The domestic equity market traded higher in early trade ahead of the RBI MPC Announcement. Indian Rupee opened stronger. The Sensex and Nifty–key benchmark indices– rose in early trading on Wednesday, bolstered by falling crude oil prices and increased foreign fund inflows, while investors remained focused on the upcoming RBI monetary policy announcement.
The BSE Sensex surged by 397.59 points to reach 78,826.54, and the NSE Nifty gained 62.7 points, climbing to 24,677.60 during the morning session.
Key gainers within the Sensex included InterGlobe Aviation, Mahindra & Mahindra, Trent, NTPC, Larsen & Toubro, and Bajaj Finserv. In contrast, companies like Sun Pharma, Tata Consultancy Services, Titan, and Bharat Electronics faced early trading losses.
Global oil benchmark Brent crude saw a price reduction of 1.16 per cent, trading at USD 78.44 per barrel.
Exchange data revealed that Foreign Institutional Investors (FIIs) were net buyers on Tuesday, purchasing equities valued at Rs 2,446.47 crore.
"Indian equity markets opened on a firm note, supported by positive global cues, although gains moderated after the Reserve Bank of India (RBI) kept the policy repo rate unchanged and retained its neutral policy stance, broadly in line with market expectations. With no major policy surprises, the Nifty and Bank Nifty traded largely flat following the announcement as investors assessed the central bank's commentary on inflation, liquidity conditions, and the broader growth outlook," said Ponmudi R, CEO of Enrich Money.
Rupee Trades Higher
Crude oil prices rose 39 paise to 94.89 against the US dollar in early trade on Wednesday, supported by progress in US-Iran talks and a halt to planned attacks.