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Sensex, Nifty open higher on Reliance and softer crude
The Hindu··6 Aug
Indian equity benchmarks opened higher on August 6, with the Sensex up 201.43 points at 78,782.43 and the Nifty up 16.35 points at 24,641. Gains were led by Reliance Industries and other heavyweights as Brent crude eased to about 79.35 dollars a barrel. Asian cues were mixed to weak. The RBI had kept the repo rate at 5.25 percent.
Prism
What It Means For You
- Equity investors can note early August 6 gains were tied to Reliance buying and softer Brent crude near 79 dollars.
- Borrowers and savers can link market mood to the RBI's August 5 decision to hold the repo at 5.25 percent.
- Anyone tracking foreign flows can remember FIIs sold about Rs 943 crore of equities in the prior session.
What's Happening
- On August 6 morning, Sensex rose 201.43 points to 78,782.43 and Nifty gained 16.35 points to 24,641.
- Reliance Industries, Titan, SBI and Asian Paints were among early Sensex gainers; Brent crude was near 79.35 dollars.
- The open followed the RBI's decision to keep the policy rate unchanged at 5.25 percent.
What Drove The Early Market Bounce
- Lower crude reduces imported inflation pressure and often supports Indian equity sentiment.
- Reliance's heavy index weight means a 1 percent-plus move can lift Sensex and Nifty even when breadth is mixed.
- The RBI's growth upgrade to 6.7 percent and 5 percent inflation projection added a domestic macro cushion.
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