Domestic equity benchmarks opened firmly higher on Wednesday as investors awaited the Reserve Bank of India’s monetary policy announcement.
Positive global market trends and lower crude oil prices further lifted investor sentiment during early trade.
The Sensex opened at 79,055.38, gaining more than 600 points, or 0.8 per cent. The Nifty started 54 points, or 0.22 per cent, higher at 24,669.20.
Sectoral indices traded mostly in positive territory. Realty, automobile, energy and PSU banking stocks led the gains.
Consequently, the Nifty Realty, Nifty Auto, Nifty PSU Bank and Nifty Oil & Gas indices climbed by up to 2 per cent. Likewise, metal, cement and chemical stocks also advanced.
Healthcare and pharmaceutical shares came under pressure in early deals. The Nifty Healthcare, Nifty Pharma, Nifty FMCG and Nifty Private Bank indices slipped by nearly 1 per cent.
Among the Nifty constituents, Apollo Hospitals, Sun Pharma, Cipla, Dr Reddy’s Laboratories, SBI Life, Nestle India, ITC and Tata Consultancy Services (TCS) emerged as the leading laggards.
Market experts said weaker crude oil prices and record overnight gains on Wall Street supported domestic sentiment. They added that the RBI is widely expected to keep interest rates unchanged, as a hike could disrupt the economy’s current growth momentum.
Analysts highlighted resilient economic growth, improving corporate earnings and sustained foreign institutional investor (FII) buying for a sixth consecutive session as encouraging indicators. They believe these factors have positioned the market for a potential upward breakout.
Brent crude fell 1.61 per cent to trade near $78 per barrel, while US West Texas Intermediate (WTI) crude declined almost 2 per cent to $74.24 per barrel.
Also Read: Stock Market Today: Sensex, Nifty End Lower Ahead Of RBI Policy
To read more such news, download Bharat Express news apps
