Gains across most sectors led by banking and financial services shares pushed the markets higherDomestic stock markets started Friday's session with sharp gains following four days of fall, ahead of the release of the fourth bi-monthly policy statement of the year by the Reserve Bank of India (RBI).
The S-P BSE Sensex index rose as much as 296.67 points to touch 38,403.54 in the first few minutes of trade, and the broader NSE Nifty index climbed to as high as 11,400.30, up 86.3 points from the previous close.
Gains across most sectors led by banking and financial services shares pushed the markets higher.
Analysts awaited the fifth bi-monthly policy statement of the RBI due around noon.Sensex Up Over 200 Points, Nifty Firm Above 11,350At 9:33 am, the Sensex traded 222.48 points - or 0.58 per cent - higher at 38,329.35 while the Nifty was up 55.80 points - or 0.49 per cent - at 11,369.80.
Top gainers on the 50-scrip benchmark index at the time were Yes Bank, IndusInd Bank, HDFC, SBI and Wipro, trading between 1.18 per cent and 5.76 per cent higher.Sensex Opens Nearly 300 Points Higher, Nifty Above 11,350The S-P BSE Sensex index opened 294.62 points higher at 38,401.49, and the broader NSE Nifty benchmark started the session at 11,388.45, up 74.45 points from its previous close.On Thursday, the Sensex and Nifty had declined0.52 per cent and0.40 per cent respectively to close lower for a fourth straight session.RBI To Cut Key Rates By 25 Basis Points Most Probably: CARE Ratings"After all the measures taken by the government to revive the economy it may be expected that the RBI will reduce rates by 25 bps most probably," Madan Sabnavis, chief economist, CARE Ratings, told TheIndianSubcontinent in an email response.
"There is scope for further easing may be up to repo rate of 5 per cent by the end of the year if the economy is sluggish and inflation under control." (What to expect from RBI policy today)Sensex, Nifty Rise In Pre-Open MarketThe S-P BSE Sensex rose as much as 259.82 points to 38,366.69 in the pre-opening session.
At 9:04 am, the Sensex was up 265.06 points - or 0.70 per cent - at 38,371.93 while the broader NSE Nifty benchmark was at 11,401.95, up 87.95 points - or 0.78 per cent - from the previous close.RBI Likely To Announce Fifth Rate Cut Of Year TodayThe Reserve Bank of India will release the fourth policy statement of the current financial year at 11:45 am, followed by a press conference and media interaction with the top brass of the central bank between 12:00 pm and 12:45 pm.
Many economists expect the six-member Monetary Policy Committee, chaired by the central bank Governor Shaktikanta Das, to deliver its fifth straight reduction in key interest rates.Asian Shares Edge HigherAsian share markets edged higher tracking gains on Wall Street, but the mood was cautious before a key US job report that could help determine whether the Federal Reserve cuts interest rates further.
MSCI's broadest index of Asia-Pacific shares outside Japan rose 0.3 per cent.
Japan's Nikkei stock index lost 0.17 per cent, but Australian shares edged 0.05 per cent higher.Investors have been caught out by a set of weak US data this week, including surveys on services and manufacturing sectors, deepening fears the China-US trade war is starting to hurt growth in the world's biggest economy.SGX Nifty Futures Indicate Higher Opening For Domestic MarketsDomestic stock markets are likely to start Friday's session on a positive note, as analysts await the outcome of a three-day bi-monthly policy review by the Reserve Bank of India which concludes today.At 8:48 am, the Singapore Exchange (SGX) Nifty futures - an early indicator of the National Stock Exchange (NSE) Nifty index in India - were up 17.50 points - or 0.15 per cent - at 11,376.50.