Stock Market Updates: Gains across sectors pushed the markets higher
Domestic stock markets started Friday's session with mild gains ahead of the outcome of the Reserve Bank of India's policy review meeting. The S&P BSE Sensex index rose 126.51 points - or 0.31 per cent - to touch 40,309.18 at the strongest level in early deals, having begun the day up 43.58 points at 40,226.25. The broader NSE Nifty 50 benchmark climbed to as high as 11,876.05, up 41.45 points - or 0.35 per cent - from its previous close. Gains across sectors - led by banking, financial services and metal shares - pushed the markets higher.
At 9:20 am, the Sensex traded 85.91 points - 0.21 per cent - higher at 40,268.58, while the Nifty was up 33.15 points - or 0.28 per cent - at 11,867.75.
Hindalco, Tata Steel, Bharti Airtel, Mahindra & Mahindra and Larsen & Toubro, trading between 1.36 per cent and 3.33 per cent higher, were the top gainers in the Nifty basket of 50 shares.
On the other hand, Hindustan Unilever, Coal India, Grasim and Reliance Industries - down 0.55-0.84 per cent each - were the worst hit among 13 laggards in the index.
RBI Governor Shaktikanta Das will address the media at 10 am. The RBI's Monetary Policy Committee - which has three new members - is widely expected to retain key interest rates steady at existing levels amid elevated inflation.
Equities in other Asian markets inched close to two-and-a-half-year highs on Friday as revived hopes for a US stimulus deal eclipsed weaker-than-expected jobs data, while mainland Chinese markets jumped after a week-long holiday.
MSCI's broadest index of Asia-Pacific shares outside Japan rose 0.15 per cent, inching closer to its August 31 peak, which was its highest level since March 2018.
Investors are also increasingly expecting the Democrats to take back the White House, and possibly the Senate as well, in the Nov. 3 U.S. election, analysts said.
A widening lead for Democratic Presidential candidate Joe Biden is seen as reducing the risk of a contested election and opening the way for a big economic stimulus, helping to counter investors' wariness about a Democrat pledge to hike corporate tax rates.
However, Japan's Nikkei 225 benchmark dipped 0.1 per cent after hitting a seven-and-a-half-month high. The E-Mini S&P 500 futures rose 0.47 per cent, indicating a positive start for US markets on Friday.
