The stock market was trading flat in the midday session, after the RBI’s 50 basis point rate rise. The action is anticipated to combat inflation that has risen over the acceptable threshold.

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The RBI maintained its real GDP growth forecast for the current fiscal year at 7.2%, citing improved urban demand and a steady recovery in rural India. This was the second consecutive increase this year, and it was in line with market forecasts.

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Asian markets were trading mostly in green with Hang Seng increasing 418.71 points or 1.94% to 21,950.38, Taiwan Weighted strengthened 157.63 points or 0.95% to 16,670.51, Jakarta Composite soared 30.84 points or 0.43% to 7,171.89, Nikkei 225 surged 290.34 points or 1.04% to 28,234.29 and Shanghai Composite was up by 7.22 points or 0.22% to 3,248.98.

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Sensex is currently trading at 54,951.80, down by 155 points or 0.28% after trading in a range of 54,683.30 and 55,423.97. There were 15 stocks advancing against 15 stocks declining on the index.

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The broader indices were trading in green with the BSE Mid cap index rising 0.39%, while the Small cap index was up by 0.30%. The top gaining sectoral indices on the BSE were Realty up by 2.16%, Metal up by 1.02%, PSU up by 0.96%, Bankex up by 0.90% and Basic Materials was up by 0.69%, while FMCG was down by 0.43%, Telecom down by 0.10%, Healthcare down by 0.03% and Energy was down by 0.02% were the top losing indices on BSE.

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The top gainers on the Sensex were SBI up by 2.13%, Bajaj Finance up by 1.79%, Bajaj Finserv up by 1.57%, Tata Steel up by 1.49% and TCS was up by 1.28%. On the flip side, Bharti Airtel was down by 1.25%, Reliance Industries down by 0.88%, ITC down by 0.69%, Hindustan Unilever down by 0.46% and Nestle was down by 0.38% were the top losers.

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Nifty is currently trading at 16,384.80, down 31.55 points or 0.19% after trading in a range of 16,293.35 and 16,514.30. There were 27 stocks advancing against 23 stocks declining on the index.

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The top gainers on Nifty were SBI up by 2.14%, Bajaj Finance up by 1.74%, Grasim Industries up by 1.65%, Hero MotoCorp up by 1.56% and JSW Steel was up by 1.53%. On the flip side, Bharti Airtel was down by 1.19%, Cipla down by 1.17%, UPL down by 0.96%, Reliance Industries down by 0.93% and ITC was down by 0.73% were the top losers.