Mumbai, Aug 5: Equity markets opened on a positive note on Wednesday as investors looked ahead to the Reserve Bank of India's (RBI) monetary policy announcement. Strong global cues and a sharp decline in crude oil prices boosted market sentiment during early trading.
Pic Credit: Pexel
The BSE Sensex climbed more than 600 points at the opening bell to reach 79,055.38, while the NSE Nifty 50 also began the session in positive territory at 24,669.20.
Buying interest was visible across realty, automobile, energy, and public sector banking stocks, with these sectors emerging as the top performers in early trade. Metal, cement, and chemical stocks also registered healthy gains.
On the other hand, healthcare and pharmaceutical stocks came under pressure. Shares of Apollo Hospitals, Sun Pharma, Cipla, Dr. Reddy's Laboratories, SBI Life, Nestlé India, ITC, and Tata Consultancy Services (TCS) were among the major losers on the Nifty.
Market sentiment was supported by positive global developments, including record highs on Wall Street and a fall in crude oil prices. Brent crude slipped to around $78 per barrel, while U.S. West Texas Intermediate (WTI) crude traded near $74.24 per barrel, easing concerns over inflation and input costs.
Investors are now focused on the RBI's policy decision, with market participants widely expecting the central bank to keep interest rates unchanged. Analysts believe maintaining the current rate would help preserve the economy's growth momentum while allowing policymakers to continue monitoring inflation trends.
Optimism has also been reinforced by resilient economic growth, improving corporate earnings, and continued buying by foreign institutional investors. Together, these factors have strengthened expectations that the market could maintain its upward momentum in the sessions ahead.
