Nifty surges 400 points to hit day’s high of 23221 after RBI ups GDP forecast

The Nifty surged to the day’s high on June 7, following a volatile market period during the election phase. Currently, the Nifty is up 400 points at 23221. Indian benchmark indices showed gains on Friday after the Reserve Bank of India’s Monetary Policy Committee decided to keep the repo rate unchanged at 6.5 percent, with a majority of 4:2.

On Friday, Reserve Bank of India (RBI) Governor Shaktikanta Das announced the Monetary Policy Committee’s (MPC) decision to maintain the repo rate at 6.50%. This marks the eighth consecutive time that the RBI has opted to keep the repo rate steady at this level. For clarity, the repo rate denotes the rate at which the RBI lends money to banks.


Key stocks such as Wipro, Tech M, Infosys, TCS, HCL Tech, Tata Motors, and Bajaj twins were holding gains of up to 5 percent. Conversely, ITC, HUL, and Maruti Suzuki were exerting downward pressure on the benchmarks.

The Sensex rose by 1.77% to 76409, while the NIFTY BANK saw a 1.01% increase at 49789.

The NIFTY 50 serves as a benchmark Indian stock market index, representing the weighted average of 50 of the largest Indian companies listed on the National Stock Exchange. It is owned and managed by NSE Indices, a wholly-owned subsidiary of the NSE Strategic Investment Corporation Limited.