Indian equity indices opened Friday’s trading session on a higher note waiting for the central bank’s decision after the three-day-long MPC. The NSE Nifty 50 opened 48.65 points, or 0.21%, higher at 23,652, while the BSE Sensex rose 186.39 points, or 0.24%, to open at 78,244.55.
The GIFT Nifty implied that the markets would open on a flat note. It was up 12 points, or 0.05%, at 23,705. During the pre-open session, the Nifty 50 was up 46.15 points, or 0.20%, at 23,649.50, while the Sensex was up 61.44 points, or 0.08%, at 78,119.60.
“The 23,807-23,823 represents a key upside hurdle, while 23,480-23,513 matters on the downside. A break of either zone will determine the next tactical trend, which may be triggered by the RBI’s rate decision today – the market will be watching the commentary from the MPC more closely given that a 25 bps rate cut is already well priced-in,” said Akshay Chinchalkar, Head of Research at Axis Securities.
Apart from that, the gold rate today rose to a new lifetime high. The cost of gold today surged past Rs 84,500 in India to Rs 84,780 per 10 grams, jumping 8.7% in a month. While the 22 kt gold rate today is Rs 77,715.
Bharti Airtel, Britannia, UltraTech Cements, Tata Steel, and M&M were the top gainers in the Nifty 50. On the flip side, Power Grid Corp, SBI, ITC, ONGC, and TCS were the significant losers in the Nifty 50.
On February 07, the market breadth remained in favour of the bears as out of 2,315 stocks traded, 1,568 stocks were trading in the red while 679 advanced, as per the data on NSE.
Among the sectoral index, the Nifty Oil & Gas and FMCG indices underperformed other indices, down by around 0.8%.
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