Indian shares advanced on Friday after the Reserve Bank of India ( RBI) kept the key benchmark rates unchanged for the eighth consecutive time and promised to maintain the status-quo on rates “as long as necessary to revive growth.”
“There should not be any concern about the adequacy of liquidity in the banking system to support recovery or financial markets,” Reserve Bank of India Governor Shaktikanta Das said in his policy address.
Positive cues from global markets also helped underpin sentiment after U.S. lawmakers reached an agreement to temporarily extend the debt limit through early December, avoiding a potential default.
The NSE Nifty index jumped 105 points, or 0.59 percent, to close at a record high of 17,895, while the 30-share BSE Sensex ended a few points shy of record high at 60,059, adding 381 points, or 0.64 percent, from its previous close.
Heavyweight Reliance Industries rallied 3.8 percent after analysts at global brokerage and research firm Morgan Stanley said that Mukesh Ambani’s green push for the company could result in nearly $60 billion value creation by 2025.
Tata Motors gained 1.7 percent to extend gains from the previous session on reports it is in early talks with Ford to buy the latter’s units in Tamil Nadu and Gujarat.
IT stocks were in focus, with Tech Mahindra, Infosys and Wipro climbing 2-3 percent ahead of the TCS Q2 results scheduled post market hours. TCS shares ended 1.3 percent higher.
Market Analysis
Sensex Climbs Above 60,000; Nifty Ends At 17,895
2021-10-08 10:48:32
