Sensex zooms 1,016 pts on global cues, RBI boost

Mumbai: The Sensex skyrocketed 1,016 points while the Nifty rallied past the 17,400-mark on Wednesday as easing concerns over the Omicron variant and RBI’s accommodative policy stance galvanised investor sentiment.
Bulls were enthused by a positive trend in global markets amid reports that the new coronavirus strain is unlikely to be more severe than the Delta variant, removing market concerns regarding its economic impact.
Extending its winning run to the second straight session, the 30-share BSE Sensex zoomed 1,016.03 points or 1.76 per cent to finish at 58,649.68. This was its biggest single-day jump since March 30 this year, when it had surged 1,128.08 points.
Similarly, the broader NSE Nifty rallied 293.05 points or 1.71 per cent to 17,469.75.
Bajaj Finance was the top gainer in the Sensex pack, spurting 3.67 per cent, followed by Maruti, SBI, Bajaj Finserv, Asian Paints, ICICI Bank and Infosys.
In contrast, Kotak Bank and PowerGrid were the only laggards, slipping up to 0.85 per cent.
The Reserve Bank of India (RBI) on Wednesday kept borrowing costs at a record-low for the ninth consecutive time as it decided to continue supporting economic growth.
The six-member Monetary Policy Committee (MPC), which has paused rate changes since August last year, unanimously decided to keep the benchmark repurchase rate at 4 per cent and voted 5-1 to retain its accommodative policy stance as long as necessary. —PTI


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