Equity indices edged higher on Friday with the benchmark BSE Sensex crossing the 45,000-mark, after the Indian economy was seen recovering faster than expected.
The economy’s prospects have brightened and consumer confidence increased with progress on Covid-19 vaccines, according to the RBI.
In its October monetary policy statement, RBI had projected a 9.5 percent contraction, which is now revised to 7.5 percent. The six-member monetary policy committee took a unanimous decision to keep policy repo rates at 4 per cent, as per status quo.
The economy is also projected to record positive growth in the second half of the current financial year, on the back of strong FMCG performance.
ICICI Bank was the top Sensex gainer, closing over 4% higher, followed by Ultratech Cement, Sun Pharma, Bharti Airtel and SBI.
RIL, Bajaj Finserv, HCL Tech and HDFC were among the laggards. 25 of the 30 Sensex shares closed in the green for a positive overall sentiment.
Stay updated with all the insights.
Navigate news, 1 email day.
Subscribe to Qrius