Indian equity indices were trading higher on Wednesday as investors awaited the monetary policy announcement from the Reserve Bank of India (RBI).
At 9:48AM, the Sensex was up 251 points, or 0.31 percent, reaching 81,873. Meanwhile, the Nifty gained 81 points, or 0.34 percent, to reach 25,097.
Market sentiment remained positive ahead of RBI MPC decision. On the National Stock Exchange (NSE), 1,855 stocks were advancing while 396 were declining.
In the Sensex pack, notable gainers included Tata Motors, Maruti Suzuki, Tech Mahindra, HCL Tech, Bajaj Finance, SBI, Wipro, Bharti Airtel, Asian Paints, Bajaj Finserv, Axis Bank, TCS, and Infosys. Conversely, ITC, Nestle, Reliance, JSW Steel, Kotak Mahindra Bank, NTPC, HUL, L&T, and ICICI Bank faced losses.
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Hardik Matalia, a Derivative Analyst at Choice Broking, commented on market support levels. He noted, “After a flat opening, Nifty can find support at 24,950, followed by 24,850 and 24,700. On the higher side, 25,050 can act as immediate resistance, followed by 25,150 and 25,200.”
Asian markets showed mixed trading patterns. Tokyo and Bangkok saw gains, while Shanghai, Hong Kong, Jakarta, and Seoul were in the red. In contrast, US stock markets closed higher on Tuesday.
Experts highlighted the recent BJP victory in Haryana as a morale booster for the party and a confidence booster for the markets. They added that investor sentiment could improve further if the MPC shifts its monetary stance from accommodative to neutral, with a dovish tone. However, they noted that a rate cut remains unlikely due to ongoing concerns about food inflation.
On October 8, foreign institutional investors (FIIs) sold equities worth Rs 5,729 crore, while domestic institutional investors purchased equities worth Rs 7,008 crore on the same day.
