Sensex Jumps 1588 Points, Nifty Crosses 23,300 Mark as RBI Maintains Repo Rate at 6.5%

The Reserve Bank of India (RBI) has made significant moves in recent days, with Governor Shaktikanta Das announcing various decisions that have caught the attention of the financial world. One such decision was the transfer of 100 metric tons of gold reserves from the United Kingdom to India. Governor Das clarified that this move was made due to sufficient domestic storage capacity and emphasized that nothing more should be read into it.

In another development, the RBI Monetary Policy Committee (MPC) meeting took place, where the repo rate was kept unchanged at 6.5%. Despite calls from the housing sector for a repo rate cut to lower interest rates on home loans and stimulate housing demand, the RBI maintained its stance. The central bank also highlighted that customer protection remains a top priority within its operational framework.

On the economic front, the RBI projected a GDP growth rate of 7.2% for the fiscal year ending in 2025, while CPI inflation for the same period is projected at 4.5%. Governor Das expressed confidence in the resilience of the Indian economy, despite global challenges.

Additionally, the stock market opened with little change as investors awaited the RBI policy outcome. The Sensex and Nifty showed minor fluctuations, with market activity indicating a mix of advancing and declining shares.

Overall, the RBI’s recent decisions and projections have set the tone for the financial landscape in India, with a focus on stability, growth, and customer protection. Stay tuned for more updates on the evolving economic scenario.