Share Market Opening Bell! Ahead of RBI policy, Sensex up 300 pts, Nifty above 17850; auto stocks continue to surge, Tata Motors up 4.5%

Ahead of the Reserve Bank of India’s Monetary Policy Committee meeting, the Indian markets on Friday opened in the green with Sensex up near 300 points and Nifty above 17850. The surge in the market was mainly led by auto, metal and IT stocks at the market open today.

The BSE Sensex jumped by 282 points or 0.47 per cent to 59960.4 and Nifty surged 96.5 points or 0.54 per cent to 17,886.8 on Friday. While in the broader markets, Mid-cap Index made a record high and soared by almost 200 points or 0.63 per cent to 31501.8 levels today at the market open.     

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The RBI's rate-setting panel MPC on Friday is expected to opt for the status quo on the interest rate on account of inflationary concerns. 

Experts are of the view that the RBI may prefer to wait and watch for some more time before taking any major action on the monetary policy front as the central bank's focus is on managing inflation as well as supporting economic growth.

Of 50 scrips on Nifty50, 46 advanced, 04 declined minutes after the market open today. Tata Group stock — Tata Motors continues to surge most in the early morning trade, up by near 4.5 per cent, followed by ONGC up near 4 per cent, while Titan, L&T, and Tata Steel gained over 1 per cent. 

On the contrary, Coal India slumped most by over 2 per cent in the early morning trade, followed by Asian Paints and HUL down by 0.5 per cent each, while HCL Tech, HDFC, and SBI slipped marginally. 

In the early morning trade, almost all sectoral indices were trading in the green, except for FMCG and Realty. Nifty Metal surged most by around 2 per cent, led by Tata Steel and Nifty IT and Auto followed the suite in gaining. Banking stocks are strong too ahead of the RBI policy meet today.

On the global front, the US markets on Thursday rose, as Dow Jones closed up 340 points while Nasdaq ends with gains of 150 points. While Asian markets also opened in the green on Friday led by the Japanese ‘Nikkei’ which was higher by over 550 points in early trade.

Foreign Institutional Investors (FIIs) sold shares worth Rs 1764.25 crore in cash market and bought Rs 2528.64 crore in index futures on Thursday.