NewKerala.com

Sensex Soars 500+ Points Ahead of RBI Policy Decision

Indian equity markets extended their winning streak for a fourth consecutive session, with the Sensex rising over 500 points and the Nifty gaining 155 points. The rally was led by strong buying in IT and metal stocks, with companies like Wipro and Hindalco emerging as top performers. Investors remained cautious but optimistic ahead of the Reserve Bank of India's Monetary Policy Committee meeting outcome, widely expected to keep rates unchanged. The broader market showed a mixed trend, with mid-caps gaining slightly while small-caps ended marginally lower.

Key Points: Sensex Jumps 500 Points, Nifty Gains Ahead of RBI MPC

  • Sensex gains 508 points
  • Nifty closes above 23,100
  • IT and metal stocks lead rally
  • Investors await RBI MPC outcome
  • Broader market shows mixed performance
2 min read

Sensex jumps over 500 points ahead of RBI MPC decision

Indian stock markets rally for fourth session. Sensex up 508 points, Nifty gains 155 points as investors await RBI policy decision.

"Going ahead, continuation of this momentum may push the index towards the 23500-23600 resistance band - Market Analyst"

Mumbai, April 7

Indian equity markets extended their winning streak for a fourth straight session, supported by late buying interest that lifted benchmark indices higher by the close.

The Nifty ended the day up 0.68 per cent, gaining 155.40 points to settle at 23,123.65. Meanwhile, the Sensex rose 0.69 per cent, or 507.73 points, to close at 74,616.58.

"Going ahead, continuation of this momentum may push the index towards the 23500-23600 resistance band, which remains a critical hurdle due to heavy OI concentration and previous swing high," an analyst stated.

"On the downside, 23000 now acts as immediate support, followed by 22800, while the 22500-22600 zone continues to remain a strong base backed by demand and put OI build-up," a market expert mentioned.

Buying momentum picked up towards the end of the session, helping the indices maintain positive territory despite cautious sentiment earlier in the day.

Gains were led by IT and metal stocks, with companies like Wipro, Hindalco Industries, Tata Consultancy Services, and HCLTech emerging as the top performers on the Nifty.

Investors remained watchful ahead of the outcome of the Reserve Bank of India's Monetary Policy Committee meeting, which is scheduled to be announced on Wednesday.

The central bank is widely expected to keep the repo rate unchanged, but market participants are closely tracking its commentary for signals on the future policy path.

In the broader market, performance was mixed. The Nifty MidCap index ended marginally higher by 0.20 per cent, while the Nifty SmallCap index slipped slightly, closing 0.06 per cent lower.

Among sectoral indices, IT, realty, and metal stocks outperformed, reflecting sector-specific buying interest.

On the other hand, the PSU banking space saw selling pressure, with the Nifty PSU Bank index emerging as the biggest laggard of the session.

Analysts said that the market mood remained cautiously optimistic, with investors balancing global uncertainties and domestic policy expectations.

"The rebound from lower levels indicates that the market continues to find support near key zones, but the nature of the move suggests it was more tactical than structural," an analyst stated.

- IANS

Share this article:

Reader Comments

S
Sarah B
As an NRI investor, I'm closely watching this. The late-session buying is interesting. The RBI's commentary on liquidity and growth will be more important than the rate decision itself for my portfolio decisions.
A
Ananya R
IT and metals leading the charge! My SIP in a tech fund is finally seeing some green. But the smallcap index dipping is a slight worry. Need to see if this is a broad-based rally or just a few sectors propping up the indices.
V
Vikram M
Sensex at 74k+ is amazing, but let's be real. The gains are too concentrated. PSU banks are down, smallcaps are flat. This isn't a healthy bull run for the common retail investor. The market needs wider participation.
K
Karthik V
The analyst is right, 23500 is a big hurdle for Nifty. We've seen profit booking near these levels before. I'm holding my positions but ready to book partial profits if we hit that resistance. Fingers crossed for a dovish RBI tone!
P
Priya S
While the headline numbers look great, I hope the RBI governor addresses the concerns of middle-class savers. FD rates have peaked and might start falling if the pause continues. The balance between growth and saving returns is crucial.

We welcome thoughtful discussions from our readers. Please keep comments respectful and on-topic.

Leave a Comment

Minimum 50 characters 0/50