The Indian stock markets closed sharply higher on Thursday after the Reserve Bank of India kept the repo rate unchanged at 6% in the first Monetary Policy Committee (MPC) meet of FY19, with the Sensex rising 578 points to 33,597, and the Nifty gaining 197 points at 10,325.
All sectoral indices ended in the green, with PSU Bank index rising 5%. Metal was up 4% while Nifty Bank, Realty and Financial Services indices rallied more than 2%.
The MPC had started its 2-day meeting on Wednesday amid little hope of a rate cut, given a hardening in global crude oil prices.
The RBI has maintained the status-quo on the key short-term borrowing rate (repo) in its last three policy meets.
Among other economic data, India’s services industry returned to growth in March as new business picked up on improved demand, a private survey showed on Thursday, encouraging firms to hire at the fastest pace in nearly seven years.
After taking a big hit in February, the Nikkei/IHS Markit Services Purchasing Managers’ Index managed to narrowly push back above the 50-mark that separates growth from contraction, rising to 50.3 last month from 47.8.
Top Stocks in Focus
Glenmark Pharmaceuticals share price will hog limelight today on the reports that it is recalling over one lakh bottles of anti-inflammatory Indomethacin capsules from the US market due to incorrect instructions on the labelling.
Maruti Suzuki share price will be in focus after it reported 11.91% rise in its production to 172,195 units in March 2018, as compared to 153,868 units in March 2017.
Power Grid Corporation of India (PGCI) is reportedly planning to raise Rs 300 billion in the current fiscal year 2018-19 through long-term borrowing programme. Out of this Rs 300 billion, Rs 200 billion would be raised by selling bonds, with the rest, Rs 100 billion, through long-term loans.
Ajmera Realty & Infra India has acquired 70% stake in Ajmera Infra Development LLP. The company intends to enter Infra projects and acquire Infra projects through this subsidiary.
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