Markets snap 3-day losing streak as RBI leaves interest rates unchanged

Mumbai: Equity benchmarks posted smart gains on Friday after three days of losses as the RBI kept the policy rate unchanged at a record low and maintained its accommodative stance but flagged inflationary pressures amid the Russia-Ukraine war.

The BSE Sensex climbed 412.23 points or 0.70 per cent to settle at 59,447.18. Similarly, the NSE Nifty gained 144.80 points or 0.82 per cent to finish at 17,784.35.

ITC was the top performer in the Sensex pack, spurting 4.36 per cent, followed by M&M, Dr Reddy's, Titan, Reliance Industries, Asian Paints and Tata Steel.

In contrast, Tech Mahindra, Maruti, NTPC, HCL Technologies, Sun Pharma, HDFC twins and Bharti Airtel were the laggards, slipping as much as 1.31 per cent.

The Reserve Bank of India (RBI) on Friday kept borrowing costs unchanged at a record low for the 11th time in a row in a bid to continue supporting economic growth despite inflation edging higher in the aftermath of Russia's war in Ukraine.

On a weekly basis, the Sensex slipped 170.49 points or 0.28 per cent, while the Nifty shed 113.90 points or 0.64 per cent.

In the broader market, the BSE smallcap gauge jumped 0.99 per cent and the midcap gained 0.93 per cent.

Among BSE sectoral indices, power gained the most at 1.99 per cent, followed by FMCG (1.93 per cent), basic materials (1.91 per cent), utilities (1.81 per cent) and oil and gas (1.76 per cent).

Interest-rate sensitive bank, auto and realty indices settled higher by 0.56 per cent, 0.64 per cent and 0.15 per cent, respectively.

A total of 2,293 stocks advanced, while 1,092 declined and 124 remained unchanged.

International oil benchmark Brent crude gained 0.65 per cent to $101.2 per barrel.

The rupee appreciated 10 paise to settle at 75.93 against the US dollar.