Markets in a sweet spot; Nifty above 18,650

7 Jun 2023 , 01:08 PM

Indian equity markets are trading with gains in the Wednesday afternoon session as investors await the Reserve Bank of India’s monetary policy decision. Further, hopes of a pause in interest rate hikes by the US Federal Reserve are lifting the market momentum.

On the sectoral front, consumer durables are driving the markets. Nifty Auto, Bank, IT, and Media packs are also trading with gains. All other major sectoral indices are in pace with the overall markets.

Investors are eagerly eyeing the Reserve Bank of India's (RBI) monetary policy announcement on June 8. It is widely anticipated that the central bank will keep its interest rate unchanged in its policy outcome expected this week.

At around 1.00 PM, BSE Sensex is trading at 62,986, registering gain of 194 points. NSE Nifty is trading 78 points higher at 18,676.

Britannia Industries (+4.03%) is leading the gainers’ chart on NSE. BPCL (+3.34%) and Nestle India (+2.97%) are trading about 3% higher. Tata Group stocks Tata Consumers (+2.92%) and Tata Motors (+2.64%) are also trading with nearly a 3% uptick.

Mahindra and Mahindra (-0.65%), Kotak Bank (-0.61%), Bajaj Finance (-0.47%), ICICI Bank (-0.47%), and Cipla (-0.33%) are the top NSE losers today declining marginally.

Keeping up the market spirits, 40 stocks advanced on the nifty index today. While only 10 stocks are trading on the downside.

Globally, equities added gains ahead of US Federal Reserve’s key monetary policy decision.