Sensex Rises Over 200 Points, Nifty Above 10,650 Ahead Of RBI Policy Outcome

06 Jun 2018, 12:03 PM IST

Investors awaited the outcome of RBI's interest rate-setting meeting.

At 11:52 am, the top five gainers in the Nifty50 pack were Titan (up 2.81 per cent), Bharti Airtel (up 2.61 per cent), HCL Technologies (up 2.45 per cent), Indiabulls Housing Finance (up 2.39 per cent), and Bajaj Finance (up 2.26 per cent).
“The 10,800 level (of Nifty) would be a strong resistance for the bulls to cross. The intermediate trend line support is placed near 10,600. If bears manage to surpass the 10,600 level, we may see the further fall towards the 10,400 level,” said Dyaneshwar Padwal -AVP Technical Analyst, KIFS Trade Capital.
The BSE Bankex index was down 0.06 per cent. Rate-sensitive stocks like State Bank of India and HDFC Bank were at 0.10 per cent higher and 0.09 per cent lower respectively.
Experts are largely expecting the RBI to adopt a hawkish tone in the policy statement but not hike interest rates as yet in the June meeting. "We pencil in 50 bps (basis points) of rate hike (August and October) and expect June policy to strongly signal the same. However if MSP (Minimum Support Price) increases are in line with recent trends, RBI could have some space to maintain status quo," stated a report from Kotak.
On Tuesday, foreign portfolio investors sold net shares worth Rs 157.51 crore while the domestic institutional investors (DIIs) net bought shares worth Rs 474.33 crore, according to provisional data from the NSE. (With Reuters inputs)