Indian Stock Indices Open Marginally Higher

Indian Stock Indices Open Marginally Higher

VoM News Desk | February 8, 2024 | 10:09 AM IST | Breaking News | Follow on Google News

Indian Stock Indices Open Marginally Higher /ANI

Indian Stock Indices Open Marginally Higher

At the opening bell on Thursday, Indian stock indices showed a marginal increase, influenced by positive cues from the overnight US markets. The return of foreign portfolio investors (FPIs) to India also contributed to the positive sentiment. Sensex stood at 72,386 points, up 234 points or 0.32%, while Nifty was at 21,995 points, up 65 points or 0.30%. The majority of Nifty 50 stocks advanced, with 37 gaining, 12 declining, and 1 remaining steady.

Anticipation for RBI Monetary Policy Meeting Outcome

Investors are closely watching the outcome of the three-day Reserve Bank of India (RBI) monetary policy meeting. Scheduled to be announced at 10 am, the meeting will provide insights into interest rates, money supply, inflation outlook, and various macroeconomic indicators. In December, the RBI maintained the policy repo rate at 6.5%, and it is anticipated to continue this trend in the February review meeting, according to SBI Research.

Foreign Portfolio Investors (FPIs) Resume Accumulation of Indian Stocks

FPIs, after being net buyers in January, have resumed accumulating Indian stocks this month. So far, they have bought equities worth Rs 3,044 crore. In January, FPIs turned net sellers in the Indian equity market after being aggressive buyers during November and December. The renewed interest from FPIs is contributing to the positive market sentiment.

VoM News Desk

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