Sensex vaults 577 pts as RBI holds rate, lowers inflation forecast

The BSE Sensex took off on a positive note at 33,289.96 and advanced to the day's high of 33,637.46 before ending at 33,596.80, up 577.73 points, or 1.75 per cent. The Dow was down by over 500 points, but it managed to end the session with gains of 0.96% at 24,264. The RBI said, "On the basis of an assessment of the current and evolving macroeconomic situation1 at its meeting today, the Monetary Policy Committee (MPC) made a decision to keep the policy repo rate under the liquidity adjustment facility (LAF) unchanged at 6.0 per cent".

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

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

The NSE Nifty50 declined by 116.60 points or 1.14 per cent to close at 10,128.40 points, while the Sensex closed at 33,019.07 points - down 351.56 points or 1.05 per cent.

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A string of positive domestic cues, including forecast of a normal monsoon and encouraging services sector PMI data, added to the buying momentum, brokers said. The Reverse Repo rate now remains unchanged at 5.75%. The BSE Mid-Cap and Small-Cap indices were dwon 0.92 per cent and 1.01 per cent, faring better than the Sensex.

Meanwhile, Bharti Airtel was the top loser in Nifty, down 1.61 per cent followed by Infosys and L&T, which fell over 1 per cent each.

Nifty Bank, Auto, Metal and Realty were up 2-4 percent.

Markets in Japan and Australia clung on to marginal gains but China, Hong Kong and South Korea dipped into the red, delivering a mixed picture across the region. Earlier, the provisioning limit was 50 per cent. At 9.15am, the home currency was trading at 65.02 a dollar, up 0.19% from its Wednesday's close of 65.15.

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