Mumbai: Sensex jumped 412.23 points on Friday, facing heavy volatility during the day, amid maintaining status quo on the benchmark lending rate and buying in index heavyweights Reliance Industries Ltd and ITC. The BSE Sensex closed at 59,447.18, up 412.23 points or 0.70 per cent. During the day, the benchmark hit a high of 59,654.44 and a low of 58,876.36. The Nifty also closed at 17,784.35, up 144.80 points or 0.82 per cent.

The Reserve Bank of India (RBI) kept borrowing costs unchanged at a record low for the 11th time in a row to continue supporting economic growth despite rising inflation after Russia’s war in Ukraine. Governor Shaktikanta Das said the RBI’s six-member monetary policy committee voted to keep the benchmark repurchase or repo rate at 4 per cent.

The panel decided to stick to an accommodative stance “focusing on the return of the adjustments” to ensure that inflation remains within the target while supporting growth. “The market was cautious during the last 2-3 days before the RBI meeting and its future policy stance. The relief rally was led by measures in line with market expectations. The focus has shifted to the Q4 earnings season, which will begin next week, triggered by the IT and banking sector,” said Vinod Nair, head of research, Geojit Financial Services.

ITC, Dr Reddy’s, M&M, Titan, Reliance Industries, Tata Steel and Asian Paints were the major gainers in the 30-share pack. In contrast, Tech Mahindra, Maruti, NTPC, HCL Technologies, Sun Pharma, HDFC and HDFC Bank were among the laggards. Asia markets ended in the green in Seoul, Shanghai, Hong Kong and Tokyo. US stocks also closed higher in the overnight session.

International oil benchmark Brent crude rose 0.65 per cent to $101.2 per barrel. Foreign institutional investors offloaded shares worth Rs 5,009.62 crore on Thursday, according to exchange data. Siddharth Bhamre, Head of Research, Religare Broking Ltd, said, “The most important thing from the policy for us is that the RBI has retained its ammunition and is ready to protect the Indian economy from any external shocks.”