Markets positive ahead of RBI’s policy meet

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Indian equity markets were trading in green ahead of India’s monetary body-RBI’s policy review on Wednesday.

The benchmark Sensex of the Bombay Stock Exchange rose by around 100 points in the early hours of trade today. The 30-share index gained 98.15 points (0.29 percent) at 33468.78. Earlier the gauge had rallied by 401.95 points in previous two sessions.

The broader 50 shares index NSE-Nifty gained 29.60 points (0.28 percent) to 10274.60.

Major gainers were Tata Motors, Hero MotoCorp, Yes Bank, Bajaj Auto and Maruti Suzuki.

Sectoral indices led by healthcare, realty, auto, IT, metal and consumer durables traded positive with gains over 1 percent.

Brokers said sentiments remained firm largely on the back of sustained buying by DIIs as well as retail investors and positive cues for other Asian cues, tracking gains on the Wall Street.

Investors, however, are in wait-and-watch mode ahead of the RBIs first bi-monthly policy meet for FY119, they added.

Meanwhile, on a net basis, Foreign Portfolio Investors (FIIs) sold shares worth Rs 376.51 crore while Domestic Institutional Investors bought shares worth Rs 479.18 crore on Tuesday, a provisional data showed.

RBI Governor Urijit Patel will be heading a six-member Monetary Policy Committee scheduled for a two-day meet that begins today.

In other Asian markets, Japan’s Nikkei was up by 0.46 percent, while Hong Kong’s Hang Seng rose by 0.20 percent in early trade today. Shanghai Composed Index gained 0.72 percent.

The US Dow Jones Industrial Average ended 1.65 percent higher yesterday with S&P 500 and Nasdaq also gaining above one percent.

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