Indian equity benchmark indices opened flat with a positive bias on Wednesday ahead of the Reserve Bank of India's (RBI) monetary policy outcome.

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NSE

Investors are eyeing RBI policy action after it concludes their 3-day monetary policy committee (MPC) meet. Experts anticipate the central bank to raise interest rates by at least 40 basis points to tackle inflationary pressures. Besides that, investors' will eye RBI's growth trajectory and inflation forecast for FY23-24.

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The 30-scrip S&P BSE Sensex rose 50 points to 55,150 and the broader NSE Nifty50 was hovering around the 16,400, up 0.11 percent.

Tata Steel, Kotak Bank, Bajaj Finserv, SBI, Dr Reddy's, Axis Bank, and Asian Paints were the top gainers on the Sensex. Top laggards included Maruti, Reliance, Infosys and Nestle.

The broader markets were also muted. The BSE MidCap and SmallCap indices rose up to 0.1 per cent.

Meanwhile, rate-sensitive sectors will be under investors' radar after the RBI's policy action. Banking stocks are likely to see action in trade towards their lending and deposit rates.

Global Markets

The Chinese trade data and Europe’s first quarter GDP data will be keenly watched out. The European GDP data will play a pivotal role to determine the market sentiment ahead of European Central Bank's (ECB) rate action due Thursday.

Oil prices remained on the boil as Brent Crude hovered above $120 per barrel, whereas, WTI Crude climbed to $119 a barrel.

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First Published:Jun 8, 2022 9:35 AM IST