Indian Stock Market Trades Flat Ahead of RBI MPC Meeting

​​​​​​​At around 9.31 am, Sensex was trading at around 78,595.81, up marginally, while the Nifty was at 23,769.80, up almost 30 points or 0.13 per cent.

The domestic benchmark indices were almost flat in the early trade on Wednesday, following a strong upward movement the stock market experienced as the US trade tariff tensions eased. With a positive opening, the Sensex and the Nifty were almost flat.

At around 9.31 am, Sensex was trading at around 78,595.81, up marginally, while the Nifty was at 23,769.80, up almost 30 points or 0.13 per cent.

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HDFC Bank (NSE:HDBK), Infosys (NSE:INFY), Oil and Natural Gas Corp (NSE:ONGC), Tata Consultancy Services (NSE:TCS) and Bharat Petroleum (NSE:BPCL) Corp has been added to the Nifty 50 index.

Asian Paints (NSE:ASPN), Larsen and Toubro, Titan (NSE:TITN) and Nestle (NSE:NEST) India weighed on the Nifty 50 index.

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On NSE, nine sectors were up, three declined out of 12. FMC declined the most on NSE Nifty. Oil & Gas rose the most on NSE Nifty. BSE Mid-cap, Small-cap indices trading higher in early trade.

Market watchers say that after the positive opening, Nifty can find support at 23,600. At the higher side, 23,800 could be immediate resistance, followed by 23,900 and 24,000.

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After being net sellers for 23 sessions, the foreign institutional investors turned net buyers on February 4, as they bought equities worth Rs 809 crore.

On the contrary, 35 domestic institutional investors turned net sellers after remaining net buyers for the last 35 sessions, as they sold equities worth Rs 430 crore.

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Strong buying interest saw the Nifty index close above the 23,700 mark. Besides, global markets traded in a positive direction.

The US decision to pause tariffs triggered a strong recovery from lower levels in U.S. futures overnight, and this has set a positive tone for Asian markets, according to Sameet Chavan of Angel One (NSE:ANGO).

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“While the momentum remains positive, key overhead resistance levels need to be monitored at 23900 (89 DEMA), 24000 (200 DSMA), and 24250 (previous swing high),” he mentioned.

After a robust Union Budget, all eyes are on the RBI’s monetary policy committee (MPC) meeting on February 7 where a rate cut is expected.

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