Sensex Surges 311 Points, Nifty Up 90 Points as RBI Keeps Rates Unchanged

Sensex Surges 311 Points

VoM News Desk | December 8, 2023 | 10:22 AM IST | Breaking News | Tags: #Economy, #Nifty, #RBI, Sensex | Follow on Google News

Sensex Surges 311 Points, Nifty Up 90 Points as RBI Keeps Rates Unchanged

Sensex Surges 311 Points, Nifty Up 90 Points as RBI Keeps Rates Unchanged

At 10 am, the Sensex soared 311.57 points to 69,833.26, with the Nifty rising 90 points to 20,991.20. The positive trend follows the Reserve Bank of India’s decision to maintain policy rates for the fifth consecutive time, providing a boost to Indian markets.

Focus on US Non-Farm Payrolls Report and Federal Reserve Meeting

Traders await Friday’s US non-farm payrolls report for insights into the labor market’s condition ahead of the Federal Reserve policy meeting next week. Evidence of a cooling labor market could influence the outcome of the meeting. Positive figures may indicate a favorable environment for interest rate cuts in early 2024.

Volatility Ends on Positive Note Amid Economic Slowdown Indicators

A volatile week concludes positively as indicators suggest a slowdown in the US labor market and economy, fueling speculation of potential interest rate cuts. This follows a month-long stock rally fueled by hopes of a lower rate environment.

E-way Bills Drop, Global PE Funds Eye Sai Life Sciences

E-way bills for goods transportation drop 12.5% in November, indicating normalization after a spike in October. Meanwhile, global private equity funds, including Bain Capital, KKR, and Advent International, explore a controlling stake in Sai Life Sciences, valuing the firm at $600-700 million.

RBI Expected to Maintain Status Quo on Policy Rates

In today’s monetary policy announcement, the Reserve Bank of India is likely to maintain status quo on policy rates, according to a Mint poll. Economists also anticipate an upward revision of GDP growth forecast for FY24 from 6.5% to 6.7-6.8%.

Stocks to Watch: Zomato, Maruti Suzuki, SpiceJet, IDFC First Bank

Today’s focus includes Zomato, Maruti Suzuki, SpiceJet, IDFC First Bank, among others. Balrampur Chini Mills, National Aluminium Company, Delta Corp, Indiabulls Housing Finance, India Cements, SAIL, and Zee Entertainment Enterprises are in the F&O ban list for December 8.

Asian Markets Drift Lower Amid Speculation on BOJ Policy

Asian stocks decline as traders speculate on the Bank of Japan nearing the end of its negative interest rate policy. Japanese shares slip, and the yen rises over 1%. Wall Street rises to snap a three-day losing streak, with Big Tech stocks leading the rally.

Sensex Surges 311 Points, Nifty Up 90 Points as RBI Keeps Rates Unchanged: For Any Query, CLICK

VoM News Desk

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