Reliance Industries Limited, Tata Steel, Titan, Dr. Reddy’s and Wipro were among the winners.
Reliance Industries Limited, Tata Steel, Titan, Dr. Reddy’s and Wipro were among the winners.
Stock benchmarks Sensex and Nifty opened choppy on Friday, chasing modest gains in index majors Wipro, Tata Steel and RIL as investors remained cautious on the outcome of RBI policy.
After gaining 262 points in opening trade, the Sensex paired most of its gains to trade 7.57 points higher at 59,042.52. The Nifty rose 9.65 points to 17,649.20.
The 30-share package included Reliance Industries Limited, Tata Steel, Titan, Dr. Reddy’s and Wipro among the winners.
In contrast, Tech Mahindra, NTPC and HDFC twins were among the biggest laggards.
“RBI monetary policy will set the direction for markets going forward,” said Mohit Nigam, Head – PMS, Hem Securities.
In Asia, Hong Kong, Seoul, Shanghai and Tokyo markets traded lower on trades during the session.
Stocks in the US closed higher in the overnight session.
International oil benchmark Brent crude fell 0.34% to $100.24 a barrel.
Overseas institutional investors continued to sell ₹5,009.62 crore of shares, according to stock market data on Thursday.
In the previous trade, the Sensex fell 575.46 points, or 0.97%, to settle at 59,034.95. The Nifty also fell 168.10 points, or 0.94%, to close at 17,639.55.
“Today’s monetary policy is unlikely to affect the market significantly, even if there is a surprise rate hike. That would be interpreted positively by the market, indicating that RBI is not lagging behind the curve,” said VK Vijayakumar, Chief Investment Strategist at Geojit Financial Services.
The real concern for the market going forward is aggressive rate hikes and quantitative tightening by the Fed expected over the next 12 months, he added.
“Crude oil softening to around $100 is positive while FIIs turning back sellers will provide ammunition for the bears,” Mr Vijayakumar said.
