The Indian stock markets closed sharply higher on Thursday after the Reserve Bank of India kept the repo rate unchanged at 6% in the first Monetary Policy Committee (MPC) meet of FY19, with the Sensex rising 578 points to 33,597, and the Nifty gaining 197 points at 10,325.

All sectoral indices ended in the green, with PSU Bank index rising 5%. Metal was up 4% while Nifty Bank, Realty and Financial Services indices rallied more than 2%.

The MPC had started its 2-day meeting on Wednesday amid little hope of a rate cut, given a hardening in global crude oil prices.

The RBI has maintained the status-quo on the key short-term borrowing rate (repo) in its last three policy meets.

Among other economic data, India's services industry returned to growth in March as new business picked up on improved demand, a private survey showed on Thursday, encouraging firms to hire at the fastest pace in nearly seven years.

After taking a big hit in February, the Nikkei/IHS Markit Services Purchasing Managers' Index managed to narrowly push back above the 50-mark that separates growth from contraction, rising to 50.3 last month from 47.8.

Top Stocks in Focus

Glenmark Pharmaceuticals share price will hog limelight today on the reports that it is recalling over one lakh bottles of anti-inflammatory Indomethacin capsules from the US market due to incorrect instructions on the labelling.

Maruti Suzuki share price will be in focus after it reported 11.91% rise in its production to 172,195 units in March 2018, as compared to 153,868 units in March 2017.

Power Grid Corporation of India (PGCI) is reportedly planning to raise Rs 300 billion in the current fiscal year 2018-19 through long-term borrowing programme. Out of this Rs 300 billion, Rs 200 billion would be raised by selling bonds, with the rest, Rs 100 billion, through long-term loans.

Ajmera Realty & Infra India has acquired 70% stake in Ajmera Infra Development LLP. The company intends to enter Infra projects and acquire Infra projects through this subsidiary.

Reliance Power's shareholder has approved to raise funds worth Rs 20 billion by issuance of securities through Qualified Institutional Placement (QIP) for paring its debt. The funds would be utilised to reduce debt, including those of its subsidiaries, and for general corporate purposes of the company.

Global Stock Market Drivers

Stocks in Europe and Asia advanced on Thursday, taking cues from a rebound in US equities, as concern eased over a potentially damaging spiral of punitive tariffs between the two biggest economies. Gold declined and bonds dropped in most developed markets.

Here are some key events for the remainder of this week:

• The US trade balance for February will be out.
• On Friday, America will publish non-farm payrolls and an employment report; the jobless rate was forecast to have fallen in March after holding at 4.1% for five straight months.

IPO Buzz

Agro-chemical firm Crystal Crop Protection today filed draft papers with markets regulator to raise Rs 10 billion through an initial public offering (IPO).

The IPO comprises fresh issue of shares worth up to Rs 5.5 billion and an offer for sale of up to Rs 4.6 billion, from promoter and existing shareholders including Everstone Capital.

Oil Gains on US Crude Drawdown

Oil prices rose on Thursday, buoyed by the US government data showing a surprise drawdown in crude stockpiles and an easing of tensions over a trade row between the United States and China.

US West Texas Intermediate crude for May delivery was up 20 cents, or 0.3%, at US$63.57 a barrel after settling down 14 cents.

Front-month London Brent crude for June delivery was up 27 cents, or 0.4%, at US$68.29, having ended down 10 cents.