Market Highlights - 09.10.2020
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💎 Market ends higher for 7th day; bank index ends 3% higher; Wipro top Nifty gainer
💎 Indian shares ended higher on Friday led by gains in financials after the Reserve Bank of India (RBI) kept interest rates unchanged at 4 percent in the face of high inflation, while also retaining its accommodative stance.
💎The Sensex ended 327 points higher at 40,509 while the Nifty rose 79 points to settle at 11,914. For the week, the indices ended over 4 percent higher.
💎The RBI Governor Shaktikanta Das said the country’s gross domestic product may break out of the coronavirus-induced contraction and turn positive by the fourth quarter of 2020. He added that the GDP is expected to contract by 9.5 percent in FY21, with risks to the downside.
💎Post the policy, the banking and financial indices surged on liquidity boosting measures. The Nifty Bank surged 2.8 percent while the Nifty Fin Services jumped 1.8 percent. Nifty IT also added 0.6 percent for the day. However, Nifty Realty shed 1.6 percent and the pharma index was down 1.3 percent. Nifty Auto, Nifty FMCG and Nifty Metal also ended the day in the red.
💎On the Nifty50 index, Wipro, ICICI Bank, Axis Bank, SBI, and HDFC Bank were the top gainers while Grasim, Hindalco, UPL, Sun Pharma and SBI Life led the losses.
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