Indian shares rise on central bank’s interest rate decision

Gulf Today Report 

Indian shares gained on Wednesday after the country’s central bank left key interest rates unchanged.

The NSE Nifty 50 index rose 0.8% to 14,809.70 and the S&P BSE Sensex was up 0.7% at 49,559 by 04:49 GMT.

The Reserve Bank of India (RBI) kept interest rates steady at record lows amid concerns that rising COVID-19 infections could derail the country's nascent economic recovery. 

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In March 2020, the central bank reduced the repo rate by a total of 115 basis points (bps) to help the pandemic-hit economy.

The International Monetary Fund said on Tuesday unprecedented public spending to fight the pandemic would push global growth to 6% this year, while projecting India's growth rate at 12.5% for 2021.