Equity benchmarks Sensex and Nifty advanced in opening trade on December 8 ahead of the Reserve Bank of India's (RBI) monetary policy decision.
“Besides, buying in realty, metal and commodity stocks amid gains on Wall Street bolstered sentiments,” traders said.
The 30-share BSE Sensex rose 120.72 points, or 0.17% to 69,642.41. The broader index Nifty climbed 46.05 points, or 0.22% to 20,947.20.
Also Read: RBI Monetary Policy (RBI MPC) : 10 Key Takeaways
JSW Steel was the biggest gainer on the Sensex chart, rising 1.11%, followed by HCL Tech, Wipro, IndusInd Bank, NTPC, ITC, M&M, Bajaj Finserv and HDFC Bank. In contrast, ICICI Bank, SBI, Kotak Bank and Bharti Airtel were among the laggards.
“The market is likely to remain in a range in the near-term. Consolidation around the present levels is likely before the next phase of the rally begins. The undercurrents in the economy indicate a robust economy capable of sustaining the current trend of earnings growth into FY25.”
“Leading indicators such as power demand, housing demand, credit growth and revival of rural demand suggest a resilient economy which can keep the market buoyant, restrained only by valuations.”
"Fairly valued segments such as banking may be accumulated on dips. Falling crude is positive for paints, tyres and aviation where demand continues to be robust," V. K. Vijayakumar, Chief Investment Strategist at Geojit Financial Services, said.
Foreign institutional investors sold shares worth ₹1,564.03 crore on December 7, according to exchange data. The Reserve Bank of India is expected to maintain the status quo on the interest rate in its bi-monthly monetary policy decision to be announced later in the day.
Elsewhere in Asia, bourses in Shanghai and Seoul were in the green in mid-session deals, while Tokyo and Hong Kong were trading with losses. The U.S. markets ended with significant gains in overnight trade on Thursday, with the Nasdaq rallying more than 1%.
Global oil benchmark Brent crude was trading 1.53% higher to $75.18 a barrel. On Thursday, the 30-share index fell 132.04 points or 0.19% to close at 69,521.69. The gauge hit the lowest intraday level of 69,320.53. Broader index Nifty declined 36.55 points or 0.17% to settle at 20,901.15.
Published - December 08, 2023 10:42 am IST
