- On December 8, the benchmark Indian equity market Nifty crossed the 21,000 mark.
- Nifty Bank was up 0.48%, Nifty Financial Services increased 21,133.30 points.
- For the fifth time in a row, the RBI maintained the status quo by leaving the repo rate unchanged.
On December 8, in the afternoon trade, the benchmark Indian equity market Nifty crossed the 21,000 mark, as the Reserve Bank of India decided to maintain policy rates at their current level under market expectations.
The benchmark 50-share index increased to 21,006.10, with 25 stocks showing positive movement and 24 showing negative movement. Nifty Bank was up 0.48%, Nifty Financial Services increased 21,133.30 points, and the Nifty Midcap Select index was up 0.1% at 9,975.60 points on the overall market.
Sensex and Nifty
The benchmark Nifty index has seen significant gains from LTIMindtree (3.17%), JSW Steel (2.97%), HCL Tech (2.96%), HDFC Bank (1.41%), and L&T (1.32%).
Market analysts stated that the Reserve Bank of India‘s monetary policy decision was well received by the equity market since it was in line with expectations and the MPC maintained its position of withdrawing from accommodation to keep inflation under control. The RBI did, however, draw attention to the danger of overtightening given the current global slowdown.
For the fifth time in a row, the Reserve Bank of India (RBI) maintained the status quo by leaving the repo rate unchanged. The RBI’s monetary policy committee (MPC), which meets for three days every two months, is an important part of its financial year.
Normally, the committee holds six meetings of this type. The policy repo rate of 6.5% was unanimously decided to be kept at that level by the monetary policy committee for the fourth consecutive meeting, thus maintaining the status quo.
