The Indian stock indices opened higher on Thursday despite mixed global cues.
Market experts believe that investors are buoyed by hopes for developments in the India-US trade deal and a rate cut by the Monetary Policy Committee of the Reserve Bank of India.
At the opening of the trading session today, the Sensex was up 26.22 points or 0.03 per cent, at 81,024.47, and the Nifty 50 at the National Stock Exchange was up 8.65 points or 0.04 cent, at 24,628.85.
The stocks of Dr Reddy’s Labs, Eternal, Shriram Finance, Power Grid Corp, and Cipla were among the major gainers on the Nifty, while Tata Consumer, Nestle, Titan Company, Axis Bank, and SBI Life Insurance were losers.
At the opening, all the sectoral indices are trading in the green at the NSE. On BSE, the Midcap index was up 0.3 per cent and the smallcap index was up 0.6 per cent.
“Indian markets are also sideways, with the RBI MPC meet outcome on Friday being watched closely. The consensus expectation is for a 25 bps rate cut by an accommodative stance positioned RBI,” said Ajay Bagga, Banking and Market expert.
On the investment front, the financial markets received good news that foreign portfolio investors turned net sellers in Indian stock markets for the second consecutive month in May. FPIs had fuelled the latest bull run in the stock market after a sharp slump.
