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Sensex jumps 500 pts, Nifty above 17,400; TechM gains, NTPC drags;
BSE Auto gains 1.17% : Rupee down:
RBI meet on 10th.. to unravel policies.
Stock Market Today: Sensex, Nifty witnesses a positive start on Wednesday
Benchmark indices opened higher on Monday. Sensex jumped 413.19 points to 58,221.77 in opening session; Nifty soared 118 points to 17,384.75. HCL, TechM, Titan were the top gainers
The Indian indices witnessed a positive start on Wednesday. Sensex climbed 413.19 points to 58,221.77 in opening session, while Nifty surged 118 points to 17,384.75. Yesterday’s session saw the indices end in the green after a highly volatile session, snapping a three-day losing run. The Wall Street ended higher lifted by Microsoft and Amazon, while a spike in Treasury yields boosted bank stocks. Wall Street’s positive end lifted the spirits in Asia on Wednesday as shares in most major markets advanced.
RBI Meet: Record debt to keep India hikes in slow lane
India’s central bank is set to stick with baby steps to policy normalization, as it is seized by the need to anchor borrowing costs for the government in addition to supporting a durable recovery in Asia’s third-largest economy.
Those objectives will likely make the benchmark interest-rate a sideshow at this week’s monetary policy review, which is due Thursday. The Reserve Bank of India will instead likely raise the reverse repurchase rate to cut down inflation-inducing liquidity in the banking system — a signal that it’s committed to return policy to pre-pandemic settings.
But the key takeaway from Governor Shaktikanta Das’s address at 10 a.m. in Mumbai on Thursday will be how the RBI plans to support the government’s record 14.95 trillion rupee ($200 billion) borrowing plan in a market where demand is flagging.
Rupee weakens 5 paise to 74.74 a dollar
The rupee edged lower by 5 paise to close at 74.74 against the US dollar on Tuesday as stronger greenback, elevated crude oil prices and foreign fund ouflows weighed on forex market sentiment.
At the interbank foreign exchange, the rupee opened at 74.65 a dollar and later touched an intra-day high of 74.57 and a low of 74.80.
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