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An increasing number of economists expect the central bank to raise interest rates, a Reuters poll showed, but most still think it will stay put and use this week’s meeting to prepare for a rate increase in August.
An unexpected surge in inflation and economic growth rates have brought forward expectations for the next rate hike by more than a year, when just over a month ago, the RBI wasn’t expected to raise rates until the second half of 2019.
At 2:10 pm, the broader NSE Nifty was up 0.73 per cent or 76 points at 10,671, while the benchmark BSE Sensex was 0.67 per cent or 235 points higher at 35,138.
“There is expectation of some relief move from the RBI meeting, while the early onset of the monsoon is also giving some kind of support,” said Anand James, chief market strategist at Geojit Financial Services.
“Three days of selling have found some fresh buyers, because of which there is value buying happening at lower levels...”
The Nifty PSU bank index jumped as much as 1.7 per cent, after posting three straight sessions of losses. State Bank of India, the country’s largest lender, rose 1.4 per cent.
Bajaj Auto Ltd climbed over 3 per cent, reversing two sessions of declines and was the top gainer on the NSE index. Bajaj Finance Ltd and Bharti Airtel Ltd were up more than 2 percent each after both stocks fell in five out of the last seven sessions.
IDFC Bank Ltd soared as much as 5.1 per cent after it received a “no objection” from the central bank for acquiring Capital First Ltd, which was up 3.7 per cent.
Sun Pharmaceutical Industries rose 2.6 per cent after CLSA Research upgraded the stock to “buy” following positive Q4 results.
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