Markets recover after initial decline post RBI policy

June 08, 2022 12:00

Benchmark indices pared early losses, with the Sensex jumping 317 points in morning trade on Wednesday, after the RBI retained its growth projection at 7.2 per cent for current fiscal year on the back of improvement in urban demand and gradual recovery in rural India.

The 30-share BSE benchmark rallied 316.63 points to 55,423.97 in morning trade. The broader NSE Nifty was trading with a gain of 97.95 points at 16,514.30.

Unveiling the third monetary policy for 2022-23, RBI Governor Shaktikanta Das said the Indian economy remained resilient, and the central bank will continue to support growth. RBI on Wednesday raised the interest rate by 50 basis points to a two-year high of 4.9 per cent as it doubled down to tame inflation that has surged in the last couple of months. -- PTI

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