Monetary policy review has little impact on stock markets

January 27th, 2009 - 1:39 pm ICT by IANS  

SensexMumbai, Jan 27 (IANS) Indian shares continued to rule in the positive territory Tuesday, even after the central bank conducted its monetary policy review at 11:15 a.m. where it left all key rates unchanged.The 30-share sensitive index (Sensex) of the Bombay Stock Exchange (Sensex) was ruling at 8,877.28 points at 11:45 a.m., with a gain of 2.34 percent, or 202.93 points, over the previous close. The index had gained 1.75 percent within 10 minutes into trading.

At the same time, the 50-share S&P CNX Nifty of the National Stock Exchange (NSE) was at 2,735.8 points, 2.14 percent higher than its previous close of 2,678.55.

Most analysts were of the view that they had discounted the fact that the central bank was not going to cut key rates, and said they were more on the lookout for positive signals emerging from central bank governor D. Subbarao.

The 7 percent growth forecast, albeit lower than the 7.5-8 percent growth rate projected three months earlier, was a positive signal, they added.

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