Market Live: Sensex gains over 100 pts, Nifty above 11,100 as RBI to transfer surplus to govt
Benchmark indices started off trade on a positive note with the Sensex rising 138.98 points to 37,633.10 and the Nifty climbing 44.70 points to 11,102.60
Government to Get Big Amount from RBI
The Reserve Bank of India (RBI) will transfer a surplus of Rs 1.76 lakh crore to the government as it has approved the recommendations of Bimal Jalan committee at the central board meet held in Mumbai on August 26.
The transfer sum comprises of Rs 1.23 lakh crore of surplus for the financial year 2018-19 and Rs 52,637 crore of excess provisions identified under the revised Economic Capital Framework (ECF) that was adopted at the central board meet.
Gainers and Losers-
All Sectoral Indices Rally Except IT
Nifty Bank, Auto, Metal and Realty indices gained more than a percent each while IT index lost a percent on rising rupee.
Stocks in the news: Sun Pharma, Infosys, Pidilite, Kajaria Ceramics, Reliance Nippon Life