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Markets react positively to unchanged repo rate, technology shares jump; RBI maintains status quo of 6.50%

After the three-day Monetary Policy Meeting, the RBI announced maintenance of repo rate for the next two months. The RBI has maintained interest rates at 6.50 percent, the central bank doing so for the eighth time in a row.

Markets positive towards repo rate

The markets have reacted positively to the development so far; the indices that opened for trading on June 7. Major indices of the Indian market are trading in the green and are up 1.00 percent. About an hour after the announcement, the bounding box indexes.

The BSE-Sensex rose 1.15 percent or 860.64 points, taking the total to 75,935.15. The NSE-Nifty also traded in the green as the index rose 1.07 percent or 244.65 points to 23,066.05. Meanwhile, Nifty Bank improved 0.72 percent or 353.45 points to 49,645.35.

Bangalore-based Wipro’s gain was 5.42 percent or 25.05, taking the value of each share to Rs 486.05. |

Here, many of the stocks trading in the green that made big gains were technology companies. Among big companies, Bangalore-based Wipro’s gain was 5.42 percent or 25.05, taking the value of each share to Rs 486.05.

Technology stocks are booming

The company was followed by Infosys, which gained 3.63 percent or 53.45 points, taking its price to Rs 1,525.70. Tech Mahindra jumped to Rs 1,354.30 after gaining 2.80 per cent or 36.85. TCS also did well, gaining 1.52 percent or 58.40 points to take it to Rs 3,888.80 per share. Moreover, HCL also rose by 1.47 percent or 20.50 points, taking its cumulative figures to Rs 1,418.00.

It is interesting to note that the Reserve Bank Governor in his speech said there is a need to be vigilant in times of global uncertainty. Moreover, the RBI has also revised upward its projections for the Indian economy. RBI increased its GDP projection to 7.2 percent from 7 percent for FY25. In addition, the central bank maintained its consumer price index projections at 4.5 percent.

Published: Friday, June 7, 2024 11:43 AM IST