Sensex, Nifty decline in early trade
Indian equity indices opened lower on Thursday as investors awaited the Reserve Bank of India (RBI) Governor Shaktikanta Das’s announcement regarding the Monetary Policy Committee (MPC) decisions.
At 9:43 a.m., the Sensex was down 214 points, or 0.27%, trading at 79,253, while the Nifty declined by 75 points, or 0.31%, to 24,222. Despite the initial drop, the overall market trend remains positive, with 1,039 shares advancing on the National Stock Exchange (NSE) and 956 shares declining.
Investors are keenly awaiting further clarity on the RBI’s policy stance, which is expected to influence market movements throughout the day.
Tata Motors, ITC, Titan, HUL, IndusInd Bank, HDFC Bank, and Kotak Mahindra Bank are the top gainers in the Sensex pack. The top losers are Infosys, JSW Steel, Wipro, Tata Steel, UltraTech Cement, and Power Grid.
IT, PSU Bank, fin Service, FMCG, infra, and metal are the major laggards among the sectoral indices. Realty, media, pharma, and healthcare are the major gainers.
Midcaps and smallcaps are performing better compared to largecaps. Nifty Midcap 100 index is up marginally by 2 points at 56,876 and Smallcap 100 index is at 18,420 with a gain of 36 points or 0.20 percent.
Choice Broking said, “After a gap down opening, Nifty can find support at 24,150 followed by 24,100 and 24,000. On the higher side, 24,300 can be an immediate resistance, followed by 24,400 and 24,500.”
Broking further said, “Today, we have the RBI monetary policy, with the expectation of no rate changes. The RBI governor’s statement will be crucial because he can address global uncertainties.”
US markets closed with a loss on Wednesday.
Other experts said, “The recent trend in institutional activity in the market indicates a clear trend. FIIs are in a risk-off mood and are playing it safe with sustained selling. During the last four days, FIIs have sold for Rs 20,228 crore in the cash market.”
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