Indian market closes on positive note on Wednesday
Mumbai, Jun 6 (IBNS): The Indian market closed higher on Wednesday, with BSE Sensex is up 275.67 points at 35178.88 and NSE Nifty up 91.50 points at 10684.70.
The hike in repo rates (the rate at which the RBI lends short-term money to banks against securities) by the Monetary Policy Committee on Wednesday, coming after four and half years, appears to have made an impact on the market, according to media reports.
On Wednesday, at its second bi-monthly meeting, the MPC hiked the repo rate by 25 basis points to 6.25 per cent.
Consequently, the reverse repo rate (the rate at which banks can park surplus funds with the RBI) was adjusted to 6.0 per cent, and the marginal standing facility (MSF) rate and the Bank Rate to 6.50 per cent.
On Wednesday, the market breadth remained positive. Some of the key stocks that reported gains were Idea Cellular, Bharti Airtel, Titan Company, Tata Motors, SBI, Coal India and Sun Pharma while Tech Mahindra, HPCL, HDFC Bank, ICICI Bank, Asian Paints, Cipla and ONGC posted losses.
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