Indian share markets rally hoping for a rate cut from RBI
Despite a muted trend in global markets, the key Indian equity market indices on Thursday opened higher ahead of a monetary policy announcement.
The Sensitive Index (Sensex) of the BSE, which had closed at 36,975.23 points on Wednesday, opened higher at 37,026.56 points.
Minutes into trading, it was quoting at 37,002.97 points, up by 27.74 points, or 0.08 per cent.
At the National Stock Exchange (NSE), the broader Nifty 50, which had closed at 11,062.45 points on Wednesday, was quoting at 11,060.10 points, down by 2.35 points or 0.0.02 per cent.
As many as 26 stocks advanced in the Nifty 50 index while 24 stocks declined. In the BSE Sensex, eight stocks including Tata Steel, HDFC Bank, were trading in red while 22 were trading in green.
Expectations of rate cut in the Reserve Bank of India (RBI)'s bi-monthly monetary policy outcome due on Thursday, along with some healthy quarterly results, lifted the key equity indices on Wednesday.
The Sensex was up by 358.42 points or 0.98 per cent at the Wednesday's closing. In the day's trade, the barometer 30-scrip sensitive index had touched a high of 37,005.25 points and a low of 36,680.88 points. The Nifty, too was up by 128.10 points or 1.17 per cent.
On Thursday, Asian indices were showing a mixed trend. Japan's Nikkei 225 was quoting in red, down by 0.74 per cent while South Korea's Kospi was up by 0.30 per cent. SGX Nifty was also trading in red, down by 0.21 per cent.
Overnight, Nasdaq closed in red, down by 0.36 per cent while FTSE 100 was also down by 0.06 per cent at the closing on Wednesday.