Stock Market: Sensex gains 174 points ahead of RBI Monetary Policy Review, Nifty regains 12K; SAIL, Yes Bank stocks gain

Stock Market News: On the penultimate day of the RBI Monetary Policy Review, the Indian indices finally witnessed fresh buying after two days cautious trading session on Monday and Tuesday. The BSE Sensex gained 174 points and closed at 40,850 levels while the Nifty-50 index went up 49 points after closing at 12,043 — regaining the psychological 12,000 levels that it had lost yesterday.

Elaborating upon the stock market outlook Prakash Pandey, MD & CEO at Plutus Advisors said, "The Nifty is lacking momentum and it may not go beyond 12,150 levels before a profit-booking causing around 150-200 points correction." Pandey said that overall the market is bullish but at current levels, one should not enter or take any position till the RBI Monetary Policy is announced tomorrow as there are speculations about 25 bps Repo Rate cut, especially after the weak GDP numbers in Q2FY20.

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Metal stocks led the bull run on Dalal Street as the BSE Metal index shot up 1.61 per cent in the intraday trade. Metal major Steel Authority of India Ltd or SAIL share price shot up 3.42 per cent, NMDC shares rose 4.62 per cent, Vedanta shares rose 3.15 per cent, Tata Steel stocks went up 2.42 per cent, Jindal Steel & Power stock price rose 2.84 per cent while Hindalco Industries shares went up 2.60 per cent.

Banking stocks also witnessed fresh buying in the intraday trade as the BSE Bankex went up 1.4 per cent post Closing Bell trade session. Banking major YES Bank share price soared 5.97 per cent, shares of Federal Bank shot up 1.97 per cent, State Bank of India or SBI shares rose 1.70 per cent while the ICICI Bank share price skyrocketed near 4.0 per cent.

Among the major Asian markets, the Japanese Nikkei 225 crashed 1.05 per cent, South Korean Kospi shed 0.73 per cent, Hang Seng nosedived 1.25 per cent while the Shanghai shed 0.23 per cent.