FIRST TRADE: Indices edge higher ahead of RBI policy decision; Sensex up over 100 pts; Nifty above 20,900
Stock market today: Last seen, S&P BSE Sensex was up 117.83 points, or 0.17 per cent, at 69,639.52, and NSE Nifty was up 41.95 points, or 0.20 per cent, at 20,943.1.
Stock market today: The Indian share market on Friday, December 8, opened higher ahead of the Reserve Bank of India's (RBI) MPC meet decision, where the bank is expected to stand pat on key rates for a fifth consecutive meeting.
Last seen, S&P BSE Sensex was up 117.83 points, or 0.17 per cent, at 69,639.52, and NSE Nifty was up 41.95 points, or 0.20 per cent, at 20,943.1.
"The market is likely to remain in a range in the near-term. Consolidation around the present levels is likely before the next phase of the rally begins. The undercurrents in the economy indicate a robust economy capable of sustaining the current trend of earnings growth into FY 25," said Dr. V K Vijayakumar, Chief Investment Strategist at Geojit Financial Services.
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Vijayakumar added leading indicators like power demand, housing demand, credit growth, and revival of rural demand suggest a resilient economy that can keep the market buoyant, restrained only by valuations. Fairly valued segments like banking may be accumulated on dips.
Further, he said falling crude is positive for paints, tyres, and aviation where demand continues to be robust.
The Nifty Mid Cap 100 and Small Cap 100 opened in green. Meanwhile, the high-beta Bank Nifty was flat with a positive bias at 46,844.3.
DCB Bank shares were up over 1 per cent as the board will consider the proposal of the Promoter Aga Khan Fund for Economic Development to invest $1 crore in the company (Rs 83 crore).
Ircon International shares were up over 1 per cent on BSE as the OFS for retail investors and non-retail investors will opened.
IIFl Securities shares were up over 7 per cent on BSE after broking firm has got a relief from SAT.
IRB Infrastructure Developers shares edged over 4 per cent higher and hit 52 week high after toll collection for the firm has soared by 20 per cent year-on-year.
IndiGo shares were up over 1 per cent after the company received an interim relief with respect to the tax assessment for AY17 and AY18.
Apollo Tyres shares were up nearly 2 per cent after the company received an overweight rating with a target raised to Rs 535 from the earlier Rs 475.
Orchid Pharma shares were up over 13 per cent after Investec initiated 'buy' on the counter with a target of Rs 800.
Conversely, Five Star Business Finance shares were down 1 per cent after reports PE fund shareholders to sell shares in the company via a block deal.
Bharti Airtel shares were down over 1 per cent after multiple block deals took place.
IDFC First Bank shares traded over 3 per cent lower after multiple block deals of 13.77 crore shares took place.
Ircon International shares were down over 7 per cent after centre said it would sell eight holdings in the railway firm through an OFS.
09:59 AM IST