Sensex rises 570 pts, Nifty above 10300 as RBI holds policy rates

The Dow was down by over 500 points, but it managed to end the session with gains of 0.96% at 24,264.

Meanwhile, the Reserve Bank of India (RBI), on Thursday, said that on the basis of an assessment of the current and evolving macroeconomic situation, the Monetary Policy Committee (MPC) chose to keep the policy repo rate under the liquidity adjustment facility (LAF) unchanged at six per cent. This is the benchmark's biggest fall since March 23, when it had lost 409.73 points.

The wider Nifty of the National Stock Exchange (NSE) traded lower by 8.00 points or 0.08 per cent at 10,317.15 points.

China's move led to worries that the two nations may be heading towards an all-out trade war.

Teen survives 'miraculous' 12 hours in Los Angeles sewage system
The pipes are four feet in diameter with varying depths of water moving at approximately 15 miles per hour , the department added. About 2,400 feet (731 meters) of pipe had been inspected when rescuers found Jesse less than a mile from where he disappeared.

Rate sensitive stocks were at the forefront of the rally after the RBI eased NPA provisioning norms for banks. Besides a number of large caps, scores of midcap and smallcap stocks too ended with handome gains and the market breadth was pretty strong with gainers outscoring losers 10 to 3. The Reverse Repo rate now remains unchanged at 5.75%. At 9:20 am, Sensex was trading at 33,582, down 14 points, while the broader Nifty50 was ruling at 10,312, down 12 points.

Meanwhile, domestic institutional investors (DIIs) bought equities to the tune of Rs 615.28 crore yesterday, while foreign portfolio investors (FPIs) net sold shares worth Rs 108.02 crore, according to provisional data. State Bank of India was the top gainer, surging 4.66%.

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.

Minutes into trading, it was quoting at 33,411.74 points, up by 392.67 points, or 1.19 per cent. In the Eurozone, Frankfurt's DAX gained 1.80 per cent and Paris CAC advanced 1.73 per cent in early deals. The German DAX dropped 0.4 percent and France's CAC 40 index slid 0.2 percent while the U.K.'s FTSE 100 inched up 0.1 percent.

  • Ronnie Bowen