Indian stock markets continued the record breaking rally on Thursday and opened at new highs as the market participants await the RBI’s decision on the benchmark repo rates later today. The Reserve Bank of India is all set to conclude its third bi-monthly monetary policy meeting today and investors widely anticipated a rate cut after the June inflation fell to record low of five years. NSE Nifty opened 22 points higher at 10,136.3 points and BSE Sensex advanced almost 66 points to open above 32,600 points level.
In the wee minutes of trading markets fell as investor worries weigh on the upcoming RBI’s decision. The broader Nifty 50 slipped in red, down 0.03% at 10,111.85 points while the 30-share barometer traded up 0.11% at 32,610.25 points.
Shares of Hindustan Copper went tumbled over 7% to the day’s low of Rs 65.25 after the government on Wednesday announced to sell 3.7 crore equity shares in Hindustan Copper at a floor price of Rs 64.75 apiece through a two-day offer-for-sale (OFS) beginning today, with an option to issue a similar number of shares in case of over subscription.
Shares of automakers traded higher after the rise in July sales. The largest two-wheeler maker Hero MotoCorp went up 1.37% to Rs 3,772.5 after reporting a 17.13% increase in sales at 6,23,269 units in July. Maruti Suzuki India shares traded down 0.08% at Rs 7,853. However, the most valuable automaker posted a 22.4% increase in domestic sales at 1,54,001 units as against 1,25,778 in July 2016.
The rupee today edged down by 5 paise to 64.12 against the dollar today as the latter found buying traction among importers ahead of RBI policy decision.
The Dow Jones Industrial Average racked up a fifth straight record high on Tuesday and neared the 22,000 mark, powered by Goldman Sachs, JPMorgan Chase and other banks. Apple rose 0.89% as Wall Street awaited the largest publicly listed company’s quarterly report after the bell, with the iPhone maker expected by analysts to post a 6% rise in revenue.