Sensex and Nifty Achieve Milestones as RBI Holds Rates and Boosts Growth Outlook

Sensex and Nifty Achieve Milestones as RBI Holds Rates and Boosts Growth Outlook

VoM News Desk | December 8, 2023 | 04:44 PM IST | Breaking News | Follow on Google News

Sensex and Nifty Achieve Milestones as RBI Holds Rates and Boosts Growth Outlook Image/Mint

Sensex and Nifty Achieve Milestones as RBI Holds Rates and Boosts Growth Outlook

Frontline indices, Sensex and Nifty 50, closed positively on December 8, driven by gains in banking and IT stocks, including HDFC Bank, Infosys, and ICICI Bank.

The Reserve Bank of India (RBI) decided to maintain the repo rate at 6.5%, aligning with its policy stance of ‘withdrawal of accommodation.’

Additionally, the RBI increased the real GDP growth projection for FY24 to 7%, instilling confidence in India’s economic prospects.

The optimistic outlook from the RBI came with a cautionary note about global economic fragility amid geopolitical tensions.

Despite acknowledging potential risks, the RBI’s positive stance raised expectations that it may support growth by lowering interest rates if necessary.

Following the policy announcement, Nifty 50 breached the 21,000 mark, reaching an all-time high, while Sensex hit a fresh record of 69,893.8.

Both indices closed the day in positive territory, with banking and IT heavyweights contributing significantly. However, the BSE Midcap and Smallcap indices, which hit record highs during the session, ended in the red.

For the week, Nifty 50 and Sensex posted substantial gains of 3.5% each, while BSE Midcap and Smallcap indices rose by 2% and 1.3%, respectively.

Sector-wise, Nifty IT emerged as the top gainer, followed by the Nifty Private Bank index. Nifty Bank and the Financial Services index also closed higher, while Nifty FMCG experienced a decline.

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VoM News Desk

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