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Market Update: SENSEX Gains 0.2% After Rate Decision
The BSE SENSEX rose 90 points or 0.2% to 52,329 in early trade on Friday, rising for the second straight session, after the Reserve Bank of India maintained its accommodative policy as the country grapples with a second wave of the pandemic. The central bank kept the repo rate unchanged at a record low of 4% and held steady the reverse repo rate at 3.5%. Sentiment was also supported by upbeat labor market and services data in the US that point to a strong recovery. On the economic outlook, the board cut its FY 22 GDP forecast to 9.5% from an earlier estimate of 10.5%, while projecting retail inflation in FY22 at 5.1%.On the pandemic front, India logged Friday 132,364 new virus infections, taking the total tally to 28.6 million. Meanwhile, New Delhi reportedly was in dialogue with Washington to ensure the supply of raw materials for vaccine production. The highly anticipated jobs report will due later in the day. Larsen & Toubro Ltd added 1.5% while Asian Paints Ltd went up 1.1%. [/s2If]
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