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Taking Stock | Market recovers after 7 days of losses even as RBI hikes repo rate; Nifty crosses 17,000

On BSE, all the sectoral indices ended in the green with Auto, Power, Capital Goods, Bank, Realty and Metal up 1-2 percent.

September 30, 2022 / 04:55 PM IST

After a lackluster start to the first day of October series, the market recovered sharply post the Reserve Bank of India (RBI) monetary policy announcement.

The Reserve Bank of India (RBI) announced a 50 basis points hike in the repo rate to 5.9 percent, stepping up its fight against persistently high inflation.

The RBI governor Shaktikanta Das projected real GDP growth rate for FY23 at 7 percent down from the 7.2 percent estimated earlier and expect inflation to remain elevated at around 6% in the second half.

Also, governor also said RBI will remain focused on the withdrawal of accommodation stance.