Markets open flat; Sensex at 33570 points

RBI status quo cheers Dalal Street Sensex rises 577 points Nifty closes 196 points higher at 10,325
RBI status quo cheers Dalal Street Sensex rises 577 points Nifty closes 196 points higher at 10,325
Author

08 April, 2018

Benchmark Sensex rose 0.22%, or 73 points, to 33,091.67.

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.

The Reserve Bank also said India's economic growth rate is expected to strengthen to 7.4 per cent in the current fiscal, from 6.6 per cent in 2017-18, on account of revival in investment activity.

The barometer 30-scrip Sensitive Index (Sensex) of the BSE, which opened at 33608.59 points, traded at 33,570.07 points (9.25 a.m.) - down 26.73 points or 0.08 per cent - from its previous session's close. This is its biggest single day gain since March 12 when it had rallied 610.80 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.

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The market breadth was negative with 1,444 shares declining ed nd 1,190 shares rising on the BSE. The reverse repo rate, at which it borrows from banks and absorbs excess liquidity, will remain at 5.75%.

Meanwhile, foreign portfolio investors (FPIs) bought shares worth Rs 335.18 crore on net basis, while domestic institutional investors (DIIs) sold equities to the tune of Rs 152.55 crore yesterday, provisional data showed.

SBI, Tata Steel, and ICICI Bank were the top Sensex gainers. The Nifty too was down by 116.60 points or 1.14 per cent.

China on Wednesday chose to impose additional tariffs of 25 per cent on 106 USA goods, including soybeans, autos, some types of aircraft and corn products, in retaliation against the U.S. move to target 1,300 Chinese exports for higher tariffs. Australian stocks slipped 0.35 percent and South Korea's KOSPI lost 0.3 per cent. Japan's Nikkei fell 0.15 per cent. Earlier, the provisioning limit was 50 per cent.


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