MARKETS: Strong start likely ahead of RBI's rate action; SGX Nifty up 70pts

1 week ago 15

Illustration: Ajay Mohanty

Opening Bell  

Domestic markets opened on a positive ground ahead of the Reserve Bank of India's (RBI) rate action plan. Frontline indices Nifty50 climbed 50 points to trade above 17,400 levels and the S&P BSE Sensex rose over 100 points to 58,424.14 levels.  

Similarly, strength was visible across the broader markets as Nifty Midcap 100 and Nifty Smallcap 100 surged up to 0.4 per cent.  

Tata Steel, Ultratech Cement, L&T, ICICI Bank, M&M, and Bharti Airtel were the top contributors to the benchmark indices.  

Sector-wise, Nifty Metal and Nifty FMCG led the charge - rising up to 0.7 per cent. Nifty Energy, however, was bogged down in trade. Rate sensitive sectors like Nifty Bank and Nifty Realty rose up to 0.2 per cent ahead of the Reserve Bank of India's (RBI) rate action plan.  

Among individual stocks, shares of LIC Housing Finance rose over 2 per cent to Rs per share, after the firm reported a 503 per cent year-on-year (YoY) rise in net profit to Rs 925.4 crore in Q1FY23.  

Besides, shares of Bluestar climbed 3 per cent after the company's consolidated net profit rose to Rs 74.3 crore in Q1FY23

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