Key benchmark indices edged higher in early trade on positive Asian stocks. At 9:25 IST, the S&P BSE Sensex was up 118.71 points or 0.42% at 28,362. The Nifty 50 index was up 32.70 points or 0.37% at 8,770.80.
In overseas stock markets, Asian stocks rose after data showing expansion in US manufacturing boosted optimism over the health of the world's largest economy. US stocks closed lower yesterday, 3 October 2016 as investors digested key economic news and kept an eye on oil prices.
Closer home, the market breadth indicating the overall health of the market was strong. On BSE, 1,274 shares gained and 361 shares fell. A total of 58 shares were unchanged. The BSE Mid-Cap index was up 0.5%. The BSE Small-Cap index was up 0.72%. Both these indices outperformed the Sensex.
Hero MotoCorp rose 1.51% after the company's total sales rose 11% to 6.74 lakh units in September 2016 over September 2015. The company registered highest ever sales in any month so far in September 2016. The announcement was made after market hours yesterday, 3 October 2016. The growth momentum was backed by a series of positive factors such as the successful market launch of the Splendor iSmart 110; augmented leadership in the 125 cc segment with the 'Glamour', emerging as the largest- selling 125 cc motorcycle in the country and the positive trend maintained by the new scooter portfolio.
Interest rate sensitive realty stocks rose ahead of the Reserve Bank of India's (RBI) monetary policy meeting today, 4 October 2016. Purchases of both residential and commercial property are largely driven by finance.
Housing Development and Infrastructure (up 1.02%), DLF (up 0.69%), Indiabulls Real Estate (up 0.32%), D B Realty (up 0.87%), Unitech (up 0.66%), Sobha (up 0.64%), Godrej Properties (up 0.65%), Oberoi Realty (up 0.94%) and Sunteck Realty (up 3.01%) rose.
The major event today, 4 October 2016 is the Reserve Bank of India's (RBI) fourth bi-monthly monetary policy meeting. The RBI after the third bi-monthly monetary policy on 9 August 2016, decided to keep the policy repo rate unchanged at 6.5%. Consequently, the reverse repo rate remained unchanged at 6%. RBI also kept the cash reserve ratio (CRR) of scheduled banks unchanged at 4%.
The latest monetary policy meeting will be the first meet where the interest rate decision is taken by a panel. Urjit Patel, the RBI governor, will be one among the six-member Monetary Policy Committee (MPC) recently notified by the government.
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