Sensex, Nifty stall ahead the onset of RBI’s monetary policy; Tata Motors up 4%, ICICI Bank, Axis Bank lose 1%

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Published: April 4, 2018 9:39:09 AM

Indian stock markets started in positive territory on Wednesday with Sensex and Nifty opening marginally higher ahead of the commencement of RBI's first monetary policy in the financial year 2018-2019.

BSE Sensex was trading 45.8 points or 0.14% higher at 33,416.43 whereas NSE Nifty climbed above 10,250 levels and was trading at 10,253.8, up by 8.8 points or 0.09%. (Image: Reuters)

Indian stock markets started in positive territory on Wednesday with Sensex and Nifty opening marginally higher ahead of the commencement of RBI’s first monetary policy in the financial year 2018-2019. Almost all the sectoral indices hovered in green except the indicators of financial services, bank and private bank led by the slump in shares of ICICI Bank. BSE Sensex was trading 45.8 points or 0.14% higher at 33,416.43 whereas NSE Nifty climbed above 10,250 levels and was trading at 10,253.8, up by 8.8 points or 0.09%.

Shares of Tata Motors emerged as the lead gainers among the Sensex components after the Tata group automaker-owned Jaguar Land Rover reported a humongous increase of 83% in total sales in the last financial year ended 31 March 2018 and is now planning to add 10 new products in India in the current fiscal 2018-2019. The stock of Tata Motors rose nearly 4% to Rs 356.55 on BSE.

Other the than Tata Motors, shares of Hero MotoCorp, Yes Bank, M&M, TCS, Reliance Industries were the top gainers on BSE Sensex. The stock of Reliance Industries jumped 1.37% to a day’s peak of Rs 911.15 after the Reserve Bank of India said that Jio Payments Bank has commenced its banking services effect immediately from 3 April 2018.

Shares of ICICI Bank were the top laggards on BSE Sensex after posting a marginal recovery on Tuesday. The stock of ICICI Bank shed more than 1% to a day’s bottom of Rs 265 on BSE. Shares of Axis Bank tanked as much as 1.05% to a day’s low of Rs 498 after the Reserve Bank of India dropped Axis Bank, which has been one of the largest importers of bullion, from the list of lenders allowed to ship in gold and silver for the present financial year.

The three major US stock indexes ended higher after a choppy session on Tuesday as investors looked forward to earnings season while the S&P 500 pushed above a key support level and Amazon.com shares jumped on bets that criticism from President Donald Trump would not translate to policy changes, Reuters said in a report. The Dow Jones Industrial Average rose 389.17 points, or 1.65 percent, to 24,033.36, the S&P 500 gained 32.57 points, or 1.26 percent, to 2,614.45 and the Nasdaq Composite added 71.16 points, or 1.04 percent, to 6,941.28.

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