Sensex, Nifty edge higher ahead of RBI policy

Equity indices edged higher in early trade on buying demand in index pivotals. The Nifty hovered at 17,700 mark. At 9:21 IST, the S&P BSE Sensex rose 97.77 points or 0.17% at 59,132.15. The Nifty 50 index rose 36.05 points or 0.2% at 17,675.80.

The broader market traded higher with gains. The S&P BSE Mid-Cap index rose 0.7% while the S&P BSE Small-Cap index rallied 0.73%.

The market breadth was strong. On the BSE, shares 1,994 rose and 531 shares fell. A total of 66 shares were unchanged

RBI MPC meeting:

The Reserve Bank of India (RBI) Governor-headed rate setting panel -- Monetary Policy Committee (MPC) -- started its first meeting of the 2022-23 fiscal on 6 April 2022. The outcome will be announced today, 8 April 2022. Investors are awaiting the RBI's policy decision today amid expectations that the central bank might retain status quo on interest rate. In the previous meeting, MPC left the key policy rates unchanged.

Stocks in Spotlight:

Infosys rose 0.38%. The IT major and Rolls-Royce extended strategic collaboration with launch of joint 'Aerospace Engineering and Digital Innovation Centre' in India. The centre has been established to provide high-end research and development (R&D) services integrated with advanced digital capabilities to Rolls-Royce's engineering and group business services from India.

Cholamandalam Investment and Finance Company surged 6.3%. The NBFC said disbursements for Q4 FY22 stood approximately at Rs 12,718 crore as against Rs 8071 crore in Q4 FY21, rising 58% year on year.

Global Markets:

Select Asian markets were trading lower on Friday after a comeback on Wall Street as investors continued to digest the Fed's plans to fight inflation.

US stocks rebounded on Thursday, following back-to-back losing sessions, as investors reassessed the Federal Reserve's latest plans to tighten monetary policy and combat rising inflation.

Investors on Thursday continued to monitor the Ukraine-Russia war, as Ukraine asks NATO for more weapons and the EU and U.S. weigh a ban on Russian coal. Meanwhile, the U.S. Senate passed a bill banning Russian oil and gas imports.

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