1. Sensex, Nifty at new peak, all eyes on RBI move tomorrow

Sensex, Nifty at new peak, all eyes on RBI move tomorrow

Setting new records for the second day, the benchmark Sensex today closed at 32,575 and the Nifty at 10,115 as investors wait for the outcome of the RBI policy meet tomorrow amid corporate earnings momentum.

By: | Mumbai | Published: August 1, 2017 4:59 PM
Sensex, Nifty, RBI, today Sensex, Nifty today, RBI policy, RBI policy meet, Nikkei India, Sensex news, Rbi news, Nifty news, Market News, Indian Markets Improving monthly sales numbers from automakers and a firming trend in global markets fuelled the rally. (Reuters)

Setting new records for the second day, the benchmark Sensex today closed at 32,575 and the Nifty at 10,115 as investors wait for the outcome of the RBI policy meet tomorrow amid corporate earnings momentum. Improving monthly sales numbers from automakers and a firming trend in global markets fuelled the rally. The Sensex settled at yet another new high of 32,575.17 by surging 60.23 points, or 0.19 per cent. It surpassed its previous record of 32,514.94 reached yesterday.The gauge had risen 205.06 points in the previous session.The NSE Nifty closed at 10,114.65 — a new peak — up 37.55 points, or 0.37 per cent. It broke previous record closing of 10,077.10 hit yesterday.
The two-day RBI policy meet concludes tomorrow.

What kept the gains in check was findings of a private survey which showed that manufacturing sector contracted in July following the GST launch as new orders and output dropped for the first time since the downturn in December last year post demonetization. The Nikkei India Manufacturing Purchasing Managers’ Index (PMI) stood at 47.9 in July, down from 50.9 in June, its lowest mark since February 2009. “Market started range-bound due to weak manufacturing data and caution ahead of the RBI monetary policy tomorrow. Meanwhile, a good set of monthly sales numbers for auto and Q1 results for blue-chips drove the broad indices into top gear,” said Vinod Nair, Head of Research, Geojit Financial Services.

Auto stocks, led by Maruti Suzuki, were in the driver’s seat. The country’s largest carmaker went up 1.96 per cent to close at an all-time high after it posted a 21 per cent growth in total sales in July.Hero MotoCorp, M&M, Bajaj Auto and Tata Motors cruised.Other big movers of the day are Wipro, Hindustan Unilever, Adani Ports, Dr. Reddy’s and Coal India, gaining by up to 1.82 per cent. On the other hand, rate-sensitive banking shares succumbed to profit-booking ahead of RBI’s policy decision tomorrow and fell by up to 2.90 per cent. The BSE auto index rose the most by 1.57 per cent, followed by metal, oil and gas and healthcare. Broader markets showed a mixed trend.Foreign portfolio investors (FPIs) net sold shares worth Rs 1,196.94 crore while DIIs bought shares worth Rs 1,768.43 crore yesterday, showed provisional data. Asian shares closed higher. Europe too showed a positive trend.

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