Following the Reserve Bank of India’s (RBI) decision to maintain the lending rates at 6.5% for the eighth consecutive time, the stock market witnessed a significant surge, with the Sensex climbing over 600 points.
The S&P BSE Sensex surged by 0.64%, reaching 75,624 points, while the Nifty also experienced a notable uptick of 0.67%, reaching 22,968.9 points. This bullish momentum was spurred by the RBI’s announcement, which instilled confidence in investors and boosted market sentiment.
RBI Governor Shaktikanta Das’s announcement of an upward revision in the projected real GDP growth for the financial year 2024-25 further fueled optimism. The GDP growth forecast was raised to 7.2%, up from the previous estimate of 7%, signaling a positive outlook for the economy.
Investors responded favorably to the RBI’s optimistic projections, driving the benchmark indices to impressive gains. The surge in the stock market reflects investors’ confidence in the resilience of the Indian economy and its potential for robust growth in the coming years.
As market participants digest the RBI’s latest policy decision and economic outlook, the upbeat sentiment is expected to persist, driving further gains in the stock market. The RBI’s proactive measures and positive economic projections bode well for India’s economic recovery and long-term growth prospects.