Sensex, Nifty edge higher ahead of RBI policy

Equity indices edged higher in early trade on buying demand in index pivotals. The Nifty hovered at 17,700 mark. At 9:21 IST, the S&P BSE Sensex rose 97.77 points or 0.17% at 59,132.15. The Nifty 50 index rose 36.05 points or 0.2% at 17,675.80.

The broader market traded higher with gains. The S&P BSE Mid-Cap index rose 0.7% while the S&P BSE Small-Cap index rallied 0.73%.

The market breadth was strong. On the BSE, shares 1,994 rose and 531 shares fell. A total of 66 shares were unchanged

RBI MPC meeting:

The Reserve Bank of India (RBI) Governor-headed rate setting panel -- Monetary Policy Committee (MPC) -- started its first meeting of the 2022-23 fiscal on 6 April 2022. The outcome will be announced today, 8 April 2022. Investors are awaiting the RBI`s policy decision today amid expectations that the central bank might retain status quo on interest rate. In the previous meeting, MPC left the key policy rates unchanged.

Stocks in Spotlight:

Infosys rose 0.38%. The IT major and Rolls-Royce extended strategic collaboration with launch of joint `Aerospace Engineering and Digital Innovation Centre` in India. The centre has been established to provide high-end research and development (R&D) services integrated with advanced digital capabilities to Rolls-Royce`s engineering and group business services from India.

Cholamandalam Investment and Finance Company surged 6.3%. The NBFC said disbursements for Q4 FY22 stood approximately at Rs 12,718 crore as against Rs 8071 crore in Q4 FY21, rising 58% year on year.

Global Markets:

Select Asian markets were trading lower on Friday after a comeback on Wall Street as investors continued to digest the Fed`s plans to fight inflation.

US stocks rebounded on Thursday, following back-to-back losing sessions, as investors reassessed the Federal Reserve`s latest plans to tighten monetary policy and combat rising inflation.

Investors on Thursday continued to monitor the Ukraine-Russia war, as Ukraine asks NATO for more weapons and the EU and U.S. weigh a ban on Russian coal. Meanwhile, the U.S. Senate passed a bill banning Russian oil and gas imports.

Powered by Capital Market - Live News