The key domestic benchmark indices were trading in a positive terrain in the late morning trading session in rangebound trade as participants raised bets for rate cut ahead of the RBI policy meet scheduled for later in the day amid positive cues from fellow Asian peers.
The market is expecting rate action by RBI due to low inflation data and expectations of a further strengthen in deflationary forces.
The market is anticipating 25 bps cut in interest rate, while some expecting a 50 bps reduction, to combat the on-going demonetisation shock with November inflation staying in a comfortable territory of around 4 per cent. Rate-sensitive stocks such as financial, auto and realty will remain in focus today. Also, buying momentum was witnessed mainly in the oil & gas and public sector undertaking sector stocks.
At 12:22 AM, the Bombay Stock Exchange bellwether Sensex was at 26434.81 up by 42.05 points or by 0.16 per cent, while the NSE Nifty was at 8162.45 points, trading higher by 19.3 points or by 0.24 per cent.
The BSE Sensex touched an intraday high of 26469.93 and an intraday low of 26408.77 while the NSE Nifty touched an intraday high of 8170.7 and an intraday low of 8149.9
The top gainers of the BSE Sensex pack were Adani Ports & Special Economic Zone Ltd. (Rs. 277.70,+2.08 per cent), Housing Development Finance Corporation Ltd. (Rs. 1265.00,+1.70 per cent), Tata Motors Ltd. (Rs. 446.40,+1.14 per cent), Hero MotoCorp Ltd. (Rs. 3232.80,+1.09 per cent), Mahindra & Mahindra Ltd. (Rs. 1186.00,+0.92 per cent), among others.
Meanwhile, Sun Pharmaceutical Industries Ltd. (Rs. 676.95,-4.11 per cent), Tata Consultancy Services Ltd. (Rs. 2169.80,-0.94 per cent), Lupin Ltd. (Rs. 1518.50,-0.62 per cent), Infosys Ltd. (Rs. 963.00,-0.41 per cent), Wipro Ltd. (Rs. 455.80,-0.39 per cent), were among the top losers on BSE.
The Market breadth, indicating the overall strength of the market, was strong. On BSE out of total 2537 shares traded, 1425 shares advanced, 956 shares declined while 156 were unchanged.
On the global front, Asian stocks were trading higher today as investors shrugged-off defeat of Italy’s constitutional referendum and shifted their focus to the upcoming policy meeting of the European Central Bank and also the US monetary policy due in December. US stocks closed higher in the previous trading session with the Dow Jones industrial hitting another record high as strong services sector data pointed to a strengthening economy.