The Reserve Bank of India (RBI) RBI will announce the Second Bi-monthly Monetary Policy Statement, 2016-17 at 11.00 today.
By 10:22 am, the 30-share S&P BSE Sensex was higher by 96 points at 26,874 and the Nifty50 rose 30 points at 8,231. Broader markets are outperforming the benchmark indices- BSE Midcap and Smallcap indices are up 0.5%-0.6%.
Top gainers from the Sensex pack are SBI, ICICI Bank, HUL, ONGC and Maruti Suzuki, all surging between 1%-2%.
Adani Ports, Dr Reddy’s Labs, HDFC, Lupin and Axis Bank are down between 0.3%-1%.
Among other shares, Goa Carbon has surged 20% to Rs 100, also its 52-week high on the National Stock Exchange (NSE), after the company reported total production of 19,977 MT (in value Rs 26.13 crore) of calcined petroleum coke for the month of May 2016.
Shares of Shreyas Shipping and Logistics were up nearly 3% at Rs 331 after the company said that it has entered into an agreement with state-owned Shipping Corporation of India (SCI) to strengthen costal shipping and expand its presence on East-West trade lane.
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Updated at 9:30 am
Markets have commenced the session on a higher note, amid firm global cues, with rate sensitive sectors leading the gains. Meanwhile, investors will keenly await the RBI policy review scheduled later during the day.
By 9:30 am, the 30-share S&P BSE Sensex was higher by 98 points at 26,875 and the Nifty50 rose 30 points at 8,231. Among broader markets, BSE Midcap and Smallcap indices are up 0.3%-0.4%.
On Monday, benchmark share indices ended marginally lower amid a choppy trading session, led by Bharti Airtel and pharma shares.
"The dip anticipated last Friday towards 8,214 matured yesterday on anticipated lines, and the resolve to swing higher would be tested today in the 8,285 region. However, the potential for volatility looks more than that of a directional move suggesting that spikes to 8,326 or sharp falls towards 8,173-8,110 will not be surprising," says Geojit BNP Paribas in a technical note.
Among global peers, Asian stocks hit a five-week high on Tuesday after U.S. Federal Reserve Chair Janet Yellen gave a largely upbeat assessment on the U.S. economic outlook, while the dollar declined on diminishing expectations of interest rate increases in coming months.
MSCI's broadest index of Asia-Pacific shares outside Japan rose 0.5%, taking its gains to 6% in two weeks, as investors judged the Fed's cautious stance as well-suited to equities.
Back home, foreign portfolio investors (FPIs) bought shares worth a net Rs 28.30 crore yesterday as per provisional data released by the stock exchanges.
With retail inflation showing signs of hardening, RBI Governor Raghuram Rajan may maintain status quo in the bi-monthly monetary policy review today and wait for the impact of delayed monsoon rains before making the next move, say experts.
The Indian rupee has opened higher by 6 paise at 66.90 per dollar on Tuesday against previous close of 66.96.
Interest rate sensitive banking, realty and auto stocks are in focus as the RBI announces its monetary policy review today.
SBI, Hero Moto, ICICI Bank, Wipro and Maruti Suzuki have gained between 1%-2%.
Axis Bank has raised $500 million at the London Stock Exchange after it launched India's first internationally-listed certified green bond to finance climate change solutions around the world.
Wipro after market hours yesterday announced that it would commence buyback of shares on 17 June 2016. The buyback closes on 30 June 2016.
With Reuters input
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