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MARKET WRAP: Sensex settles over 37,600 ahead of RBI rate meet; RIL up 3%

SI Reporter/New Delhi 31 Jul 18 | 08:13 AM

Benchmark indices ended at record closing high for the fourth straight session on Tuesday ahead of the outcome of RBI's third bi-monthly monetary policy meet for 2018-2019, due on Wednesday, August 1, 2018.

The S&P BSE Sensex settled at a record high of 37,607, up 112 points, while the broader Nifty 50 index settled at a new high of 11,356, up 37 points.

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In intra-day deals,  the S&P BSE Sensex hit a fresh all-time high of 37,644.59 while the Nifty50 index touched its record high level of 11,366.00.

Among sectoral indices, the Nifty IT index ended over 1% higher led by a rise in Tech Mahindra and MindTree. The Nifty Realty index also rose over 1.5% led by Housing Development and Infrastructure and Unitech.

RBI Monetary Policy

The Reserve Bank of India's (RBI’s) Monetary Policy Committee (MPC) will release its policy statement on Wednesday, August 1, 2018.

The six-member monetary policy committee of the central bank headed by Governor Urjit Patel in its June meet hiked the repo rate by 25 basis points to 6.25 per cent, after more than four years. 

Retail inflation touched the 5 per cent mark in June, compared to 4.87 per cent in May, and has gone beyond the RBI's revised projection of 4.8-4.9 per cent for the first half of the current fiscal year.

The higher inflation last month comes in the backdrop of rising global crude oil prices which have been ruling at over $75 a barrel.

Global Markets

Asian share markets pared some of their early losses as easy monetary policy is seen as positive for risk assets although a global rout in technology shares put a lid on gains.

Japan's Nikkei was last down 0.1 per cent, after falling more than 0.5 per cent earlier in the day. South Korea's Kospi index dipped 0.1 per cent despite solid second-quarter results from Samsung Electronics which posted a 5.7 per cent rise in profit. MSCI's broadest index of Asia-Pacific shares outside Japan was also down 0.3 per cent.

(with wire inputs)

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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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