Indian stocks logged modest gains after the RBI maintained its neutral stance while raising repo-rate by 0.25 percent. The BSE Sensitive index (Sensex), gained 275.67 points to settle at 35,178.88, while the NSE’s Nifty50 index rose 91.50 points 10,684.65 with 39 stocks ended in green, 10 in the red and one stock remaining unaffected.
Nifty PSU Bank index gained 2.53 percent with gains in Allahabad Bank, Indian Bank and Union Bank of India gained upto 8.68 percent. Except IDBI Bank, all components ended in green in the Nifty PSU Bank.
Bharti Airtel, Titan, Tata Motors, Sun Pharma and Bajaj Finance emerged as the top gainers in the Nifty index on Wednesday, while HPCL, Tech Mahindra & Cipla were top losers on Nifty.
The Three-day meeting of MPC ended with decision to increase the repo-rate under the liquidity adjustment facility by 25 base points, while reverse repo-rate stands adjusted to 6.0 percent, and the marginal standing facility rate and the Bank Rate now at 6.50 percent on inflation worries arising from rise in oil prices.
RBI has retained it GDP outlook at 7.4% for FY19, while April- Sept GDP growth is projected at 7.5 percent to 7.6 percent.