Nifty Holds 17,350 Ahead of RBI Policy Outcome as Sensex Ends 6-Day Winning Run, Drops 52 Points

Nifty Holds 17,350 Ahead of RBI Policy Outcome as Sensex Ends 6-Day Winning Run, Drops 52 Points

Sensex Today: Despite a selloff in index heavyweight RIL and banking counters, Indian shares lost ground on Thursday. Investors were waiting for the central bank’s policy announcement on Friday. The S&P BSE Sensex fluctuated 1,136 points during the day before falling 52 points or 0.09 percent to settle at 58,299, down. The NSE Nifty50, on the other hand, experienced a day with a high of 17,491 and a low of 17,161 before closing at 17,382, down 6 points or 0.04 percent.

Today’s top performers were the defensive industries, with the Nifty Pharma (up 2.37%), Nifty IT (up 1.2%), and Nifty FMCG (up 0.5%) indices seeing the most gains. The Nifty PSB index fell 1.75 percent today, with PSU banks taking the most impact.

Individual stock gains ranged from 1% to 3.2% for Cipla, Nestle India, Sun Pharma, Infosys, Apollo Hospitals, Hindalco, Divis Labs, Dr. Reddy’s Labs, and JSW Steel. In the negative column, shares of NTPC, Tata Consumer Products, Coal India, RIL, SBI, Shree Cement, Power Grid, Kotak Bank, and Axis Ball dropped between 1% and 3%.

The BSE MidCap and SmallCap indices saw gains of 0.3% and 0.2%, respectively, in the larger markets.

In the first three trading days of this month, foreign investors bought Indian stocks for a net sum of $1.07 billion, according to Refinitiv data.

The outcome of the Reserve Bank of India’s (RBI) monetary policy meeting on Friday is anticipated by market participants. Since May, the RBI has increased rates twice, and another increase is anticipated to manage Asia’s third-largest economy’s stubbornly high inflation.

However, a Reuters poll of analysts revealed that opinions on the increase’s size were widely divided between 25 basis points and 50 basis points.

Shares of Adani Power, one of the individual stocks, reached a 52-week high of Rs 352 after the business announced a 16-fold increase in consolidated net profit to Rs 4,780 crore in Q1FY23.

Ahead of their Q1FY23 earnings, shares of Adani Total Gas also reached a 52-week high at Rs 3,335.05 per share.

“In the mother market of the US, markets are climbing numerous walls of worries including the US-China skirmishes stemming from Nancy Pelosi’s visit to Taiwan,” said Dr. V K Vijayakumar, chief investment strategist at Geojit Financial Services. The robust trend in the US market is serving as a model for other markets. The FBI’s decision to become buyers has shifted the sentiment in India in favor of the bulls. Because of how strongly the market is moving forward, negative factors like rising valuations and the trade deficit are being overpowered. Investors should use some care if FPI purchasing continues, although the market may continue to be robust. It makes sense to continue investing in top-notch growth stocks. Nasdaq’s strength suggests that IT will maintain the upward trend going forward.

Gold Price Today

Gold prices held steady on Thursday, helped by a decline in U.S. Treasury yields and as cautious investors anticipated this week’s important U.S. non-farm payrolls report, which may provide additional hints about the Federal Reserve’s intention to raise interest rates.

As of 0239 GMT, spot gold was unchanged at $1,767.39 per ounce. American gold futures increased 0.4% to $1,783.90.

Global Cues

Thursday saw a rise in Asian markets as they followed the lead of a strong rally on Wall Street, which was sparked by a positive corporate outlook and good economic statistics.

Following advances on Wall Street, Tokyo equities began higher on Thursday as investors awaited corporate earnings. The broader Topix index increased by 0.34 percent, or 6.50 points, to 1,937.27, while the benchmark Nikkei 225 index increased by 0.69 percent, or 191.39 points, to 27,933.29 at the outset.

US stocks surged to a substantially higher close on Wednesday, while Treasury yields reached two-week highs as investors’ risk appetite was increased by strong economic data, positive corporate forecasts, and waning geopolitical worries.

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