Last updated: February 8, 2023, 9:28 AM IST
A man looks at a screen across the road showing the Sensex on the facade of the Bombay Stock Exchange (BSE) building in Mumbai. (File photo/Reuters)
Indian benchmark indices opened higher as investors waited for the Reserve Bank of India’s interest rate decision
Indian benchmark indices opened higher as investors waited for the Reserve Bank of India’s interest rate decision. Experts widely expect the RBI’s monetary policy committee to raise the repo rate by 25 basis points to 6.5 percent.
The BSE Sensex started 200 points higher at 60,494, while the NSE Nifty gained 67 points to reach the 17,788 level.
Ultratech Cement, HCL Tech, Infosys, TCS, Wipro, Axis Bank, Bajaj twins and SBI were the top Sensex winners gaining up to 1 percent, while Adani Ports, Adani Enterprises and SBI life made gains on the Nifty.
On the other hand, Bharti Airtel, Hero Moto, Cipla, Eicher Motors and Maruti were the strongest ones, dropping to 2 percent.
The broader markets also opened in the green. The BSE MidCap and SmallCap indices were up 0.4 percent.
Global signals
US stocks closed convincingly higher on Tuesday, but trading was choppy as investors processed comments from Federal Reserve Chairman Jerome Powell about how long the central bank might need to curb inflation.
Tokyo’s main Nikkei index fell a few minutes after Wednesday’s open as tailwinds from Wall Street rallies were offset by a higher yen against the dollar.
Asian stocks rallied as the dollar wavered on Wednesday following less aggressive than feared comments from Federal Reserve Chairman Jerome Powell that boosted risk appetite and investors hope the central bank will soon ease monetary policy.
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