Sensex, Nifty Remain In Positive Territory Despite Coming Off Higher Levels

(RTTNews) - The Indian market remains fairly well placed in positive territory Thursday afternoon despite coming a long way down from the day's high.

Investors are awaiting the Reserve Bank of India's monetary policy announcement on Friday. The apex bank is widely expected to hold the repo rate unchanged at 6.5%.

The BSE benchmark Sensex, which surged to 75,297.73, gaining more than 900 points in the process, was up 400.62 poibts or 0.54% at 74,782.86 a little while ago.

The National Stock Exchange's Nifty50 was up 117.55 points or 0.52% at 22,737.90, well off a high of 22,910.15 it touched earlier in the session.

Technology stocks are up with strong gains. PSU bank major State Bank of India (up 3.75%) is contributing significantly to market's gains.

In a filing to the stock exchange, State Bank of India said that its board will meet on June 11 to consider raising up to $3 billion through foreign currency bonds issued abroad.

IT majors Infosys, HCL Technologies and Tech Mahindra are up 2.5%, 3.5% and 3.4%, respectively. Wipro is gaining 1.6% and Tata Consultancy Services is up 1.4%.

NTPC is up 2.7%, Larsen & Toubro is gaining 2.1% and Tata Steel is up with a gain of 1.8%. Power Grid Corporation, Bajaj Finance, Maruti Suzuki and ITC are gaining 1 to 1.5%. Tata Motors, Reliance Industries and Kotak Bank are modestly higher.

Adani group shares are up on bargain hunting and short-covering after the setback in the previous session. These stocks rose sharply on Tuesday after Exit Polls predicted a huge victory of the NDA alliance. However, with eventual results turning out to be not so impressive for the alliance, Adani group stocks took a severe beating on Wednesday.

Adani Enterprises is up 2.5%. Adani Energy Solutions is gaining 5.5%. Adani Green Energy is up 2.5%, Adani Power is gaining 4.7%, Adani Total Gas is up 4.2% and Adani Wilmar is up with a gain of 2.3%.

Hindustan Unilever, M&M, Asian Paints, Nestle, Sun Pharmaceuticals and IndusInd Bank are down 1 to 2.3%.