Sensex ends 30 points higher; post weekly gain

Eileen GuzmanApr 07, 2018

"Market, taking cues from their key Asian counterparts, traded in a narrow range", said Dhruv Desai, Director and Chief Operating Officer of Tradebulls.

On similar lines, the NSE Nifty, after shuttling between 10,331.80 and 10,227.45, finished the day 196.75 points, or 1.94 points higher at 10,325.15. A day after Sensex surged almost 600 points, investors traded cautiously as they looked to book profits ahead of the weekend.

Metal stocks too hit new highs with the BSE metal index rising 4.14% points to 13,653 level. Realty, capital goods, information technology, consumer durables and automobile stocks also had a good outing.

The BSE market breadth was, however, bullish with 1,442 advances and 1,014 declines.

Meanwhile, the Reserve Bank of India (RBI), on Thursday, said that on the basis of an assessment of the current and evolving macroeconomic situation, the Monetary Policy Committee (MPC) chose to keep the policy repo rate under the liquidity adjustment facility (LAF) unchanged at six per cent. It is understood that five of the six members of the committee voted in favour of holding the rate.

HDFC Bank's chief economist Abheek Barua, however, feels that it was "an unexpectedly dovish policy with the RBI highlighting inflation risks (oil, procurement prices, HRA for government employees) but at the same time revising their forecasts downward". Traders will remain watchful ahead of the RBI's policy review meeting. For the second half of 2019, it has been cut to 4.4% from 4.5-4.6%.

It also said India's economic growth rate is expected to strengthen to 7.4 per cent in the current financial year, from 6.6 per cent in 2017-18, on account of revival in investment activity.

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