The central bank kept the interest rate unchanged at 6 per cent for the fourth consecutive time since August past year, but lowered retail inflation projection for the first half of current fiscal to 4.7-5.1 per cent and 4.4 per cent for the second half. The SGX Nifty is pointing that Nifty may open with gains of around 167 points at 10,297.
Amid hopes the USA and China will work on a compromise to prevent a trade war and on expectations that the Indian economy will be on track in the coming quarters, the bulls got back to ring today.
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.
Mumbai: The equity markets staged a spectacular rally on Thursday led by bank stocks after the Reserve Bank of India revised downwards its inflation forecast for FY19 while maintaining a bullish outlook on growth.
The broader NSE Nifty, after scaling the day's high of 10279.85, slipped into the negative terrain to 10111.30 before closing at 10128.40, down 116.60 points, or 1.14 per cent.
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Brokers said, selling by participants, mostly of a profit-booking nature, attributed to fall in select counters but a firm trend at other Asian markets kept the fall limited.
Also, investors reacted positively to RBI's decision to temporarily relax provisioning norms for lenders to defaulters undergoing bankruptcy resolution.
Metal stocks too hit new highs with the BSE metal index rising 4.14% points to 13,653 level.
The BSE market breadth was bullish with 2,071 advances and 631 declines. Traders will remain watchful ahead of the RBI's policy review meeting. For the first half of 2019, the apex bank expects inflation to be between 4.7% and 5.1%, lower than earlier forecast of 5.1-5.6%.
The RBI said several factors are expected to accelerate the pace of economic activity in 2018-19.