Share Market Today: Sensex In Green, Nifty Nears 25,100 Ahead Of RBI MPC's Decision. Tata Motors Gain Over 2 Per Cent
Share Market Today: On the 30-share Sensex platform, Tata Motors, Tech M, Bajaj Finance, Maruti, and SBI emerged as early gainers
Share Market Today: The two key equity benchmark indices, Sensex and Nifty, on Wednesday traded positively after opening on a strong note. In early trade, the BSE Sensex climbed 162.05 points to touch 81,796.86, while the NSE Nifty50 jumped over 50 points to trade at 25,070.75. The markets rallied ahead in anticipation of the upcoming decision on repo rate from the RBI's Monetary Policy Committee.
As markets opened, the benchmark indices slipped slightly, however, maintained their rally. As of 9:38 AM, the Sensex traded at 81,724.07, logging a gain of close to 90 points. Meanwhile, the Nifty stood beyond the 25,000 mark at 25,048.35, inching up by more than 30 points.
Stock update
On the 30-share Sensex platform, Tata Motors, Tech M, Bajaj Finance, Maruti, and SBI emerged as early gainers. On the flip side, ITC, Nestle, Hindustan Unilever, HDFC Bank, and Reliance stood among the losers in the morning trading hours.
In the broader markets, the Nifty Microcap 250 index dominated and rose 1.50 per cent, followed by the Nifty Smallcap 250 and Nifty Smallcap 100 indices which climbed 1.28 per cent and 1.23 per cent respectively.
Sectoral update
Meanwhile, the Nifty FMCG index remained the only laggard amongst the sectors and fell 0.46 per cent. On the other hand, the Realty and Healthcare Index dominated in green and jumped 1.95 per cent and 1.23 per cent respectively.
In the previous session on Monday, the BSE Sensex gained 585 points to close the session at 81,634, while the NSE Nifty50 climbed 217 points to settle at 25,013.
Foreign Institutional Investors (FIIs) dumped equities worth Rs 5,729.70 crore on Tuesday, while Domestic Institutional Investors (DIIs) infused funds in equities worth Rs 7,000.68 crore, official depositories data revealed.
V K Vijayakumar, Chief Investment Strategist, Geojit Financial Services, explained, “The 'Sell India, Buy China' strategy pursued by the FIIs recently appears to be coming to an end as indicated by the declining FII sell numbers and the profit booking in Chinese stocks, particularly those listed in Hong Kong. FIIs are selling on valuation concerns and DIIs are buying because they have deep pockets to buy and the pockets are getting deeper. This trend is likely to continue.”