After slumping for 3 days, RBI’s accommodative stance helps Market to regain strength

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After sliding for three consecutive days, Indian equity indices closed higher on Friday as the Monetary Policy Committee (MPC) of the Reserve Bank of India kept policy rates unchanged maintaince its “accommodative” stance.

In the first monetary policy review of FY23, RBI retained the key short-term lending rate for commercial banks at 4 per cent.

The Sensex ended up 412.23 points or 0.70 per cent at 59,447.18, while the Nifty gained 144.80 points or 0.82 per cent to end at 17,784.35.

“Markets were cautious during last 2-3 days ahead of RBI meeting and its future policy stance. Measures in line with market expectations led to a relief rally. Focus has shifted to Q4 earnings season, which begins next. This week will be launched by the IT and banking sector,” said Vinod Nair, Head of Research, Geojit Financial Services.

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Stories curated by our interns and news crew. Originally reported or general compilation from various available sources and news agencies.

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