Sensex, Nifty end higher as metals advance; rate decision eyed
Sensex, Nifty
Indian shares ended higher for a third straight session on Wednesday, boosted by metal stocks and on hopes of more monetary stimulus to cushion the economic blow from the coronavirus outbreak.
The Nifty closed up 0.91 per centto 12,089.15 and the benchmarkSensexended 0.87per centhigher at 41,142.66.
Market focus will shift to RBI on Thursday as it will detail its interest rate decision, the first one after the union budget that did little to boost investor sentiment.
Rising inflation in Asia's third-largest economy was expected to keep the Reserve Bank of India from cutting rates again until late this year, according to a Reuters poll published last month.
Meanwhile, the People's Bank of China is likely to lower its key lending rate the loan prime rate on February20, and cut banks' reserve requirement ratios in the coming weeks, policy sources told Reuters.
The Nifty metals index closed 2.74per centhigher and led gains among the domestic sectors.
Tata Motors was the biggest gainer, finishing up 10.89per centafter recording its best intra-day gain since October last year.
Zee Entertainment was the biggest laggard, falling 7.3 per cent.