Markets trade volatile ahead of RBI policy outcome; Coal India, BPCL, Tata Consumers top gainers

8 Apr 2022 , 09:32 AM

Indian markets opened on a higher level, however, soon erased all the early gains to trade on a muted level on Friday with banking, auto, FMCG, IT and pharma stocks trading flat. All eyes are now set on RBI’s first monetary policy for fiscal year FY23, which will be announced by the MPC later today. Markets participants are expecting another status quo in RBI’s benchmark interest rates and stance.

In the opening bell, Sensex has touched an intraday high of 58,297.46 and Nifty 50 clocked the day’s high of 17,723.60.

At around 09:35 AM, Sensex was trading at 59,045.65 up by 10.7 points or 0.02%. Meanwhile, Nifty 50 is trading at 17,662.90 higher by 23.35 points or 0.13%.

Nifty gainers were – Coal India up 2.3% followed by UPL higher by 1.6% and Tata Consumers advancing by 1.3%. Stocks like Hindalco, JSW  Steel surged over 1% each.

However, underperformers on Nifty were – Cipla, Tech Mahindra, NTPC, ICICI Bank and TCS down between 0.5-1%.

RBI’s first monetary policy for fiscal year FY23 will be presented today. The six-member monetary policy committee including RBI governor Shaktikanta Das have begun their 3-day policy meeting starting April 06.

On the global front, Asian indices opened in the green with pessimism. Nikkei headed for weekly loss of nearly 3% as traders weigh tigh monetary policy