Sensex, Nifty end flat as RBI holds rates; realty stocks jump
The BSE benchmark Sensex rose 20 points or 0.03% to settle at 74,248. The NSE Nifty gained 11 points or 0.05% to end at 22,525.
The Reserve Bank of India (RBI) maintained its main lending rate at 6.50% for the seventh straight policy.
Robust growth provided space for monetary policy to remain focussed on bringing inflation down to the RBI's 4% target, Governor Shaktikanta Das said.
US-rate-sensitive IT stocks dropped up to 1.2% as comments from Federal Reserve officials on Thursday added to worries that the US central bank could delay rate cuts.
On the other hand, domestic rate-sensitive realty stocks climbed up to 4.3% and were the top sectoral gainers.
While the benchmark indices were muted, the broader Nifty Smallcap100 and Nifty Midcap100 rose 0.8% and 0.5%, respectively.
Top private sector lender HDFC Bank gained 1.4%, while Kotak Bank was the Sensex top gainer with a rise of 2.1%.
Among individual stocks, real estate developer Puravankara rose 5% after posting its highest-ever annual sales in fiscal year 2024. Non-bank lender Aavas Financiers rose 10% on a strong business update.
Expert Views
“Although the RBI policy meeting unfolded as anticipated, concerns over food inflation and warnings of a heat wave tampered sentiment. While the main domestic indices concluded with marginal movement, the Bank Nifty edged higher, propelled by robust credit growth in Q4FY24," said Vinod Nair, head of research at Geojit Financial Services.
«The global sentiment was dampened by the rise in oil prices and tensions
