Nifty reclaims 17,500, Sensex gains 300 points in opening trade ahead of RBI MPC's decision; IT, media, banking shares gain

Ahead of the Reserve Bank of India's MPC decisions announcement, domestic equity market opened on a high note on weekly F&O expiry day on Thursday. The broader Nifty breached 17,500 and the Sensex gained over 300 points in the opening trade. The two indices opened at 17,554.10 and 58,810.53 respectively as all broader market and sectoral indices traded in the green, with FMCG and Pharma opening flat.  

ONGC, Power Grid, Tata Motors, Infosys, Wipro, Tata Steel, HDFC Bank, Tech Mahindra, Kotak Bank, L&T and NTPC were among the top gainers. Stocks that declined in the open were Asian paints, ICICI Bank, ITC, Cipla, NTPC, Maruti, Bharti Airtel, ICICI Bank and IndusInd Bank.  

''Nifty has formed a green candle after a Dragonfly Doji pattern on the daily chart suggesting a short-term bullish reversal. On the higher end, immediate resistance is visible at 17530. A decisive move above 17530 may induce a rally towards the recent peak of 17775-17800. On the lower end, support is placed at 17315," said Rupak De, Senior Technical Analyst at LKP Securities.  

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In the pre-open around 9.05 am, the Sensex was seen trading with gains of over 300 points to 58,809.35 as 26 stocks advanced, 13 declined and one remained neutral on the 30-share index.  

SGX Nifty was trading marginally higher by 26 points to 17,510 at around 9 am on the Singaporean Exchange, indicating a flat to positive opening for the Indian market.  

On Thursday morning, the Asian markets were trading nearly flat. Japanese Nikkei 225 was trading 0.20% higher, Hang Seng index was flat with negative bias and Shanghai Composite too was trading flat but with positive bias around 7.50 am on Thursday.  

Earlier, the wall Street indices closed higher as Dow Jones gained 0.86, Nasdaq Composite settled with 2.08% gains and S&P 500 was up 1.45% in the closing trade on February 9.