Mumbai — Indian stocks ended slightly higher Wednesday after the Reserve Bank of India left its benchmark interest rate unchanged and maintained a neutral policy stance, in line with market expectations.
The Sensex gained 152.05 points, or 0.19 percent, to close at 78,581.00. The Nifty 50 rose 9.75 points, or 0.04 percent, to 24,624.65.
Trading remained subdued as investors assessed the central bank’s policy announcement. Gains in metal, real estate and automobile stocks helped offset weakness in banking shares.
The RBI kept the repo rate at 5.25 percent and retained its forecast for India’s economic growth at 6.7 percent for the current financial year. It lowered its headline inflation projection to 5 percent from an earlier estimate of 5.1 percent.
Shriram Finance, Grasim Industries and JSW Steel were among the top gainers on the Nifty and helped support the benchmark index.
Broader markets outperformed the major indices. The Nifty MidCap index rose 0.18 percent, while the Nifty SmallCap index gained 0.7 percent.
Among sectors, the Nifty Metal index posted the strongest gains, followed by the Nifty Realty and Nifty Auto indices. The Nifty Bank and Nifty Private Bank indices ended lower and were the session’s main laggards.
Market analysts said the Nifty faces immediate support at 24,500, followed by the 24,400-to-24,300 range. The 24,600 level remains a key resistance point, with a sustained close above it needed to signal renewed upward momentum.
Until that happens, analysts expect the index to remain range-bound, with the 24,500-to-24,300 area providing the main support. (Source: IANS)
