At 14:33 IST, the barometer index, S&P BSE Sensex added 487.22 points or 0.83% at 59,522.65. The Nifty 50 index gained 166.7 points or 0.95% at 17,806.25.
The S&P BSE Mid-Cap index added 1.08% while the S&P BSE Small-Cap index rose 1.07%.
The market breadth, indicating the overall health of the market, was strong. On the BSE, shares 2,309 rose and 1,038 shares fell. A total of 128 shares were unchanged.
Economy: The Reserve Bank of India (RBI) kept the policy repo rate unchanged while maintaining its accommodative stance after the conclusion of the Monetary Policy Committee (MPC) meeting today, 8 April 2022.
RBI kept repo rate unchanged at 4%. Reverse repo rate stands at 3.35%. The Marginal Standing Facility (MSF) rate is at 4.25% The MPC has voted unanimously to maintain accommodative stance. For FY23, real GDP growth for is projected at 7.2% (down from 7.8% estimated in the previous policy) and CPI inflation is seen averaging 5.7% (up from 4.5% estimated in the previous policy).
Broader Market Gainers:
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Prestige Estates (up 6.22%), Syngene International (up 4%), Endurance Technologies (up 3.67%), JSW Energy (up 3.39%) and Sun TV Network (up 3.23%) were top gainers in Mid Cap space.
JP Associates (up 19.78%), CEAT (up 10%), Equitas Holdings (up 5.1%), BEML (up 3.7%) and Godfrey Phillips India (up 3.15%) were top gainers in Small Cap space.
Numbers to Track:
The yield on 10-year benchmark federal paper rose to 7.065% from its previous close of 6.914%.
In the foreign exchange market, the rupee was higher against the dollar. The partially convertible rupee was hovering at 75.885, compared with its close of 76.03 during the previous trading session.
MCX Gold futures for 3 June 2022 settlement fell 0.17% to Rs 51,809.
The US Dollar index (DXY), which tracks the greenback's value against a basket of currencies, rose 0.1% to 99.862.
In the commodities market, Brent crude for May 2022 settlement rose $1.08 or 1.07% at $101.66 a barrel.
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