All sectoral indices ended in the green, with PSU Bank index rising 5 percent. Metal was up 4 percent while Nifty Bank, Realty and Financial Services indices rallied more than 2 percent.
Market Closing: Benchmark indices closed sharply higher on Thursday, with the Sensex rising 577.73 points or 1.75 percent to 33,596.80, and the Nifty gaining 196.80 points or 1.94 percent at 10,325.20.
More than three shares advanced for every share falling on the BSE.
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Nifty Midcap index was up 380 points or 2 percent.
All sectoral indices ended in the green, with PSU Bank index rising 5 percent. Metal was up 4 percent while Nifty Bank, Realty, and Financial Services indices rallied more than 2 percent.
All sectoral indices ended in the green, with PSU Bank index rising 5 percent. Metal was up 4 percent while Nifty Bank, Realty, and Financial Services indices rallied more than 2 percent.
Canara Bank, Bank of India, Ujjivan Financial and L&T Finance Holdings rallied 6-10 percent.
Strides Shasun, Kwality and Adani Enterprises were down up to 4 percent.
3:26 pm Stock Advise: Ajay Srivastava of Dimensions Consulting advised selling only PSU banks on every rally
3:22 pm Expert View: Garima Kapoor, Economist, Elara Capital said in line with expectation, MPC maintained status quo in monetary policy. The recent softening in retail inflation that had firmed up during early months of winter, supported RBI’s decision to maintain status-quo. The recent moderation also supported a downward revision to RBI’s forecasts for FY19 CPI inflation.
"However, we expect headline CPI inflation to overshoot RBI’s forecast. We expect retail inflation to remain in the range of 4.7-5.6 percent in H1 FY19 (versus RBI's forecast of 4.7-5.1 percent) and 3.7-5.0 percent in H2 FY19 (versus RBI’s forecast of 4.4 percent)."
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She said Elara believes factors such as the expected trajectory of food prices (following a new formula for MSP revision), the trend in crude oil and other commodity prices and the outlook for South West Monsoon will remain key in determining policy trajectory.
It expects one rate hike of 25 bps towards the second half of FY19.
It expects one rate hike of 25 bps towards the second half of FY19.
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