Indian stock markets shrugged the jitters of another trade war between the United States and China as a value-buying was seen in the domestic equities ahead of the Reserve Bank of India’s first bi-monthly monetary policy meeting in FY19. The Monetary Policy Committee on Wednesday started its two-day meeting chaired by the RBI governor Urijit Patel. The decision on the key lending rates will likely to be announced at around 2:30 pm later today. Within minutes of the opening up of the markets, the key equity indices extended the gains with Sensex surging nearly 400 points and Nifty nearing the 10,250-level.
Shares of Tata Motors, Tata Steel, Adani Ports, M&M, Yes Bank, IndusInd Bank, Axis Bank, Kotak Mahindra Bank, L&T, Maruti Suzuki, Bajaj-Auto, Infosys, Sun Pharma and Bharti Airtel emerged as the leaders among the BSE Sensex components advancing up to 2.5%. The benchmark Sensex rallied as much as 398.24 points to a day’s top of 33,417.31 on Thursday whereas the broader Nifty zoomed 131.4 points to a day’s high of 10,259.8.
A market-wide upsurge was seen in the Indian stock markets as all the 31 and 50 scrips comprising Sensex and Nifty traded in green. The volatility in the domestic stocks lost momentum as India Vix, the volatility indicator on NSE, shed as much as 15.16% to a day’s low of 13.8625. All of the sectoral indices also hovered in the positive territory with Nifty Metal and Nifty Realty index leading the charge. BSE Sensex rose 270.89 points or 0.82% to start the day at 33,289.96 whereas NSE Nifty added 100.05 points or 0.99% to began at 10,228.45 on Thursday.
The Reserve Bank of India has maintained a status-quo on the repo rate in the last three policy meetings. The last alteration in the benchmark lending rates was done in the month of August when the repo rate was reduced by 25 basis points to a 6-year low at 6%.
Wall Street’s three major indexes staged a comeback to close around 1 percent higher on Wednesday as investors turned their focus to earnings and away from a trade conflict between the United States and China that wreaked havoc in earlier trading. The Dow Jones Industrial Average rose 230.94 points, or 0.96 percent, to close at 24,264.30, the S&P 500 gained 30.24 points, or 1.16 percent, to 2,644.69 and the Nasdaq Composite added 100.83 points, or 1.45 percent, to 7,042.11.
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