Share Market Live : Sensex rises 200 points up and Nifty trading at 17400: The Indian equity benchmarks BSE Sensex and NSE Nifty50 are expected to open higher in the final session of the week, with the RBI’s Monetary Policy Committee expected to announce a key interest rate decision later in the day. Nifty futures on the Singapore Exchange (SGX) rose as much as 58 points, or 0.3 percent, to 17,455 ahead of the opening bell. CNBC-TV18 polled analysts expect the RBI to raise the repo rate — the key rate at which it lends money to commercial banks — on Friday, after raising the COVID-era rate by 90 basis points since May.
Britannia shares are down nearly 1%.
On the BSE, the Britannia stock fell by as much as Rs 35.6, or 0.9 percent, to Rs 3,742. The drop in Britannia shares comes just one day after the FMCG conglomerate reported its fiscal results for the April-June period.
The RBI is expected to raise lending rates by 35-50 basis points today, while keeping inflation and growth projections unchanged.
Half of the economists polled by CNBC-TV18 expect the RBI’s Monetary Policy Committee, led by RBI Governor Shaktikanta Das, to announce a 35 basis point increase in the repo rate today.
The majority of them believe that the key lending rate will be at 5.75 percent by December and will reach 6% by the end of the current policy tightening cycle.
Trade Setup | More upside for Nifty once bulls decisively push it past 17,500.
According to Kunal Shah, Senior Technical Analyst at LKP Securities, the Nifty Bank’s high volatility a day before the RBI policy suggests the bulls and bears are fighting from both ends, with support at 37,200 and resistance at 38,200.
“For a trending move, the index must break on either side on a closing basis… It is already in an overbought zone, and a correction is not out of the question “he continues
Following a mixed session on Wall Street, Asian stocks rise.
Following a mixed session on Wall Street overnight, equities in other Asian markets begin Friday in the green. At the time of writing, MSCI’s broadest index of Asia Pacific shares outside Japan was up 0.6 percent.
—The Nikkei 225 in Japan is up 0.7 percent.
—The Shanghai Composite is up 0.2 percent.
—The Hang Seng Index in Hong Kong fell 0.1 percent.
—S&P 500 futures are up 0.3 percent.