Equity indices soar after RBI holds rates, banks stocks gain

Dianna Christensen
April 8, 2018

The index closed 1.76% higher at 25,323 level.

Equities were also buoyed by favourable global trends after the U.S. indicated it was open to negotiations in its trade dispute with China, easing fears of a full-blown trade war.

The 30-share Sensex opened positive and advanced to a high of 33505.53 but succumbed to a sudden selloff in the afternoon, hitting a low of 32972.56.

This was its biggest single day gain since March 12 when it had rallied 610.80 points.

At the National Stock Exchange (NSE), the broader 51-scrip Nifty, which had closed at 10,128.40 points on Wednesday, was quoting at 10,244.15 points, up by 115.75 points or 1.14 per cent.

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Sameet Chavan, chief analyst-technical & derivatives, Angel Broking, said: "For the coming session, the immediate hurdle is placed in the zone of 10187-10230 and on the downside, last Wednesday's low of 10096 would be a crucial support". However, Japan's Nikkei bucked the trend as it rose 0.13 per cent. Unveiling its first bi-monthly policy review for 2018-19, the Reserve Bank of India's Monetary Policy Committee has kept the repo rate unchanged at 6%, as widely expected.

"Markets have corrected very well and now awaiting bounces in the corporate earnings momentum", said Motilal Oswal, chairman and managing director, Motilal Oswal Financial Services. Despite opening on a flat note, the benchmark indices succumbed to global pressures to finally close the day with losses of over one per cent. The index has spent the week swinging wildly in and out of negative territory amid the back-and-forth of the US-China trade dispute.

Barring five stocks, the rest of the Sensex pack ended in the red.

Benchmark indices remained under pressure, weighed down by weakness in Infosys, L&T, Tata Motors and Axis Bank.

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