Sensex jumps 311 points ahead of RBI MPC decision

Mumbai, June 7: India equity indices were trading in the green on Friday after a flat open.

On Friday, the decisions of the ongoing Monetary Policy Committee (MPC) to review interest rates will be announced by Reserve Bank of India (RBI) Governor Shaktikanta Das.

At 9:40 a.m., Sensex was at 75,447, up 372 points or 0.50 per cent and Nifty was at 22,941, up 120 points or 0.53 per cent.

Midcap and smallcap shares are outperforming benchmarks. The Nifty Midcap 100 index is at 52,773 points, up 359 points or 0.69 per cent, and the Nifty Smallcap 100 index is at 17,010 points, up 180 points or 1.10 per cent.

Among all sectoral indices, IT, Fin Service, Realty, Metal and Pharma indices are the major gainers.

India VIX was up marginally by one per cent at 16.96 points.

Wipro, Tech Mahindra, Infosys, TCS, Bajaj Finance and Bajaj Finserv are the top gainers. L&T, IndusInd Bank, HUL, ITC and Kotak Mahindra Bank are the top losers.

Most of the markets in Asia are trading in the red. Bangkok, Tokyo, Hong Kong, Shanghai and Jakarta are trading with losses. Only Seoul markets are in the green. US markets closed mixed on Thursday.

Crude oil remains flat. Brent crude is at $80 per barrel and WTI crude at $75 per barrel.

According to the experts, "In the near-term, the market is likely to be weighed down by the huge FII selling which has touched Rs 24960 crore cumulatively during the last three days. Therefore the largecaps in sectors like financials and IT where FIIs have huge assets under management may underperform."

"This trend will change when FIIs turn buyers, which is inevitable," they added.