Mumbai, June 6 || The domestic benchmark indices opened flat on Friday ahead of the key RBI monetary policy committee (MPC) decision on the repo rate, as buying was seen in the IT and PSU bank sectors in the early trade.
In today’s monetary policy, the RBI is likely to cut policy rates by 25 bps, which has already been factored in by the stock market.
At around 9.23 am, Sensex was trading 82.43 points or 0.10 per cent down at 81,359.61 while the Nifty declined 7.70 point or 0.03 per cent at 24,743.20
Nifty Bank was up 4.85 points or 0.01 per cent at 55,765.70. The Nifty Midcap 100 index was trading at 58,449.25 after rising 146.25 points or 0.25 per cent. Nifty Smallcap 100 index was at 18,498.10 after climbing 65.50 points or 0.36 per cent.
According to analysts, more important will be the RBI commentary on growth and inflation projections for FY26.
“If the inflation forecast is cut from 4 per cent, the market would respond positively," said Dr VK Vijayakumar, Chief Investment Strategist, Geojit Investments Ltd.
According to analysts, Nifty is likely to find immediate support at 24,500, followed by 24,400 and 24,300. On the upside, resistance is expected at 24,850, then 24,900, and finally the psychological mark of 25,000.