The Reserve Bank of India (RBI) will come out on Thursday (February 6) with its last monetary policy for the current financial year, i.e. FY20.
Stock market traded in green ahead of the announcement of Reserve of Bank of India (RBI)'s sixth monetary policy, as Sensex jumped over 100 points in the opening session on Thursday amid strong cues from global markets.
The Reserve Bank of India (RBI) will come out on Thursday (February 6) with its last monetary policy for the current financial year, i.e. FY20.
Ahead of the policy announcement, the 30-share BSE index was trading 125.32 points or 0.30% higher at 41,267.98, and the broader NSE advanced 46.20 points, or 0.38%, to 12,135.35.
In the previous session, Sensex ended 0.87 % or 353.28 points higher at 41,142.66. While, Nifty rose 109.50 points, or 0.91 %, to settle at 12,089.15.
Meanwhile, on a net basis, foreign institutional investors bought equities worth Rs 248.94 crore, while domestic institutional investors purchased shares worth Rs 262.75 crore on Wednesday, data available with stock exchanges showed.
HCL Tech, ITC, Maruti, Bajaj Finance, Hero MotoCorp and TCS were the top gainers in the Sensex pack.
While, Kotak Bank, NTPC, PowerGrid and HDFC were the laggards.
According to traders, investors are bullish ahead of outcome of the Reserve Bank of India's (RBI) sixth bi-monthly monetary policy statement for 2019-20.
This will be the central bank's last monetary policy for the current financial year.
According to experts, the RBI is likely to maintain status quo on rates as well as its monetary policy stance, and to continue an accommodative stance to support growth.
The committee has been tasked by the government to tame retail inflation based on Consumer Price Index (CPI) at 4% (+- 2%).
The Economic Survey 2019-20 has projected the Indian economy to grow at around 6-6.5% in the next financial year beginning April 2020.
Further, strong gains in global markets have also boosted investor sentiment here, traders said,
Bourses in Shanghai, Hong Kong, Tokyo and Seoul were trading with significant gains.
Exchanges on Wall Street too ended higher on Wednesday.
Brent crude oil futures rose 1.65 % to USD 56.19 per barrel.
The rupee was trading flat against the US dollar at 71.27 in morning session.
(With PTI inputs)
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