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Sensex and Nifty flat ahead of RBI policy announcement — rupee edges higher vs dollar

Sensex and Nifty flat ahead of RBI policy announcement — rupee edges higher vs dollar

Sensex and Nifty flat ahead of RBI policy announcement — rupee edges higher vs dollar
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By Asmita Pant  Sept 30, 2022 10:30 AM IST (Published)

The Sensex and the Nifty50 opened flat on Friday as investors await the outcome of a key meeting of the RBI's rate-setting panel.

Indian equity benchmarks opened with minor cuts on Friday, amid largely negative moves across global markets, as investors awaited the outcome of a key RBI meeting wherein the central bank's rate-setting panel is widely expected to announce a 50-bp hike in the repo rate. Gains in financial and oil & gas shares supported the headline indices but losses in IT stocks played spoilsport, limiting the upside.

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Headline indices remained in red in the first few minutes of trade before turning flat. The Sensex climbed up to as high as 56,696.4 during the session so far, and Nifty50 climbed to 16,900.4.
Grasim, Hindalco, Divis Lab, Adani Ports and Asian Paints — rising between 0.5 percent and 1.6 percent — were the top Nifty gainers.
Crude oil prices remained steady amid fears of a output cut by OPEC in the meeting scheduled on October 5. Benchmark Brent crude futures slid to $87.1 a barrel. India meets the lion's share of its demand for oil through imports.
Adani Enterprises shares fell by over two percent on first day of stocks inclusion in the Nifty50 index.
Global markets
Equities in other Asian markets traded in red on Friday.  Japan's Nikkei 225 was down 2.2 percent, China's Shanghai Composite down 0.2 percent and Hong Kong's Hang Seng down nearly one percent.
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