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Share Market Updates: Sensex zooms over 600 points, Nifty above 17,300; RBI policy outcome in focus

Share Market Updates: Sensex zooms over 600 points, Nifty above 17,300; RBI policy outcome in focus

At 09:20 hours, the 30-share BSE index was trading 618 points or 1.07 per cent higher at 58,251.72, and the broader NSE Nifty was up 180 points or 1.05 per cent to 17,357.15.

Share Market Updates: Sensex zooms over 600 points, Nifty above 17,300; RBI policy outcome in focus Share Market Updates: Sensex zooms over 600 points, Nifty above 17,300; RBI policy outcome in focus

Indian benchmark indices opened higher ahead of RBI policy outcome. At 09:20 hours, the 30-share BSE index was trading 618 points or 1.07 per cent higher at 58,251.72, and the broader NSE Nifty was up 180 points or 1.05 per cent to 17,357.15.

Infosys was the top gainer in the Sensex pack, advancing over 2 per cent, followed by ICICI Bank, HCL Tech, Tech Mahindra, Reliance Industries and L&T.

All the stocks were trading in the green.

HDFC Bank Chief Economist Abheek Barua stated that the RBI is likely to increase the repo rate by 20 bps in this monetary policy meeting. Barua added that the RBI is also likely to retain the GDP growth forecast at 9.5 per cent.

The economist said that Omicron is likely to put a brief pause to RBI’s normalisation plans but does not expect the plans to be jettisoned completely.

Indian market closed higher on Tuesday, backed by gains in banking and consumer durables shares amid positive global cues. Sensex ended 886 points higher at 57,633 and Nifty surged 264 points to 17,176.

Tata Steel, Axis Bank and ICICI Bank shares were the top Sensex gainers, rising up to 3.63%

Foreign institutional investors (FIIs) sold shares worth Rs 2,584.97 crore on December 7, and domestic institutional investors (DIIs) bought shares worth Rs 2,605.81 crore, as per provisional data available on NSE.