Markets climb in early trade ahead of RBI monetary policy decision
The Hindu
Benchmark indices rise ahead of RBI policy decision, with banking and IT stocks leading the positive trend.
Benchmark equity indices climbed in early trade on Wednesday (October 9, 2024) ahead of the Reserve Bank of India's monetary policy decision.
Buying in banking and IT stocks added to the positive trend in markets.
The 30-share Bombay Stock Exchange (BSE) Sensex climbed 123.45 points or 0.15%, to 81,758.26 in early trade. The National Stock Exchange (NSE) went up 39.65 points or 0.16%, to 25,052.80.
Among the 30 Sensex companies, Tata Motors, Tech Mahindra, Bajaj Finance, Maruti Suzuki India, HCL Technologies, State Bank of India, Bharti Airtel, Asian Paints and Axis Bank were the gainers.
ITC, Nestle India, HDFC Bank, Kotak Mahindra Bank, Reliance Industries and JSW Steel were the laggards.
Foreign Institutional Investors (FIIs) offloaded equities worth Rs 5,729.60 crore on Tuesday, while Domestic Institutional Investors (DIIs) bought equities worth ₹7,000.68 crore, according to exchange data.
"The 'Sell India, Buy China' strategy pursued by the FIIs recently appears to be coming to an end as indicated by the declining FII sell numbers and the profit booking in Chinese stocks, particularly those listed in Hong Kong," V.K. Vijayakumar, Chief Investment Strategist at Geojit Financial Services, said.
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