AgenciesNEW DELHI: Benchmark indices gained in Friday's session after a halt the previous day, thanks to a sharp fall in crude oil prices and a recovery in the rupee against the dollar. Investors were keenly awaiting the outcome of the RBI policy review scheduled for later in the day. A 35 basis points hike is what the market is baking in, analysts said.
At 9.22 am, the BSE Sensex was trading 130 points or 0.22 per cent higher at 58,429.57. Nifty50 was trading at 17,433.65, up 51.65 points or 0.3 per cent. The midcap and smallcap indices edged up to 0.40 per cent each.
"The RBI monetary policy is slated in the coming session, and hence, traders should keep a close eye on the event. Whether it turns out to be a non-event or not, it would really be interesting to watch. Apart from this, global development should also not be overlooked, and hence, we may see some interesting actions going ahead," said Sameet Chavan of Angel One.
The partially convertible rupee was trading at 79.15 per dollar early morning, compared to its previous close of 79.4650, ahead of the RBI outcome. Crude oil prices have fallen over 10 per cent this week, with Brent last trading at the $94.44 a barrel mark.
In the Sensex pack, the majority of the stocks were in the green, with leading, up nearly 2 per cent. , L&T, SBI and were among the top gainers. Meanwhile, index heavyweight was the worst performer. , TechM and were other losers, down less than a per cent each.
"The momentum in the market now is influenced by global cues and strong FII buying which has crossed Rs 5300 crore so far in August. The decline in Brent crude to $94 is positive for India's macros and the dip in the dollar index to below 106 again augurs well for capital flows to India. FII buying happening in sectors like capital goods, FMCG, construction and power are likely to impart resilience to these segments," said Dr V K Vijayakumar, Chief Investment Strategist at .
Titan Company, Mahindra & Mahindra, FSN E-commerce Ventures, , , , , , and are among a few firms slated to post their earnings today.
(Disclaimer: Recommendations, suggestions, views and opinions given by the experts are their own. These do not represent the views of Economic Times)
At 9.22 am, the BSE Sensex was trading 130 points or 0.22 per cent higher at 58,429.57. Nifty50 was trading at 17,433.65, up 51.65 points or 0.3 per cent. The midcap and smallcap indices edged up to 0.40 per cent each.
"The RBI monetary policy is slated in the coming session, and hence, traders should keep a close eye on the event. Whether it turns out to be a non-event or not, it would really be interesting to watch. Apart from this, global development should also not be overlooked, and hence, we may see some interesting actions going ahead," said Sameet Chavan of Angel One.
The partially convertible rupee was trading at 79.15 per dollar early morning, compared to its previous close of 79.4650, ahead of the RBI outcome. Crude oil prices have fallen over 10 per cent this week, with Brent last trading at the $94.44 a barrel mark.
In the Sensex pack, the majority of the stocks were in the green, with leading, up nearly 2 per cent. , L&T, SBI and were among the top gainers. Meanwhile, index heavyweight was the worst performer. , TechM and were other losers, down less than a per cent each.
"The momentum in the market now is influenced by global cues and strong FII buying which has crossed Rs 5300 crore so far in August. The decline in Brent crude to $94 is positive for India's macros and the dip in the dollar index to below 106 again augurs well for capital flows to India. FII buying happening in sectors like capital goods, FMCG, construction and power are likely to impart resilience to these segments," said Dr V K Vijayakumar, Chief Investment Strategist at .
Titan Company, Mahindra & Mahindra, FSN E-commerce Ventures, , , , , , and are among a few firms slated to post their earnings today.
(Disclaimer: Recommendations, suggestions, views and opinions given by the experts are their own. These do not represent the views of Economic Times)
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