RBI Governor Urjit Patel’s monetary policy brings cheers to Indian markets

RBI Governor Urjit Patel’s monetary policy brings cheers to Indian markets

Mumbai: The Indian markets reacted positively to the monetary policy announced by the Reserve Bank of India on Tuesday, where it cut its policy repo rate by 25 basis points to nearly six-year low of 6.25%, from earlier 6.5%, according to media reports.

This was first monetary policy announced by new RBI Governor Urjit Patel.

Sensex was up 91.26 points at 28334.55 and Nifty was up 31.05 points at 8769.15.

Positive global cues and a rally in select oil and gas stocks and select banking and financial stocks also helped the market sentiment.

Some of the key stocks that gained on Tuesday were ONGC, Tata Motors, Tata Steel, Canara Bank, Bank of India, SBI, PNB, ICICI Bank and Bank of Baroda while key stocks that declined included L&T, Mahindra & Mahindra, HUL, Axis Bank and Coal India.

– India Blooms News Service

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