Market at new record highs ahead of RBI policy; Metal, Oil stocks outperform; Tata Steel, Maruti leads

Investors sentiment was driven due to the RBI policy meet. RBI governor and MPC members will present its December 2020 policy decision tomorrow.

Dec 03, 2020 09:12 IST India Infoline News Service

The Indian market shrugged off the performance of mixed global cues due to a disappointing U.S. jobs report. In Thursday's opening bell, both Sensex and Nifty clocked a fresh record highs with outperformance witnessed in broad-based sectoral indices. Metals and PSU banks were among top picks.

Investors sentiment was driven due to the RBI policy meet. Today will be the second day where RBI governor Shaktikanta Das and monetary policy committee (MPC) will meet to discuss monetary policy outcome of the country. RBI will present its December 2020 policy decision tomorrow.

At around 09.28 am, Sensex is trading at 44,748.50 up 130.46 points or 0.29%. While Nifty is performing at 13,174.40 above 60.65 points or 0.46%.

Earlier, the 30-scrip index opened at 44,902.02 higher by 283.98 points or 0.64% and the 50-scrip index at 13,215.30 surging by 101.55 points or 0.77%.

Also, Sensex has touched a 52-week high of 44953.01 and Nifty 50 a new all-time high of 13,216.60 in early deals.

BSE Metal surges by 1.37% at 10,783.23, followed by BSE Oil & Gas up 1.20% at 13,928.95.

All sectoral indices are performing on a higher note, except for IT and realty stocks as they have corrected from earlier gains and are trading in the red on a flat note.

At present, on Sensex, the gainers were - Tata Steel (+1.80%), Maruti Suzuki (+1.66%), ONGC (+1.53%), HDFC Bank (+1.31%) and Asian Paint (+1.12%).

Meanwhile, the underperforming stocks on Sensex were - Infosys, Axis Bank, TCS, Bharti Airtel and Bajaj Auto down between 0.50-1%.

Stocks that will remain in focus are - Tata Group stocks, Adani Group stocks, SpiceJet, BHEL, Raymond, Mahindra & Mahindra and Wipro among others.

Burger King initial public offering (IPO) is a huge hit, as individual investors have been massively optimistic in the issue, to the extent that it has already been oversubscribed by 3.13 times on Day 1.

Asian stock markets traded on a mixed note during Thursday's session tracking a choppy day of Wall Street trade. However, Covid-19 vaccine continues to maintain investors sentiment broadly on an upside.

Hong Kong's Hang Seng tops 150 points or 0.57%, while South Korea's KOSPI index jumped by nearly 1%. Whereas, Japan's Nikkei 225, Taiwan TSEC 50 Index and Australia ASX All Ordinaries surged marginally. However, Shanghai SE Composite Index traded in the red. 

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