Saturday, 09 Dec, 2023
The Reserve Bank of India (RBI) Friday held interest rates and its monetary policy stance for the fifth consecutive review meeting on moderating price pressures, but signalled that rates will remain elevated to ensure consumer inflation retreats toward the central bank’s legally mandated target. It also bumped up the economic growth forecast for FY24 on robust demand.
Indian stocks rose to fresh closing highs on Friday with the Nifty briefly crossing 21,000 in early trade led by gains in large-cap bank and IT stocks. Upsides were, however, limited with the market shuttling between gains and losses for most of the session on concerns whether the recent pace of run-up was excessive.
Infosys co founder NR Narayana Murthy doesn’t seem perturbed by the kerfuffle he sparked by suggesting recently that youngsters ought to work 70 hours a week to boost productivity and enhance India’s competitiveness.
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