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Extending gains for the ninth day in a row, the BSE benchmark sensex rose by over 218 points in early trade today on sustained buying by funds and retail investors ahead of RBI policy amid a firm trend in Asia. The 30-share barometer, which has gained over 1,153 points in the previous eight sessions, shot up further by 218.37 points, or 1.18%, to 18.682.64 with capital goods, banking and realty sectors leading the gain.
RBI POLICY EXPECTATION
After a series of big reforms by the government, the Reserve Bank of India (RBI) is likely to surprise the markets with some easing in policy rates. The BSE Sensex surged to its highest in 14 months, with retailers such as Pantaloon Retail India and airlines including SpiceJet rallying after the government opened up the sectors to foreign direct investment.
Stocks To Watch Today
1. Pantaloon Retail, Shoppers Stop, Kouton Retail and Trent will be in focus after the government allowed 51 per cent foreign investment in multi-brand retail.
2. Broadcasters will be eyed after the government increased the FDI cap on various streams of broadcast services up to 74 %.
3. Reliance Industries Ltd, after the group is believed to be working on ultra-low cost base stations, which are used to transmit signals for telecom services, costing just Rs one lakh each.
4. State Bank of India, after the Finance Ministry is actively looking into a proposal to infuse Rs 4,000 crore in State Bank of India to boost its capital base, and a decision in this regard would be taken in the next few months.
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