Sensex Jumps Over 500 Points Ahead Of RBI MPC Decision

(MENAFN- IANS) Mumbai, April 7 (IANS) Indian equity markets extended their winning streak for a fourth straight session, supported by late buying interest that lifted benchmark indices higher by the close.

The Nifty ended the day up 0.68 per cent, gaining 155.40 points to settle at 23,123.65. Meanwhile, the Sensex rose 0.69 per cent, or 507.73 points, to close at 74,616.58.

“Going ahead, continuation of this momentum may push the index towards the 23500-23600 resistance band, which remains a critical hurdle due to heavy OI concentration and previous swing high,” an analyst stated.

“On the downside, 23000 now acts as immediate support, followed by 22800, while the 22500–22600 zone continues to remain a strong base backed by demand and put OI build-up,” a market expert mentioned.

Buying momentum picked up towards the end of the session, helping the indices maintain positive territory despite cautious sentiment earlier in the day.

Gains were led by IT and metal stocks, with companies like Wipro, Hindalco Industries, Tata Consultancy Services, and HCLTech emerging as the top performers on the Nifty.

Investors remained watchful ahead of the outcome of the Reserve Bank of India's Monetary Policy Committee meeting, which is scheduled to be announced on Wednesday.

The central bank is widely expected to keep the repo rate unchanged, but market participants are closely tracking its commentary for signals on the future policy path.

In the broader market, performance was mixed. The Nifty MidCap index ended marginally higher by 0.20 per cent, while the Nifty SmallCap index slipped slightly, closing 0.06 per cent lower.

Among sectoral indices, IT, realty, and metal stocks outperformed, reflecting sector-specific buying interest.

On the other hand, the PSU banking space saw selling pressure, with the Nifty PSU Bank index emerging as the biggest laggard of the session.

Analysts said that the market mood remained cautiously optimistic, with investors balancing global uncertainties and domestic policy expectations.

“The rebound from lower levels indicates that the market continues to find support near key zones, but the nature of the move suggests it was more tactical than structural,” an analyst stated.

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