Markets witness cautious tone ahead of RBI policy outcome; Nifty above 18,000

3 Nov 2022 , 09:42 AM

Indian market continued to open on a cautious note in the opening hours of Thursday with Sensex near 60,700-level and Nifty 50 slightly over 18,040. Financials, IT, Metal and pharma stocks weighed on the downside. Auto and banking stocks outperformed their counterparts.

At around 9:45 AM, Sensex was trading at 60,791.29 down by 114.8 points or 0.19%. Nifty 50 traded at 18,057.65 lower by 25.20 points or 0.14%. 

Bajaj Auto, Titan, Axis Bank, Adani Enterprises, Bharti Airtel were top bulls on Nifty.

Tech Mahindra, Hindalco, Wipro, Coal India and Infosys were top bears on Nifty.

The markets are expected to witness volatility as Reserve Bank of India (RBI) to hold an additional meeting today in November 03, 2022.

The stocks will be in focus today ahead of quarterly earning for fiscal FY23: HDFC, Hero MotoCorp, Hindustan Petroleum Corporation, Vodafone Idea, Adani Enterprises, Ajanta Pharma, Amara Raja Batteries, Adani Total Gas, Adani Wilmar, Bank of India, Blue Star, Coromandel International, Devyani International, Indian Bank, JK Lakshmi Cement, Raymond, SRF, and Welspun Corp. 

Notably, The RBI is set to hold an additional meeting today under section 45ZN of the RBI Act to focus on bringing inflation within target levels. Section 45ZN of the RBI Act focuses on ‘failure to bring inflation under target.’

On the global front, Asian markets opened in the red with the Japanese ‘Nikkei’ closed for a holiday the ASX led the losers with almost 1.5% fall accompanied by the Taiwan market.

Overnight, on the wall street, US markets witnessed volatility with the Federal Reserve raising rates by 75 basis points for the fourth straight month. Dow Jones falls 500 points while Nasdaq falls over 366 as markets look for excuse to book profits after sharp rally on October.

For feedback and suggestions, write to us at [e-mail]