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MARKET WRAP: Sensex ends 284 points higher, Nifty at 10,768; midcaps shine

SI Reporter/New Delhi 07 Jun 18 | 03:30 PM

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The markets ended higher on Thursday after the Reserve Bank of India's (RBI's) Monetary Policy Committee on Wednesday hiked repo rate by 25 bps to 6.25%, for the first time in four years, while maintaining a neutral stance. 

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The S&P BSE Sensex ended at 35,463, up 284 points while the broader Nifty50 index settled at 10,768, up 84 points.

The S&P BSE Midcap index rose 1.40% today led by a rise in shares of SAIL and IDBI Bank, while the BSE Smallcap index settled nearly 2% higher led by Unitech and Ramkey Infrastructures. Among sectoral indices, the Nifty Realty index surged nearly 3% on Thursday, led by Unitech and Prestige Estates Projects.

RBI's MONETARY POLICY

The six-member monetary policy committee (MPC) unanimously voted for a rate hike, citing the fear of inflation, partly flared by the recent spike in crude oil prices. The central bank’s April policy tone was dovish and it had actually lowered inflation forecasts for the first and second half of 2018-19. 

"We had previously expected the start of the rate hike cycle in 4Q18. However, reflecting this earlier than expected move, we now expect the rate hikes to be front-loaded. Specifically, we expect rate hikes in the August and October meetings but that the total quantum of rate hikes will remain at 75bps for this cycle," analysts at Morgan Stanley said in a note on Thursday.

GLOBAL MARKETS

Asian shares rose Thursday, with markets in Japan and South Korea notching convincing gains in early morning trade. That followed moves higher on Wall Street in the last session, which saw the Dow Jones industrial average close above 25,000.

The Nikkei 225 edged up by 0.69 perc ent in early morning trade. South Korean stocks saw similar gains, with the benchmark Kospi up 0.67 per cent.

(With inputs from agencies)

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Sensex

Company Price Gain (%)
Sun Pharma.Inds.601.656.91
Yes Bank381.752.87
ICICI Bank332.302.17
Axis Bank618.302.15
Reliance Inds.1,210.952.00

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