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Sensex surges 629.06 points, Nifty ends at 10,737.60 on new RBI chief taking charge

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Sensex and Nifty advanced on Wednesday after the Shaktikanta Das took charge as the RBI governor. Sensex ended 629.06 points up at 35,779.07 while the Nifty 50 ended 188.45 points higher at 10,737.60.

Shares of bank and NBFCs surged over hopes that Urjit Patel departure could lead to easing of certain regulations for the banking industry.

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“We think his (Das’) appointment has equally (if not more) important implications for monetary policy itself. We expect the new MPC to have more dovish leanings and think a window for a rate cut has opened in H1-2019”, Priyanka Kishore, Head of India and Southeast Asia economics at Oxford Economics, wrote in a note.

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