Indian equity markets traded higher in the morning session on Friday ahead of a key central bank policy decision as investors awaited cues on how the central bank plans to address inflation and currency pressures amid elevated energy prices driven by geopolitical tensions in West Asia.
Sensex jumped as much as 0.48 per cent or 357 points to 74,717.57, hitting an intraday high in early trade. Similarly, Nifty was trading 0.42 per cent or 100 points higher at 23,516.
Sector-wise, among the major gainers, the Nifty Media index jumped 1.81 per cent, followed by the Nifty Financial Services index, which rose 0.97 per cent.
In addition, healthcare-related indices remained strong, with Nifty Healthcare and Nifty Pharma gaining up to 0.82 per cent, while Nifty Realty added 0.71 per cent.
On the other hand, Nifty Oil & Gas slipped marginally by 0.06 per cent, while Nifty Metal declined 0.60 per cent. IT and FMCG stocks were largely steady, while PSU banks and private banks posted marginal gains.
Among individual stocks, Wipro, Tata Steel, Trent, Hindalco Industries and Coal India were among the top losers on the Nifty index.
Analysts said there were mild positive indications for the market. “There are signs of weakness in the AI trade in the US, South Korea and Taiwan and rotation away from tech stocks, but it is too early to say whether this will sustain,” they said.
If the Reserve Bank of India decides to act with a 25 bps rate hike, banking stocks could see sharp gains as lenders benefit from higher interest rates, experts said.
However, they added that a rate hike would be negative for interest-sensitive segments such as automobiles and real estate.
Crude oil prices traded higher, with international benchmark Brent crude rising 0.88 per cent to $95.87, while US WTI gained 0.53 per cent to $93.54.
Asian markets traded lower, with Japan’s Nikkei down over 1 per cent, South Korea’s KOSPI plunging 5 per cent, and Hong Kong’s Hang Seng down about 1 per cent.
(IANS Inputs)
