Mumbai’s bustling stock exchanges kicked off Friday’s trading session on a subdued note, mirroring the cautious sentiment sweeping global markets. At 9:18 AM, the Sensex dipped marginally by 78 points to hover around 83,235.55, while the Nifty surrendered 56 points to stand at 25,586. This flat opening comes amid heightened anticipation for the Reserve Bank of India’s Monetary Policy Committee (MPC) announcement scheduled for 10 AM, led by Governor Sanjay Malhotra.
Early trades showed pockets of buying interest in oil & gas, private banks, energy, and financial services sectors, providing some counterbalance. However, IT, pharma, healthcare, media, auto, consumer durables, metals, and PSE indices faced selling pressure, dragging overall sentiment lower. Beyond large-caps, midcaps and smallcaps also encountered headwinds, with the Nifty Midcap 100 index sliding 315 points or 0.53% to 59,201, and the Nifty Smallcap 100 tumbling 193 points or 1.14% to 16,790.
In the Sensex pack, standout gainers included Bharti Airtel, Kotak Mahindra Bank, Bajaj Finserv, ICICI Bank, Power Grid, Axis Bank, L&T, Titan, and Adani Ports, buoyed by sector-specific optimism. On the flip side, TCS, Infosys, Tech Mahindra, HCL Tech, NTPC, BEL, Asian Paints, Eternal, Indigo, and Trent were among the notable losers, reflecting broader tech and consumer stock weakness.
All eyes are now riveted on the RBI’s MPC verdict. Experts anticipate the central bank will hold the repo rate steady at 5.25%, maintaining GDP and inflation forecasts unchanged. Yet, Governor Malhotra’s commentary on recent EU and US trade deals could inject fresh volatility. This follows RBI’s December move to trim the repo rate by 25 basis points, signaling a dovish tilt.
Global cues remain uninspiring, with Tokyo, Shanghai, Seoul, and Jakarta markets in the red. Bangkok bucked the trend with gains, but US indices closed lower on Thursday. Commodity markets echoed the caution, as Comex gold fell nearly 1% and silver plunged around 5%. Investors worldwide brace for policy signals amid geopolitical and trade uncertainties, setting the stage for a pivotal day in Indian markets.