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Sensex, Nifty jump on RBI liquidity support for mutual funds

 

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Some of the blue chip stocks contributed over 250 points to early morning the gains on Sensex. - Reuters
Some of the blue chip stocks contributed over 250 points to early morning the gains on Sensex. - Reuters

Dubai - The benchmark S&P BSE Sensex almost jumped by 2.05 per cent or 624.84 points to touch 31,970.06.

By Staff Report

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Published: Mon 27 Apr 2020, 8:40 AM

Last updated: Mon 27 Apr 2020, 11:40 AM

Indian stocks jumped over 700 points or 2.43 per cent to touch at 32,087.45 points and NSE Nifty 50 index soared by 2.22 per cent or 202.90 points to touch at 9,357.30 points as the Reserve Bank of India on Monday announced Rs500 billion liquidity support for mutual funds.
Under the special liquidity facility scheme effective today, the RBI will conduct repo operations of 90 days tenor at the fixed repo rate. The facility will be on-tap and open-ended, and banks can submit their bids to avail funding on any day from Monday to Friday, RBI said.
Indian shares rose on Monday, tracking gains in Asian markets, as meetings of major central banks this week raised hopes of more stimulus to counter the fallout from the  pandemic, while investors also eyed a slew of earnings at home.
The benchmark S&P BSE Sensex almost jumped by 2.05 per cent or 624.84 points to touch 31,970.06 and NSE Nifty 50 was also up by 2 per cent or 185.35 points to touch at 9,339.75.
NSE Nifty 50 index advanced 1.7 per cent to 9,310.15 by 0346 GMT, while the benchmark S&P BSE Sensex gained 1.74 per cent at 31,850.43. Some of the blue chip stocks like Reliance Industries was up 2.78 per cent, HDFC at 2.65 per cent and HDFC Bank at1.68 per cent, which contributed over 250 points to the gain in Sensex.
MSCI's broadest index of Asia-Pacific shares outside Japan rose 0.1 per cent in early trade, while Japan's Nikkei gained 1.1 per cent ahead of an earnings heavy week.
The Indian rupee was trading at 76.08 against the US dollar to quote at Dh20.73. - with input from Reuters - business@khaleejtimes.com



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