Following the RBI MPC meeting, Indian domestic indices gained momentum in the intraday trading session. The Sensex rose 569.26 points or 0.72% to 80,835.70, while the Nifty climbed 134.35 points or 0.55% to 24,745.45. Sectoral gains were also seen, with the Nifty Bank trading higher at 55,220.55, up 1.07%.
Indian equity indices opened Wednesday’s trading session on a higher note as the Reserve Bank of India (RBI) will be announcing its decision on key lending rates. The NSE Nifty 50 opened 47 points or 0.19% higher at 24,658. The BSE Sensex opened 105 points or 0.13% higher at 80,373.
The Bank Nifty opened 90 points or 0.17% higher at 54,726. Similarly, the small and midcap stocks opened the day higher. The Nifty Midcap rose 156 points or 0.28% to open at 56,685.
Technically, after a muted open, the entire day’s market hovered between the 24,600 and 24,730 zones. There was non-directional intraday activity, with a small bearish candle indicating indecisiveness between the bulls and the bears. “We believe that the intraday market texture is non-directional; perhaps traders are waiting for an either-side breakout. On the higher side, 24,800 would act as an immediate breakout zone for the bulls,” said Shrikant Chouhan, Head of Equity Research at Kotak Securities.
Let’s take a look at the key factors to watch out for today’s trading session
Early gainers and laggards
In early trade, among the Nifty 50, top gainers at this hour were Shriram Finance, Sun Pharma, Trent, Mahindra & Mahindra, and Dr Reddy’s Lab. On the flip side, the key laggards in the Nifty 50 pack included SBI Life Insurance, Zomato (Eternal), Infosys, IndiGo, and Bajaj Finance.
Major movers on Wednesday
The stocks that were the major movers in the opening trade included Reliance Industries, Bharti Airtel, ITC, Tata Motors, and Larsen & Toubro, which were the major movers in the morning trade.