Sensex and Nifty End Higher Ahead of RBI Policy Review Meeting
Image Source: Shutterstock

The Indian stock markets have ended Wednesday on a high as both BSE Sensex and NSE Nifty closed in positive terrain. The BSE Sensex and NSE Nifty opened at 40,606,01 and 11,969.95 points respectively while they ended the day at 40,850.29 and 12,043.20 points respectively. Sensex gained 178.84 while Nifty rallied 49 points. 

The markets saw an intensive buying activity in the second half of the day, which dragged the benchmark indices to end the day on a higher note. Also, some reports say that the United States of America and China on the verge of entering a trade deal in spite of tensions. 

The BSE Sensex rallied a massive 374 points from its day’s low to end 0.43% higher. The gains in the index were led by Tata Motors, which gained a whopping 7%. The shares of L&T closed the day by trading at 2% lower. The NSE Nifty ended the day above its crucial level of 12,000 points at 12,043, which is 0.41% higher. 

Also Read: Sensex Breaches 41,000 Points for 1st Time, Nifty Hovering Around 12,050

Apart from Nifty Realty index, all other sector-based indices ended the day higher. It ended the day by losing 0.07%. The Nifty Metal index closed the day 1.5% higher while the Nifty PSU Bank index ended Wednesday at 2% higher. The BSE mid-cap index saw a rise of 0.58% while the BSE small-cap index rose 0.33%. 

The Union Cabinet approved the launch of an exchange-traded fund for bonds, which is similar to exchange-traded funds for equities. This fund is named as Bharat Bond ETF and will offer additional capital for the government-owned corporations. The Bharath Bond ETF will be the first-ever corporate bond ETF in India. 

On the global front, the Asian stock markets have continued making losses today. Japanese Nikkei fell 1% while the Korean and Hong Kong equity markets have plummeted to their lowest since October 2019. Australia’s S&P/ASX dropped 1.6% while Shanghai blue chips fell by 0.2%. 

Today’s gains in the Indian markets are possibly due to the RBI’s bi-monthly policy review meet tomorrow. The Central Bank of India is expected to roll out a cut in the interest rate. If it reduces the interest rates, it would be for the sixth consecutive time this calendar year. 

For any clarifications/feedback on the topic, please contact the writer at vineeth.nc@cleartax.in

You May Also Like
Gold Jewellery

24K Gold Rate in India for October 2019: Week 3

The week commenced with the gold rate in India holding at Rs.38,300…

Is income tax applicable on Bonus Income?

Did you know that tax deductions don’t apply for the incentives and…

24K Gold Rate in India for July 2019: Week 5 (29 – 31)

Trading commenced for the final week with gold price in India holding…
Gold rate

24K Gold Rate in India for February 2020: Week 4

When trading opened for the week, 24K gold rate in India was…