Shriram Properties IPO opens for subscription today while RateGain Travel Technologies IPO subscription continues. RBI Governor Shaktikanta Das will brief the media after the release of the monetary policy statement.
RBI keeps repo rate unchanged at 4%
The Reserve Bank of India kept the repo rate unchanged at 4% for the ninth consecutive time. Besides, the central bank is keeping the reverse repo rate and Marginal Standing Facility (MSF) unchanged as well.
The reverse repo rate is at 3.35% while the MSF rate is 4.25%. RBI will also maintain its accommodative stance. The Reserve Bank of India retained the GDP projection for FY22 at 9.5% while Consumer Price Index (CPI) is projected at 5.3% for the financial year.
Markets update | Sensex surges over 600 points ahead of RBI policy decision
Indian benchmark equity indices opened on a strong note ahead of the RBI policy decision. At 9:25 IST, the Sensex was up 738. 54 points or 1.28% to 58,372.19 and the Nifty rose 203.50 points or 1.18% to 17,380.20.
Asian shares extended gains after positive news in early reports about the potential impact of the Omicron variant.
MSCI's broadest index of Asia-Pacific shares outside Japan rose 0.3% and Japan's Nikkei gained 1%. U.S. S&P 500 futures also edged up 0.25%.
British drugmaker GSK said its antibody-based COVID-19 therapy with U.S. partner Vir Biotechnology is effective against all mutations of the new Omicron coronavirus variant.
Besides, a South African study suggested that booster doses of the COVID-19 vaccine could help to fend off infection from Omicron, even though the new strain can partially evade the protection from two vaccine doses.
Oil falls as investors try to assess Omicron's full impact
Oil prices fell as investors tried to assess the full impact of the Omicron coronavirus variant on global fuel demand and the effectiveness of existing vaccines.
Brent crude futures dropped 0.3%, to $75.19 a barrel and U.S. West Texas Intermediate crude also fell 0.3% to $71.86 a barrel.
Oil prices rebounded earlier this week on rising optimism that the new Omicron variant will not hurt global fuel damage.
---- Edited by John Xavier
(With inputs from Reuters, PTI and other news agencies.)