Sensex falls 216 pts, Nifty below 18,600 on RBI's moderately hawkish policy

CLOSING BELL: The central bank increased repo rate by 35 basis points and lowered GDP growth forecast for FY23 to 6.8 per cent as it remained cautious of a sticky core inflation amid global turmoil

4:04 PM

COMMENT:: With focus on inflation, rates likely to increase in future too

"As the economy deals with the global headwinds, the RBI has become more realistic, lowering FY23 GDP growth forecast from 7% to 6.8%. The focus remains on fighting inflation which will lead to increase in interest rates in future. Along with a global slowdown corporate earnings forecast for H2FY23 & FY24 can downgrade. The market is currently trading at premium valuations, a slowing earnings growth will impact market sentiment."

 

- Vinod Nair, Head of Research at Geojit Financial Services.
 

4:02 PM

FMCG index hits record high in range-bound market; Dabur, HUL up 2%

Shares of fast moving consumer goods (FMCG) companies were trading firm in an otherwise range-bound market with the Nifty FMCG and the S&P BSE FMCG indices hitting their respective record highs on Wednesday. The gains came on the back of expectation of volume recovery, going forward, driven by recovery in rural demand. READ MORE

3:59 PM

Larsen & Toubro market-cap crosses Rs 3 trillion; stock hits new high

L&T is the best proxy for domestic capex given its market leadership in the engineering and construction industry, diversified revenue stream and strengthening balance sheet. READ MORE

3:57 PM

HDFC AMC gains nearly 4% as promoter abrdn plans to sell entire 10.2% stake

abrdn Investment Management is to place up to 21.12 million shares (i.e. 9.9 per cent) with a single buyer with the rest being sold separately, subject to feasibility. READ MORE

3:56 PM

Jindal Stainless surges 16% in two days after Quant MF buys 2.6 mn shares

On December 6, Quant Mutual Fund - Small Cap Fund purchased 2.63 million shares representing 0.52 per cent of the total equity of Jindal Stainless at Rs 182.97 apiece on the NSE. READ MORE

3:54 PM

Craftsman Automation jumps 4% in intraday deals, after Marina III Singapore sells entire 5.5% stake

India Acorn Icav (333,363 shares), Abu Dhabi Investment Authority (240,300 shares) and White Oak Capital Management Consultants LLP (128,959 shares) bought more than 100,000 shares of the company. READ MORE

3:52 PM

RBI rate hike impact: Nifty Realty index slips over 1%

3:50 PM

Market Breadth negative; 152 stocks hit new 52-week high on BSE

3:47 PM

BSE Smallcap Heatmap:: Sadbhav Engg, Honda Power, Sobha among top losers

3:46 PM

BSE Midcap Heatmap:: IOB, HPCL, AU Small Bank rallies up to 4%

3:44 PM

Broader market ends lower in line with benchmark indices

3:42 PM

Rupee ends marginally stronger at 82.48/ $, up 13 paise

3:39 PM

Nifty 50:: Top Losers on Wednesday - SBI Life, NTPC, Bajaj Finserv

3:38 PM

Nifty 50:: HUL, BPCL, Asian Paints gain up to 2% in weak market

3:36 PM

Sensex 30 Heatmap:: 8 Gainers v/s 22 Losers

3:34 PM

CLOSING BELL:: Nifty 50 ends at 18,561, down 82 points

3:33 PM

CLOSING BELL:: S&P BSE Sensex ends 215 points lower at 62,411

3:24 PM

Global Check:: US, UK stock futures marginally in red

Source: Investing.com

3:16 PM

RBI MPC: How central bank's stance on GDP, inflation changed in 2022

The RBI MPC cut down the Gross Domestic Product (GDP) growth projection for FY23 from 7 per cent in the September announcement to 6.8 per cent. READ MORE

3:07 PM

Asian stocks lower as China 'drastically' scales back zero-Covid curbs

Shares fell in Asia on Wednesday with Hong Kong's benchmark down more than 2% even as Beijing announced it was drastically scaling back its zero-COVID" policies, shifting away from trying to isolate every single case. READ MORE

2:59 PM

BSE 500:: Hikal, NLC India, RCF soar up 10% from day's lows

Hikal has zoomed over 10 cent from its low of the day so far. Among others in the BSE 500, NLC India, RCF, Central Bank and Brightcom Group had rallied over 5 per cent each from their respective lows of the day.

2:51 PM

Market Check:: BSE FMCG index up over 1%; Guj Ambuja Exports soars 8%

2:43 PM

RBI MPC:: Here is what experts have to say about the policy announcement

Despite some signs of moderation, RBI Governor Shaktikanta Das said the main risk was that inflation would remain sticky and elevated. View Expert Comments here.  READ MORE

2:35 PM

ALERT :: Sobha falls over 2% amid reports of money laundering allegations

>> TV reports suggest Enforcement Directorate has attached Sobha’s fresh assets worth Rs 201 crore under PMLA

>> Total ssets under ED radar worth Rs 300 crore

>> Sobha allegedly sold plots meant for ‘no profit no loss' at exorbitant market prices

>> Case based on Haryana Police;s FIR on violation of town planning rules

2:31 PM

BSE 500:: Strides, Punjab & Sind Bank lose notable ground from day's high

Punjab & Sind Bank has shed over 6 cent from its high of the day so far. Among others in the BSE 500, Swan Energy, Strides Pharma, Suzlon Energy and Rajesh Exports too were down more than 4 per cent from their respective highs of the day.

2:23 PM

RBI Policy view:: RBI's stance implies future rate hike possible

"RBI's decision to increase the repo rate by 35 bps is along expected lines. Markets were expecting a slight moderation in the stance, but RBI has retained the stance as 'withdrawal of accommodation'. This implies that RBI can deliver further rate hike as the Central Bank is emphasising on containing inflation below the target rate."

 

- Mini Nair, CFO of Geojit Financial Services
 

2:14 PM

Star Housing Finance shareholers nod for bonus-cum-stock split plan; stock up 2%

The shareholders of Star Housing Finance approved the bonus issue of shares in the ratio of 1:1, and stock split in the ratio of 1:2. 

2:01 PM

BSE 500:: Oberoi Realty, Suzlon, Rajesh Exports among top losers

Oberoi Realty down 3.7 per cent was the top loser among the BSE 500 stocks. Suzlon Energy, Kalyan Jewellers, Punjab & Sind Bank and Rajesh Exports, down ovre 3 per cent each were the other significant losers so far on Wednesday.

1:52 PM

RBI Policy View: RBI policy seen aligned with global banker

"Fed has already communicated last week that it would now follow a balanced approach between containing inflation and fostering growth. This is an indication that we might be nearing the rate hike cycle. With RBI also now choosing to moderate the rate hike from 50 bps to 35 bps, it is a clear signal that India's central bank is aligned to its global counterparts. This gives India Inc and its capital markets a strong foundation to plan the capex cycle which is critical for ushering into the next phase of growth".

 

- Rohin Agarwal, Vice President at Avener Capital
 

1:45 PM

Global Check:: Asian markets mostly down; Hang Seng slumps 3%

Source: Yahoo Finance