Sensex, Nifty Snap Three-day Losing Streak

(RTTNews) - Indian shares reversed losses to end notably higher on Friday as the Reserve bank of India (RBI) left its key interest rates unchanged, as widely expected, and introduced the Standing Deposit Facility to absorb the excess liquidity.

The MPC unanimously decided to remain accommodative while focusing on withdrawal of accommodation to ensure that inflation remains within the target going forward.

The benchmark S&P BSE Sensex rose 412.23 points, or 0.70 percent, to 59,447.18, snapping its three-day losing run despite China's soaring Covid-19 infections, lingering worries about the war in Ukraine and the U.S. Federal Reserve's hawkish stance on future rate hikes.

The broader NSE Nifty index rose by 144.80 points, or 0.82 percent, to 17,784.35 while the rupee appreciated 13 paise to settle at 75.90 (provisional) against the greenback amid the RBI decision to maintain status quo on repo and reverse repo rate. Adani Ports, JSW Steel, SBI Life, ITC and Grasim soared 3-6 percent while Maruti Suzuki India, Tech Mahindra and Cipla dropped 1-2 percent.

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