Sensex vaults 577 points

Sensex rises over 400 points Nifty at 10,264 ahead of RBI policy meeting global cues support sentiment

The barometer 30-scrip Sensitive index (Sensex) of the BSE, which opened at 33,289.96 points, closed at 33,596.80 points - up 577.73 points or 1.75 per cent from its previous session's close. The BSE Sensex closed down 351.56 points or 1.05 percent to 33,019.07. Unveiling its first bi-monthly policy review for 2018-19, the Reserve Bank of India's Monetary Policy Committee has kept the repo rate unchanged at 6%, as widely expected.

This was its biggest single day gain since March 12 when it had rallied 610.80 points.

China's move led to worries that the two nations may be heading towards an all-out trade war. The Nifty50 of the National Stock Exchange ended at 10,325.15, gaining 196.75 points or 1.94%.

"The markets also cheered the 'normal" southwest monsoon forecast by private weather forecasting agency Skymet.

"Policy was in consonance with the neutral stance and limited the chances of rate hike in the near term due to favourable domestic triggers and consequent decline in yield".

Shares on BSE advanced, with all sectoral indices were in the green.

However, for the week, Nifty managed to clock a gain of over 2 per cent. Sensex, on the other hand, rose nearly 2 per cent for the week. The Reverse Repo rate now remains unchanged at 5.75%.

SBI (-1.6%), Vedanta (-1.6%), Infosys (-1%), Tata Motors (-1.3%) and L&T (-1.3%) were the top losers in today's trade.

Markets in Japan and Australia clung on to marginal gains but China, Hong Kong and South Korea dipped into the red, delivering a mixed picture across the region.

China on Wednesday chose to impose additional tariffs of 25 per cent on 106 USA goods, including soybeans, autos, some types of aircraft and corn products, in retaliation against the U.S. move to target 1,300 Chinese exports for higher tariffs. Earlier, the provisioning limit was 50 per cent.

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