The equity benchmark indices recouped early losses amid cautious note on Friday, a day after the RBI (Reserve Bank of India) announced a cut in repo rate while “accommodative” stance adaptation.
The Nifty 50 index of NSE jumped as much as 43.6 points rebounding from an intraday low of 11,769.50, and the S&P BSE Sensex climbed to 39,666.63, up 387.16 points from the day’s low in early deals.
At 11:19 am, the Sensex traded 66.99 points or 0.17% lower at 39,462.73, while the Nifty was up 4.30 points or 0.04% at 11,848.05.
The top gainers on the Sensex pack were IndusInd Bank, ICICI Bank and HDFC Bank.
Trading between 1.01% and 3.09%, Indiabulls Housing Finance, Bharti Infratel, UltraTech Cement, Vedanta, IndusInd Bank, and State Bank of India were the top gainers on the 50-scrip Nifty pack.
The central bank lowered it GDP (Gross Domestic Product) growth forecast from 7.2% to 7% in April for the financial year 2019-20.
In the global markets, the MSCI’s broadest index of Asia-Pacific shares outside Japan was up 0.04%, Japan’s Nikkei firmed 0.3%, while E-Mini futures for the S&P 500 were mostly flat and South Korea dipped 0.5%.
Meanwhile, the domestic stock market marked their biggest single-day fall of the year, with the Nifty and Sensex finished 1.48% and 1.38% lower on Thursday.