An optimistic investor sentiment reflected in benchmark indices, Sensex and Nifty, which both traded in the positive territory on Wednesday morning on value-buying at lower levels ahead of the Reserve Bank of India’s (RBI) interest rate decision later in the day.
The Indian stock indices had seen eight straight days of decline last week, the BSE benchmark tanking 2,746.34 points or 3.30 per cent.
On Tuesday, the Sensex declined 97.32 points or 0.12 per cent to settle at 80,267.62, and the Nifty fell by 23.80 points or 0.10 per cent to 24,611.10.
Meanwhile, the 30-share BSE Sensex climbed 142.63 points to 80,410.25 in early trade, while the 50-share NSE Nifty went up by 50.75 points to 24,661.85, even as buying in blue-chip Reliance Industries also added to markets’ optimism.
From the Sensex firms, Sun Pharma, Trent, Tech Mahindra, Mahindra & Mahindra, Tata Motors and Reliance Industries were among the major gainers.
However, Bajaj Finance, Eternal, Bajaj Finserv and Bharti Airtel were among the laggards.
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“The focus of the market today will be on the monetary policy, particularly the language and message of the policy and comments from the RBI Governor,” said VK Vijayakumar, Chief Investment Strategist, Geojit Investments Limited.
Foreign Institutional Investors (FIIs) offloaded equities worth ₹2,327.09 crore on Tuesday, while Domestic Institutional Investors (DIIs) bought worth ₹5,761.63 crore, according to exchange data.
In world share markets, there was some resilience seen in Asian stocks even as the US headed for a shutdown, with investors focused on issues closer to home rather than the political wrangling in Washington DC.
South Korea’s Kospi traded in positive territory, while Japan’s Nikkei 225 index quoted 1 per cent lower after a slightly disappointing business sentiment report. The ASX 200 in Australia was also a little lower.
US markets ended higher on Tuesday amid the Senate drama.
Global oil benchmark Brent crude dropped 1.40 per cent to USD 67.02 a barrel.
Globally, investors seemed to be mostly looking past the US shutdown, perhaps viewing it as a temporary blip. The main US stock indexes made gains on Tuesday, with the Dow Jones Industrial Average closing at a record high.
Stock exchanges in Hong Kong and mainland China are closed for the National Day holiday.
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