Stock Market Updates: It’s expected that the RBI will keep its key repo rate steady at 6.50% on Thursday and uphold the status quo at least until July.
Stock Market Updates: Sensex jumped 321.42 points to 72,473.42 in early trade on Thursday. Nifty climbed 80.55 points to 22,011.05.
Ahead of the Reserve Bank of India’s (RBI) monetary policy decision, benchmark stock indices were poised to open higher today. The central bank is anticipated to maintain its key interest rate unchanged for the sixth consecutive meeting.
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As of 7:57 am, India’s GIFT Nifty was trading at 22,047, suggesting that the Nifty 50 will commence trading above Wednesday’s closing figure of 21,930.50.
The RBI’s announcement on the rate decision is scheduled for 10:00 am.
According to a Reuters poll conducted in early February involving 60 economists, it’s expected that the RBI will keep its key repo rate steady at 6.50% on Thursday and uphold the status quo at least until July.
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Wednesday Closing
Sensex and Nifty closed flat in a volatile trade on Wednesday as investors stayed on the sidelines ahead of RBI’s interest rate decision on Thursday.
The 30-share BSE Sensex declined 34.09 points or 0.05 per cent to settle at 72,152. During the day, it hit a high of 72,559.21 and a low of 71,938.22.
The Nifty ended marginally up by 1.10 points or 0.01 per cent to 21,930.50.
IT shares TCS, Infosys and Tech Mahindra declined due to profit taking offsetting gains from select banking and pharma shares.
Among the Sensex firms, State Bank of India rose the most by 3.78 per cent after the bank announced the acquisition of SBI CAPS subsidiary for Rs 708.07 crore.
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Nestle India gained 1.68 per cent after it reported around 9 per cent growth in sales.
JSW Steel, Bajaj Finance, Axis Bank and Asian Paints were among the gainers.
Tech Mahindra, Power Grid, Infosys, Tata Consultancy Services, HDFC Bank, Wipro, Larsen & Toubro and NTPC were the major laggards.
In Asian markets, Seoul and Shanghai settled in the positive territory while Tokyo and Hong Kong ended in the negative zone.
European markets were mostly quoting lower. The US markets ended with gains on Tuesday.
Foreign institutional investors (FIIs) bought equities worth Rs 92.52 crore on Tuesday, according to exchange data.
The BSE benchmark climbed 454.67 points or 0.63 per cent to settle at 72,186.09 on Tuesday. The Nifty went up by 157.70 points or 0.72 per cent to 21,929.40.
Global oil benchmark Brent crude climbed 0.66 per cent to USD 79.11 a barrel.
(With agency inputs)
