Sensex surges over 110 points while Nifty near 17,500 in early trade
- Sensex was up 111.34 points, or 0.19%, at 58,577.31
- Nifty rose 34 points, or 0.19%, to 17,497.80
- Rupee slips 6 paise to 74.90 against US dollar
- Brent crude fell 0.17% to USD 91.39 a barrel
The Sensex rose more than 110 points in early trade on Thursday, leading advances in index heavyweights Infosys, the HDFC twins, and Tata Steel ahead of the RBI’s monetary policy decision.
In early trade, the BSE index was up 111.34 points, or 0.19%, at 58,577.31. Similarly, the Nifty rose 34 points, or 0.19%, to 17,497.80.
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PowerGrid led the Sensex pack with an almost 2% increase, followed by Infosys, Tata Steel, HDFC Bank, Sun Pharma, HDFC, and NTPC. On the other hand, Maruti, Asian Paints, Bajaj Finserv and Bharti Airtel were among the losers.
The 30-share index rose 657.39 points, or 1.14%, to 58,465.97 in the previous session. Likewise, the NSE Nifty rose 197.05 points, or 1.14%, to 17,463.80.
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“The rate-setting panel of the RBI is widely expected to increase the reverse repo rate or the rate at which the central bank borrows short-term deposits from banks by at least 25 basis points. Along with this, the MPC is likely to change the policy stance to neutral from accommodative,” Deepak Jasani, Head of Retail Research, HDFC Securities, said.
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Elsewhere in Asia, bourses in Seoul and Tokyo were up in mid-session trade, but Hong Kong and Shanghai were down. In the overnight session, stock markets in the United States closed in positive territory.
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According to stock exchange statistics, foreign institutional investors (FIIs) continued to be net sellers in the capital market on Wednesday, selling shares worth Rs 892.64 crore.
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Meanwhile, the international oil benchmark Brent crude fell 0.17% to USD 91.39 a barrel. Rupee slips 6 paise to 74.90 against US dollar in early trade.
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