Indian shares recovered from an early slide to close higher on Thursday as the Reserve Bank of India (RBI) unexpectedly left its key interest rates unchanged after six consecutive hikes to support growth.
The upside, however, remained limited as investors waited to see whether looming U.S. jobs data would confirm a sharper U.S. economic slowdown.
Recent data showing a decline in job openings has fueled speculation that the Federal Reserve may pause its rate hikes at its next policy meeting in May.
On Wednesday, data showed that U.S. private employers hired far fewer workers than expected in March and growth in the country’s service sector activity slowed by much more than expected in the month, adding to the gloom surrounding the economic outlook.
The benchmark S&P/BSE Sensex rose 143.66 points, or 0.24 percent, to 59,832.97 while the broader NSE Nifty index settled 42.10 points, or 0.24 percent, higher at 17,599.15.
IndusInd Bank, Bajaj FinServ, Tata Motors, Adani Enterprises and Bajaj Finance jumped 2-3 percent in the Nifty pack, while Titan Company, Axis Bank, ICICI Bank, ONGC and HCL Technologies dropped 1-2 percent.
The rupee held steady while oil prices were tad lower after recent strong gains.
Market Analysis
Sensex, Nifty Gain As RBI Pauses Repo Rate Hike
2023-04-06 10:23:50
