Indian equity benchmarks traded higher in early trade ahead of the Reserve Bank of India’s monetary policy review meet today.
While the S&P BSE Sensex Index rose as much as 0.2 percent to 34,972.59, the NSE Nifty 50 Index rose as much as 0.2 percent to 10,615.80.
Seven out of 11 sector gauges compiled by NSE fell, led by the Nifty Media Index's 0.4 percent decline. On the other hand, the Nifty Metal Index was the top sectoral gainer, up 0.5 percent.
Here Are The Stocks Moving The Market This Morning
Public Sector Banks Mixed Ahead of RBI Policy Decision
Shares of public sector banks remained mixed ahead of the RBI policy decision.
While a majority of economists are still forecasting a status quo in the policy rate, some are expecting the rate hiking cycle to begin in June. (More details here).
Capital First: Surges On RBI Nod For Merger With IDFC Bank
Shares of the financial services provider rose as much as 3.7 percent to Rs 553.35, after it received approval from the country's central bank for its merger with IDFC Bank.
Besides, shares of IDFC Bank rose as much as 5.1 percent to Rs 40.30.
United Spirits Swings After Stock Split Approval
Shares of the alcohol manufacturer fluctuated between gains and losses to trade at Rs 3.233 as of 9:30 a.m.
The company received shareholders’ approval for 5:1 stock split, it said in an exchange filing. The stock declined 10.9 percent so far this year, compared to 3 percent gain in Sensex.
Dabur India Pares Losses After Block Deal
Shares of the FMCG company pared early losses and rose as much as 0.5 percent to Rs 382.75.
About 13.5 lakh shares changed hands in a block deal on BSE, according to Bloomberg data. Buyers and sellers were not known immediately.
The stock trades at 41.5 times estimated forward earnings per share, compared to 35.9 times for the two-year historical average.