The Indian equity benchmarks opened flat this Friday, weighed down by overnight global sell-offs but buoyed by domestic focus on the RBI’s upcoming monetary policy reveal. By 9:18 AM, Sensex was down a slender 78 points at 83,235.55, with Nifty mirroring the tepidity, off 56 points to 25,586. Traders are glued to the Monetary Policy Committee (MPC) announcement at 10 AM from Governor Sanjay Malhotra, a decision that could steer market direction.
Sector-wise, buying propped up oil & gas, private banking, energy, and financial services in the initial hour. Pressure mounted on IT, pharma, healthcare, media, auto, consumer goods, metals, and public sector enterprises, leading to choppy trades. Selling extended to mid and small-cap segments: Nifty Midcap 100 shed 0.53% or 315 points to 59,201, while Nifty Smallcap 100 dropped 1.14% or 193 points to 16,790.
Sensex heavyweights painted a mixed picture. Gainers like Bharti Airtel, Kotak Mahindra Bank, Bajaj Finserv, ICICI Bank, Power Grid, Axis Bank, L&T, Titan, and Adani Ports shone bright. Losers featured TCS, Infosys, Tech Mahindra, HCL Tech, NTPC, BEL, Asian Paints, Eternal, Indigo Paints, and Trent, underscoring IT and paint sector drags.
Market pundits foresee RBI maintaining repo rate at 5.25%, with steady GDP and inflation projections. Comments on EU-US trade pacts post-deal could be a game-changer. Recall, December’s 25 bps repo cut had sparked optimism. Globally, markets in Tokyo, Shanghai, Seoul, and Jakarta declined, contrasting Bangkok’s rise. US bourses ended Thursday weak.
Precious metals weakened internationally, with Comex gold down 1% and silver slumping 5%. As RBI’s stance unfolds, expect heightened volatility, with investors parsing every word for clues on growth, inflation, and global trade impacts. This policy meet underscores India’s balancing act in a volatile world economy.
