Indian shares extend gains as cenbank leaves rates unchanged

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FILE PHOTO: People pass by the Bombay Stock Exchange (BSE) building in Mumbai, India November 4, 2020. REUTERS/Francis Mascarenhas
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BENGALURU (Businesshala) – Indian stocks extended gains on Friday after the central bank kept key interest rates unchanged as expected, while traders await its comment about liquidity normalization.

At 0438 GMT, the NSE Nifty 50 index was up 0.66% at 17,906 and the benchmark S&P BSE Sensex was up 0.63% at 60,038.29.

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The blue-chip Nifty 50 and Sensex have risen nearly 10% since the central bank’s policy meeting in August, hitting record highs on easing concerns about a third wave due to rapid vaccination.

Following the verdict, the country’s benchmark 10-year bond yield fell to 6.28%, while the Indian rupee slipped to 75.15 against the dollar.

“We take comfort from the fact that the inflation trajectory is turning more favorable than anticipated,” RBI Governor Shaktikanta Das said in his policy address.

Some analysts had indicated a slim possibility of the Monetary Policy Committee providing an indicative hike in the reverse repo rate.

Meanwhile, shares of Tata Consultancy Services were up 1.42 per cent from the September quarter results. The IT giant kicks off the earnings season, which is being closely watched for signs of recovery for Indian Inc.

Reporting by Nallur Sethuraman in Bengaluru; Editing by Shreeraj Kalluvilla

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