Published: Fri, April 07, 2017
Electronics | By Lorenzo Hawkins

Sensex trips 122 points ahead of RBI policy

Sensex trips 122 points ahead of RBI policy

Markets retreated from their record highs today after the Reserve Bank left the key policy rate unchanged, in line with Street expectations.

The S&P BSE Sensex hit as high as 30,007 in early trade before paring gains to end the session up 64.02 points or 0.21 percent at 29,974.24.

At the National Stock Exchange (NSE), the broader 51-scrip Nifty, which had closed at 9,265.15 points, was quoting at 9,230.40 points, down by 34.75 points or 0.38 per cent.

The Sensex touched a high of 29,954.25 points and a low of 29,817.59 points during the intra-day trade.

"The monetary policy committee made a decision to keep the policy rate unchanged in this review while persevering with a neutral stance", the central bank said in a statement.

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The Reserve Bank also narrowed policy rate corridor, due to liquidity flush, by increasing marginal standing facility rate and bank rate to 6.50 per cent. With the meet underway, hopes of measures towards NPA resolution and excess liquidity extended banks' run, while other rate sensitive sectors also helping indices to record peaks. At 9.15am, the home currency was trading at 65.06, down 0.27% from its Wednesday's close of 64.88.

The BSE realty index emerged the top sectoral gainer, rising 2% as shares of DLF, Unitech, Prestige Estates, Oberoi Realty, Sobha Ltd and Godrej Properties rose by up to 4.48%. Hawkish Fed minutes and anxiety ahead of a two-day meeting between US and Chinese leaders also weighed on markets.

Asian markets traded in the negative zone. Shanghai Composite Index, however, marginally up. In the Asian region, Japan's Nikkei ended 1.40% lower, while Hong Kong's Hang Seng shed 0.52%.

Nasdaq closed in red, down by 0.38 per cent while FTSE 100 was up by 0.13 per cent at the closing on Wednesday.

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