Updates on the stock market: Nifty opens over 22,000, the Sensex gains 300 points

Updates on the stock market: On Thursday morning, the Sensex surged 321.42 points to 72,473.42. Nifty reached 22,011.05. Up 80.55 points.

Benchmark stock indexes were set to begin higher today ahead of the Reserve Bank of India’s (RBI) monetary policy announcement. For the sixth meeting in a row, the central bank is expected to keep its benchmark interest rate steady.

The GIFT Nifty for India was trading at 22,047 as of 7:57 am, indicating that the Nifty 50 would likely start to trade above Wednesday’s closing price of 21,930.50.

The rate decision will be announced by the RBI at 10:00 a.m.

An early-February Reuters survey of sixty analysts predicted that the RBI will maintain the current state of affairs at its main repo rate of 6.50% on Thursday, at least until July.

Wednesday End of Business

Ahead of the RBI’s interest rate announcement on Thursday, investors remained cautious, as Sensex and Nifty ended Wednesday’s tumultuous session flat.

The 30-share BSE Sensex ended the day at 72,152, down 34.09 points, or 0.05 percent. It reached a peak of 72,559.21 and a low of 71,938.22 throughout the day.

At 21,930.50, the Nifty closed with a little gain of 1.10 points, or 0.01 percent.

Gains from several banking and pharmaceutical shares were countered by profit taking, which caused the IT equities TCS, Infosys, and Tech Mahindra to drop.

State Bank of India had the biggest increase among Sensex companies, rising 3.78%, after the bank’s announcement that it will buy SBI CAPS subsidiary for Rs 708.07 crore.

Following its announcement of a roughly 9% increase in revenue, Nestle India saw a 1.68 percent increase.

Axis Bank, Asian Paints, Bajaj Finance, and JSW Steel were a some of the winners.

The main laggards were NTPC, Wipro, HDFC Bank, Infosys, Power Grid, Infosys, Tech Mahindra, and Larsen & Toubro.

Seoul and Shanghai ended up in the positive area in the Asian markets, whilst Tokyo and Hong Kong ended up in the negative position.

The majority of European markets were quoted lower. Tuesday’s US market close was positive.

According to exchange statistics, foreign institutional investors (FIIs) purchased stocks on Tuesday worth Rs 92.52 crore.

On Tuesday, the BSE benchmark increased by 454.67 points, or 0.63 percent, to end the day at 72,186.09. To reach 21,929.40, the Nifty increased by 157.70 points, or 0.72 percent.

The benchmark for world oil, Brent crude, increased 0.66 percent to USD 79.11 a barrel.