Ahead of the outcome of the crucial board meet of the Reserve Bank of India, the BSE Sensex rallied over 300 points to end Monday’s trade at over a six-week high of 35,774.88 points. The NSE Nifty surged 0.76% to end the trade at 10,763.40 points today. According to market observers, positive Asian markets, along with foreign fund inflows and healthy buying in most FMCG, metals, pharma, realty, media, and auto stocks kept the market sentiment upbeat.
A crucial meet of the RBI board is underway amid a rift between the central bank and the government over the future course of policies. The finance ministry nominees and some independent directors were expected to take on Patel and his team over issues ranging from MSME credit to the central bank’s reserves, though both sides are in favor of reaching a common ground, said a PTI report. Expectations of a positive outcome boosted market mood after the meeting began, it added.
Reliance Industries, ITC, HDFC Bank, Yes Bank, L&T, TCS, IndusInd Bank, HDFC and Kotak Bank were among the top Sensex contributors today. Among the top drags were Asian Paints, Axis Bank, ONGC, State Bank of India, and ICICI Bank. Shares of private lender Yes Bank soared nearly 8% to Rs 205.50, registering biggest intraday percentage gain since November 1, after ICRA retained its issuer ratings.