Indian Shares Struggle Ahead of Reserve Bank Interest Rate Decision
AI-Generated Summary
Indian shares are unstable as investors await the Reserve Bank of India's decision on interest rates, with some stocks showing mixed performance ahead of earnings results.
Indian shares struggled for direction on Friday ahead of the Reserve Bank of India's interest-rate decision later in the day.
The Reserve Bank of India is likely to cut its benchmark repurchase rate by 25 basis points to 6.25 percent, but some analysts predict the central bank could cut by twice that amount.
It remains to be seen whether the RBI will announce any additional liquidity measures.
The benchmark S&P/BSE Sensex was marginally higher at 78,085 in early trade while the broader NSE Nifty index was little changed at 23,608.
Key stock updates:
- Mahindra & Mahindra rose about 1 percent while LIC fell 1 percent ahead of their earnings results.
- Britannia Industries gained 0.6 percent on reporting a 4.6 percent rise in its Q3 consolidated net profit.
- ITC declined 2 percent as quarterly profit dropped 7.5 percent year-on-year.
- Bharti Airtel jumped 4.5 percent on reporting over five-fold rise in its Q3 consolidated net profit.
- Hero MotoCorp added 0.7 percent on reporting a 12 percent rise in Q3 profit.
- Zomato climbed 1.2 percent after its board approved a name change to Eternal.
