Stock markets started Wednesday’s session on a strong note, with the Sensex rising more than 250 points, ahead of the outcome of the central bank’s policy meeting. The 30-scrip index rose as much as 249 points to touch 36,866 in early trade, while the Nifty climbed 64 points to 10,998. Gains were led by buying in IT and media stocks. At 9:26 am, the Sensex traded 255 points higher at 36,871 and the Nifty was at 10,998, up 64 points from the previous close.
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Top advancers on the Nifty50 were Tech Mahindra, Zee, Hindustan Petroleum and Indiabulls Housing Finance, trading between 1.6 per cent and 5 per cent higher.
Equities in other Asian markets logged mild gains amid cautious traded as investors waited to see if US President Donald Trump drops any hints of progress on tariffs in his State of the Union speech.
MSCI’s broadest index of Asia-Pacific shares outside Japan was flat with China and several other markets in the region still closed for the Lunar New Year holiday. Japan’s Nikkei edged up 0.3 per cent, while E-Mini futures for the S&P 500 barely budged.
Analysts awaited the outcome of the RBI’s policy meeting due on Thursday. With consumer inflation below its medium-term goal, many economists expect the central bank to change its policy stance in preparation for a rate cut in the next policy meet due in April.
A higher closing for the Sensex and Nifty on Wednesday would mark the fifth straight day of gain for the benchmark indices. The Sensex and Nifty have added 1,025 points (2.9 per cent) and 282 points (2.7 per cent) in past four sessions.
(With agency inputs)
