Ignoring the rate hike, Sensex climbs 1,200 points; Crafty above level 17 100

After opening flat with a downside bias, benchmarks rebounded on Friday, ignoring RBI’s hawkish policy stance and weak global market trends.

BSE’s 30-stock benchmark, which fell 262.73 points to 56,147.23 points in initial trades, rebounded later.

At 2:15 p.m., the Sensex was quoted 1,215.16 points higher at 57,625.12.

Similarly, the broader NSE Nifty, which initially fell 70.4 points to 16,747.70 points, recouped its losses and rose after the RBI announced a 50 basis point repo rate hike.

As of 2:15 p.m. on the NSE, the Nifty was trading 345.05 points higher at 17,163.15 points

Top winners, losers

Among the 30-stock Sensex pack, Asian Paints, Tech Mahindra, Tata Consultancy Services, Infosys, Mahindra & Mahindra and Hindustan Unilever were the main laggards in early trading.

However, Power Grid, HIndalco, Kotak Bank, Sun Pharma, Reliance Industries and UltraTech Cement were in positive territory.

Elsewhere in Asia, markets in Tokyo, Shanghai and Hong Kong traded lower while Seoul traded higher.

US markets ended sharply lower on Thursday.

“Markets are expected to be volatile today. Weak global signals will continue to break any intraday strength in the Nifty,” said Prashanth Tapse – Research Analyst, Senior Vice President (Research), Mehta Equities Ltd.

The benchmark BSE index fell 188.32 points or 0.33% to settle at 56,409.96 points on Thursday. The Nifty fell 40.50 points or 0.24% to finish at 16,818.10 points.

FII unloadings

Meanwhile, international Brent crude oil futures fell 0.19% to $88.32 a barrel.

Foreign institutional investors on Thursday sold shares worth Rs 3,599.42 crore, according to data available from the BSE.

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