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Sensex rises over 100 points ahead RBI monetary policy outcome

MUMBAI: Market benchmark Sensex jumped over 100 points in opening session on Thursday ahead of the outcome of Reserve Bank of India’s monetary policy review amid strong cues from global markets.

The 30-share BSE index was trading 125.32 points or 0.30 per cent higher at 41,267.98, and the broader NSE advanced 46.20 points, or 0.38 per cent, to 12,135.35.

In the previous session, Sensex ended 0.87 per cent or 353.28 points higher at 41,142.66.

While, Nifty rose 109.50 points, or 0.91 per cent, to settle at 12,089.15.

Meanwhile, on a net basis, foreign institutional investors bought equities worth Rs 248.94 crore, while domestic institutional investors purchased shares worth Rs 262.75 crore on Wednesday, data available with stock exchanges showed.

HCL Tech, ITC, Maruti, Bajaj Finance, Hero MotoCorp and TCS were the top gainers in the Sensex pack.

While, Kotak Bank, NTPC, PowerGrid and HDFC were the laggards.

According to traders, investors are bullish ahead of outcome of the Reserve Bank of India’s (RBI) sixth bi-monthly monetary policy statement for 2019-20.

This will be the central bank’s last monetary policy for the current financial year.

According to experts, the RBI is likely to maintain status quo on rates as well as its monetary policy stance, and to continue an accommodative stance to support growth.

Further, strong gains in global markets have also boosted investor sentiment here, traders said, Bourses in Shanghai, Hong Kong, Tokyo and Seoul were trading with significant gains.

Exchanges on Wall Street too ended higher on Wednesday.

Brent crude oil futures rose 1.65 per cent to USD 56.19 per barrel.

The rupee was trading flat against the US dollar at 71.27 in morning session.