Benchmark equity indices Sensex and Nifty traded almost flat in morning trade today as gains in crude oil prices and select banking stocks offset losses in IT and FMCG stocks amid Assembly election results in Himachal Pradesh and Gujarat.
The 30-share BSE Sensex advanced marginally by 28.87 points, or 0.05 per cent, to 62,439.55 in volatile trade. Its 16 components advanced while 14 declined.
The broader Nifty at the National Stock Exchange was up 8.60 points, or 0.05 per cent, at 18,569.10 as 28 of its constituents advanced, 21 declined and 1 remained unchanged.
Major gainers included IndusInd Bank up one per cent, Axis Bank up 0.91 per cent and ICICI Bank up 0.95 per cent. SBI, Mahindra & Mahindra, L&T, Nestle, UltraTech Cement, Maruti and Reliance also advanced.
On the other hand, Kotak Bank, HUL, TCS, Tech Mahindra, Infosys, Power Grid, Asian Paints, Sun Pharma, Dr Reddy’s and Wipro declined.
VK Vijayakumar, chief investment strategist, Geojit Financial Services, said, “Reaffirming that the Indian economy is doing well in a world of slow growth and inflationary fears, RBI governor Shaktikanta Das indicated that global spillovers will affect India’s economy.” Slowing down the economic pace.
“The PSU banking space, especially the leading names, are likely to remain resilient. Capital goods stocks are showing strength,” he added.
The BJP is eyeing a record seventh consecutive term in Gujarat and is hoping to bring down almost four decades of anti-incumbency in Himachal Pradesh as the counting of votes for the assembly elections in the two states begins on Thursday. Has been.
The Reserve Bank of India (RBI) on Wednesday hiked the key repo rate by 35 basis points, the fifth straight hike since May, raising the possibility of EMIs for home, auto and other loans.
“Economic growth in India remains resilient and inflation is expected to ease,” Das said. “But the fight against inflation is not over.” The RBI retained its 6.7 per cent inflation forecast for the current fiscal year ending March, but cut economic growth expectation to 6.8 per cent from the earlier forecast of 7 per cent.
On Wednesday, the Sensex closed at 62,410.68, down 215.68 points or 0.34 per cent. Similarly, the broader Nifty fell 82.25 points, or 0.44 per cent, to 18,560.50.
Foreign institutional investors (FIIs) were net sellers in the capital market, selling shares worth Rs 1,241.87 crore on Wednesday, according to exchange data.
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