MARKETS: Sensex up 100bps, Nifty above 17,400 ahead of RBI rate action


Illustration: Ajay Mohanty

opening bell

Domestic markets opened on positive ground ahead of the Reserve Bank of India’s (RBI) rate action plan. The frontline Nifty50 indices climbed 50 points to trade above the 17,400 levels and the S&P BSE Sensex rose more than 100 points to the 58,424.14 levels.

Likewise, strength was visible in the broader markets, with the Nifty Midcap 100 and Nifty Smallcap 100 jumping 0.4%.

Tata Steel, Ultratech Cement, L&T, ICICI Bank, M&M and Bharti Airtel were the main contributors to the benchmarks.

On a sector basis, Nifty Metal and Nifty FMCG led the charge, rising 0.7%. Nifty Energy, however, got bogged down in trading. Rate-sensitive sectors like Nifty Bank and Nifty Realty rose 0.2% ahead of the RBI policy outcome.

Among the individual actions, the actions of LIC Housing Finance rose more than 2% to Rs 382 per share, after the company reported a 503% year-on-year (YoY) rise in net profit to Rs 925.4 crore in Q1FY23.

In addition, shares of M&Ms hit a 52-week high of 1,278.5 rupees per share ahead of the June quarter results.


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