Indian Markets Edge Higher Amid Lower Oil Prices and Reliance Buying
Stock markets in India edged higher on Thursday, following lower crude oil prices and buying activity in Reliance Industries. The BSE Sensex rose by 201.43 points to 78,782.43 in opening trade, while the NSE Nifty was up 16.35 points to 24,641.
The Reserve Bank of India maintained its benchmark policy rate at 5.25 per cent on Wednesday, with Governor Sanjay Malhotra stating that the next move will be data-dependent. The central bank also upgraded its growth forecast for the current fiscal to 6.7 per cent and lowered its inflation projection to 5 per cent.
Hariselvan Radhakrishnan, Founder & CEO of HST Wealth, noted that the RBI's decision reinforces confidence in the resilience of the domestic economy. The Sensex pack saw Titan, Reliance Industries, Eternal, Bharat Electronics, State Bank of India, and Asian Paints as major winners, while Power Grid, Trent, Mahindra & Mahindra, and Axis Bank lagged behind.