Bombay Stock Exchange (Img: pinterest)
Mumbai: The Indian stock market concluded its trading session on an upbeat note after the Reserve Bank of India left interest rates unchanged and benchmark indices moved up on Thursday. Helped by a decrease in crude oil prices and positive global sentiments, investors have maintained a positive sentiment in the market, but gains have been modest due to selective buying.
The BSE Sensex Index recorded a positive close by gaining around 140 points and settling at 78,721.60, whereas the Nifty50 Index gained marginally and closed near 24,635 on Thursday. Investors continued their assessment of the RBI monetary policy that kept borrowing costs stable but emphasized on controlling inflation and the economy.
Sentiment in the market was lifted by falling crude oil prices. A fall in global crude prices has eased inflationary pressures as well as India’s import bill, thus bringing relief to domestic investors. Expectations of developments in global geopolitics also lifted investors’ sentiment.
Buy orders were witnessed in a number of blue-chip stocks, with the highest increase being recorded by Reliance Industries, which posted a gain of 3.52% to close at ₹1,325. SBI posted a gain of 2.84% and closed the day at ₹1,085, while Bharat Electronics Ltd (BEL) posted a gain of 2.36% to close at ₹399.20.
The other top gainers included Eternal Ltd, which registered an increase of 1.90% to ₹316.25 and Titan Company, which posted a gain of 1.74% and closed the day at ₹4,998.
In terms of sectoral performance, there was a mixed trend seen throughout the day's session. Stocks from the IT and pharmaceutical sectors saw buying interest, but the automobile and real estate sectors were under pressure.
There were only small falls in the shares being tracked. Larsen & Toubro (L&T) declined 0.12% to settle at ₹4,061.80 and Coal India fell by 0.02% to ₹415.60. However, the overall picture was positive with the majority of important shares retaining their gains.
According to analysts, the market would continue to be range bound in the short run as investors weigh domestic economic data, corporate results and global factors. The RBI's stable policy has given confidence, but the market direction depends on further economic figures and global factors.
In today’s closing session, there was cautious optimism on Dalal Street with investors still tracking interest rates, oil prices and corporate performance for the next move.
