FIRST TRADE: Sensex up over 200 pts; Nifty above 21,950 ahead of RBI monetary policy; Power Grid rises over 5% after Q3 results

Stock market today: The Indian share market on Thursday (February 8) opened higher ahead of the Reserve Bank of India's (RBI) monetary policy decision, where the central bank is expected to keep its key interest rate unchanged for a sixth consecutive meeting. Last seen, both indices were up 0.30 per cent. The S&P BSE Sensex rose 218.5 points to 72,370.5, and the NSE Nifty soared 66.55 points to 21,997.05.

"The mother market US is setting new records, and this provides the support to facilitate new records in India, too. The bulls are again on the front foot and will use any positive news to push the market forward. The event that will be closely watched today will be what the RBI says. No rate action is expected today, but the commentary from the central bank will be keenly watched. Positive comments on the economy and any signs of a dovish tone will be positive for the markets," said Dr. V. K. Vijayakumar, Chief Investment Strategist at Geojit Financial Services.

Dr. Vijayakumar added that even while enjoying this bull run in the market, investors should keep in mind the fact that market valuations are high, and partial profit booking and moving some money to fixed income would be a safe strategy.

Meanwhile, Nifty Mid Cap 100 and Small Cap 100 traded over half a per cent higher. Nifty Bank was 0.37 per cent at 45.988.3.

BUZZING STOCKS

Power Grid shares were up over 5 per cent a day after the company posted better-than-estimated Q3 results.

Cummins India shares were up 3 per cent a day after the company posted better-than-estimated Q3 results.

Mankind Pharma shares rose over 3 per cent after, in the pre-opening session, 1.62 per cent equity changed hands via a block deal.

Kalyan Jewellers India shares were up over 3 per cent after 4.63 per cent equity changed hands via multiple block deals in the pre-opening session.

Conversely, Paytm shares were down over 6 per cent amid the RBI's order to Paytm Payments Bank Ltd. not to take any further deposits, conduct credit transactions, or carry out top-ups on any customers' accounts, prepaid instruments, wallets, or cards for paying road tolls after February 29.

JK Papers shares were down over 5 per cent a day after the company posted weak Q3 results.

GLOBAL MARKETS

Most Asian stocks tracked Wall Street higher on Thursday, but Chinese stocks were battling to sustain a rally after data raised concerns about deflationary pressures in China and suggested the economic slowdown may have further to run.

Japan's Nikkei surged 1.5 per cent, while MSCI's broadest index of Asia-Pacific shares outside Japan rose 0.2 per cent, with gains in Australia and South Korea being eroded by a 0.2 per cent fall in Hong Kong's Hang Seng index.

(With inputs from agencies.)

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