Opening movers: RBI hikes repo rate by 50 bps, Sensex and Nifty trade in green
All sector indices are up, with the market's biggest gains coming from IT and Metals, which are up 0.7% and 0.6%, respectively.
The major equity barometers are tracking rising Asian stocks and are currently trading with modest gains. Nifty trades were over the 17,440 level. PSU bank with metal and FMCG shares. The major equity barometers are tracking rising Asian stocks and are currently trading with modest gains. Nifty trades were over the 17,440 level. While auto, consumer durables, and oil & gas stocks declined, shares of metal PSU banks and FMCG companies were in high demand.
The S&P BSE Sensex, the barometer index, was up 216.47 points, or 0.37%, to 58,515.27 at 09:30 IST. To reach 17,449.50, the Nifty 50 index increased by 67.50 points or 0.39%. The S&P BSE Mid-Cap index increased 0.21% and the S&P BSE Small-Cap index increased 0.61% in the overall market.
Market breadth was strong as 1,756 shares increased and 784 shares decreased on the BSE and 107 shares in total remained unchanged. According to preliminary statistics, on August 4, foreign portfolio investors (FPIs) purchased shares worth Rs 1,474.77 crore while domestic institutional investors (DIIs) net sold shares worth Rs 46.79 crore.
In the early morning trade on Nifty50. Following Mahindra and Mahindra, which gained more than 1.3% at the open, was Divis Lab, which gained about 1%. On Friday, Bharti Airtel, Infosys, and IndusInd Bank all saw gains of 0.5% to 1%. Instead, Reliance Industries, Apollo Hospital, Hero MotoCorp, Cipla, and Maruti all had slight declines shortly after the market opened on Friday, making it the top Nifty laggard in the early morning trade.
The rate-setting committee of the Reserve Bank of India started its three-day deliberations on the upcoming bi-monthly monetary policy on Wednesday (3 August). Today, the RBI increased the repo rate by 50 basis points to 5.4% with immediate effect.
As investors anticipate the Reserve Bank of India's interest rate decision and the U.S. jobs report, Asian equities are trading higher on Friday. As a crucial US employment report loomed on Friday, Wall Street markets closed mixed, with gains for high-growth firms being countered by the drag from energy equities.
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