D-Street Rally Continues: Sensex Gains 657 Pts, All Eyes on RBI’s Policy Decision

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D-Street Rally Continues: Sensex Gains 657 Pts, All Eyes on RBI’s Policy Decision
Credit: © Reuters.

By Malvika Gurung

Investing.com -- Indian equity benchmark indices continued to end higher on Wednesday, after opening on a strong note and extending gains to the second straight session.

The intraday rally mirrored the global rally and strong cues from foreign markets, as Wall Street ended higher on Tuesday, amid signs of easing Russia-Ukraine geopolitical tensions, ahead of the US inflation data release, shrugging off fears looming around rising crude oil prices and Fed’s aggressive rate hikes in 2022.

Domestic benchmarks Nifty50 and Sensex ended 1.14% higher each, led by gains across the financial, auto and IT sectors, with industry heavyweights HDFC Bank (NS: HDBK ) and Reliance Industries (NS: RELI ) being the major market drivers.

Broader markets ended at par with the headline indices, with the Nifty 500 rising 1.07%, Nifty Midcap climbing 1.14% and Nifty Smallcap ending 0.4% higher.

Investors on Dalal Street added Rs 2.53 lakh crore to their wealth on Wednesday.

The market will closely watch RBI’s policy announcement to be released on Feb 10. Headwinds like global inflationary pressures, tightening monetary policies by global central banks like the Fed and BoE, rising crude oil prices, domestic inflation, and a sharp rise in bond yields, will make it difficult for the central bank to continue with its accommodative monetary stance.

Analysts and experts believe that while RBI would keep its repo rate steady, it could raise its reverse repo rate. The central bank’s commentary on growth and rising inflation will be keenly monitored, besides the US inflation data and domestic earnings results scheduled for later in the week.

All sectoral indices, except Nifty PSU Bank , ended in green, led by Nifty Auto , up 2.2%. Nifty Bank ended 1.53% higher.

84% stocks listed on the Nifty50 index ended in green, led by Coal India (NS: COAL ) and Maruti Suzuki (NS: MRTI ), up 5.63% and 4.2%, respectively, while state-owned companies ONGC (NS: ONGC ) and Bharat Petroleum (NS: BPCL ) slumped, down 1.5% and 0.65%, respectively.

On the 30-scrip Sensex, only 3 stocks ended in red, led by Sun Pharmaceuticals (NS: SUN )and ITC (NS: ITC ).

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