Sensex snaps 6-day fall, up 248 pts on RBI status-quo

16:19

Moneycontrol Bureau
The market cheered RBI policy on Wednesday with the Sensex snapping six-day losing streak, rising more than a percent.

The Sensex surged 247.72 points to close at 20,859.86, and the Nifty climbed 78.10 points to 6,217.15, led by rate sensitive stocks.

Reserve Bank of India governor Raghuram Rajan surprised the street by keeping policy rates unchanged on hopes that inflation will fall going ahead.

The consensus was that the central bank would hike repo rate by 25 basis points.

Rajan said there is no room for complacency on the back of high CPI inflation and the central bank will act outside policy if food inflation does not soften. WPI inflation for November was at 7.52 percent and CPI at 11.24 percent.

With the Reserve Bank governor Raghuram Rajan putting action in the 'wait and watch mode', he introduced a certain degree of volatility and uncertainty into the market, Manishi Raychaudhuri, MD & Asian Equity Strategist at BNP Paribas Securities said.

After the RBI policy, now all eyes are on outcome of two-day Federal Reserve meeting that will end tonight. The market is looking for whether the Fed will start scaling back its monthly USD 85 billion fiscal stimulus in December or continue with the stimulus for some more time.

The broader markets also closed one percent higher. Nearly 1500 shares advanced as against 950 shares declined on the BSE.

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