 4 per cent to hit fresh 52-week high of Rs 398, on top of Thursday's over 10 per cent jump,.
The Indian equity benchmarks moved higher on Friday ahead of the Reserve Bank of India's monetary policy decision due later in the day. The Sensex rose as much as 297 points and Nifty 50 index was trading firmly above its important psychological level of 17,850 led by gains in Tata Motors, Reliance Industries, Infosys, Larsen & Toubro and Tata Consultancy Services. Meanwhile, Asian shares rose on Friday as Chinese shares returned from a one week holiday upbeat, tracking a global rally, while investors also eyed key US jobs data for any fresh insight into the timing of Federal Reserve tapering.
As of 9:21 am, the Sensex rose 176 points to 59,854 and Nifty 50 index advanced 88 points to 17,878.
The monetary policy committee is widely expected to maintain status quo on the repo rate in order to support growth, but some analysts see a slim possibility of a token increase in the reverse repo rate.
Market participants will keep an eye on Reserve Bank's guidance on liquidity withdrawal, given that surplus cash in the banking system recently topped Rs 10 lakh crore mark.
