Nifty 50 today: Frontline indices the Sensex and the Nifty 50 ended higher on Friday, October 6, extending their gains into the second consecutive session after the Monetary Policy Committee (MPC) of the Reserve Bank of India (RBI) maintained a status quo on repo rates and policy stance, in line with expectations. RBI's MPC unanimously decided to keep the repo rate unchanged at 6.5 per cent on Friday. The central bank also retained its policy stance as the "withdrawal of accommodation" with five out of six MPC members voting in favour of this.
RBI also maintained the growth forecasts and slightly tweaked inflation projections. However, the central bank governor kept his hawkish tone as he emphasised the central bank was targeting inflation near 4 per cent and not between 2-6 per cent. Also Read: RBI Governor's Kapil Dev Policy: Playing the economic pitch on merit, say experts Global cues were also positive after a pause in a bond market sell-off.
The 10-year US bond yields were near 4.74 when the Sensex closed. The dollar was steady and looked set to end the week with gains. "Ten-year US Treasury yields were steady at 4.746 per cent after climbing 55 basis points in a five-week-long selloff that has dragged on bond markets and appetite for risk-taking worldwide.
The firmer dollar was heading for a 12-week winning streak after hitting its best level in about 11 months earlier in the week," reported Reuters. All eyes are now on the US payroll number for September which is expected later today. The payroll numbers are important for understanding the health of the US labour market and crucial for shaping the US Fed's monetary policy.
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