Sensex adds 364 pts, Nifty nears 19650 post RBI policy; Bajaj Finserv up 6%

Closing Bell on October 6, 2023: The broader markets, too, advanced in-line with the benchmarks with the BSE MidCap and SmallCap index up 0.66 per cent and 0.56 per cent, respectively

4:02 PM

Tech View :: 'Nifty, Bank Nifty should be bought on dips'

NIfty50

On the daily charts, we can observe that the Nifty has managed to close above the 40-day moving average (19,610) which is a Bullish sign. On the weekly charts, we can observe that the Nifty has closed in the green and in term of pattern it has formed a Dragonfly Doji which has bullish implications.

We expect this pullback to continue till 19,778 – 19,800 where resistance in the form of the 50% Fibonacci retracement level and the 20-day moving average is placed. A dip towards 19,530 – 19,580 should be used as a buying opportunity.

 

Bank Nifty

Bank Nifty opened gap up and thereafter consolidated for most part of the day. On the hourly momentum indicator, we can observe positive divergence and crossover which is a bullish sign. We expect the Bank Nifty to provide a pullback till 44,800 – 45,000 from short term perspective. In case of a dip, it should be used as a buying opportunity.

Views by: Jatin Gedia – Technical Research Analyst at Sharekhan by BNP Paribas

3:59 PM

Comment :: 'Nifty needs to sustain above 19,800 for positive trend to resume'

The recent bounce has certainly eased some pressure but we are now again at the hurdle of the short term moving average (20 EMA).  We need sustainability above the same for a further recovery towards 19,800 else the decline would resume. Meanwhile, traders should remain focused on stock selection and position management until we see clarity over the next directional move.

Views by: Ajit Mishra, SVP - Technical Research, Religare Broking

3:57 PM

Comment :: Here's why markets rallied post the RBI Policy

The risk of higher inflation led the RBI to become more realistic in their policy approach. The central bank maintained a hawkish tone on liquidity management, as they may consider OMO to contain liquidity in the system, which led to India's 10-year yield inching higher. The market, however, reacted positively, as the status quo on the growth rate and a further drop in oil prices provided near-term support.

Views by: Vinod Nair, Head of Research at Geojit Financial Services

3:54 PM

Bond market :: Yields on 10-year G-Sec surge post RBI policy

3:52 PM

Currency check :: Rupee ends 1 paise up at 83.25/$

3:51 PM

BSE Stats :: Market breadth favours buyers

3:50 PM

Market Check :: Top losers on the BSE today

3:48 PM

Market Check :: Top gainers on the BSE today

3:46 PM

Buzzing stock :: Valiant Labs ends at Rs 170 on debut day vs issue price of Rs 140

3:43 PM

Broader markets rise in tandem with benchmarks

3:42 PM

Sectoral trends :: Broad-based rally supports market

3:40 PM

Sensex Heatmap :: Bajaj twins, ITC, Infy lead the index rally

3:38 PM

Closing Bell :: Nifty tops 19,650

3:37 PM

Closing Bell :: Sensex surges 350 pts

3:30 PM

Barclays hires Credit Suisse dealmakers in India amid firmwide job cuts

The bank has hired Sameer Sood and Srikanth Chakka from Credit Suisse as it seeks to bolster the advisory business in India, the people said, asking not to be identified as the information is not public. Sood is set to join as a managing director and Chakka as the lead for industrials in the investment banking division in Mumbai by December, they said. READ MORE

3:20 PM

ALERT :: HFCL wins arbitration award worth Rs 74 crore

>> The Tribunal held that HFCL is also entitled to a future interest @10% per annum on the amount awarded from the date of Award till the actual date of payment, in case payment is not made within a period of 60 days from the date of Award.

Check case details here

3:05 PM

Global Check:: US, UK stock futures trade with marginal gains

Source: Investing.com

3:01 PM

Bajaj Fin up 3% as nod for Rs 10,000 cr fund raise; here's what analysts say

The board has approved capital raising of around Rs 10,000 crore, which includes raising Rs 8,800 crore through QIP route.

2:53 PM

Canada recalls diplomats from India, sends them to Singapore, Kuala Lumpur

India rejected the allegations as "absurd" and "motivated" and expelled a senior Canadian diplomat in a tit-for-tat move to Ottawa's expulsion of an Indian official over the case. READ MORE

2:44 PM

Commodity Alert:: NSE to introduce options trading in Crude Oil, Natural Gas

NSE in a press release said it has received approval from SEBI, for launching Options contracts on underlying WTI Crude Oil and Natural Gas Futures. The contracts would be available for trading from October 09, 2023 onwards.

2:35 PM

Comment:: RBI ups limit on gold loans to Rs 4 lakh for urban cooperative banks

RBI kept the policy rate unchanged at 6.5%. This is the fourth consecutive time the RBI maintained the status quo. 

 

Additionally, the retail inflation is projected at 5.4% (unchanged) for FY24. 

 

RBI has raised the limit of gold loan given by urban cooperative banks to Rs 4 lakhs from Rs 2 lakhs earlier. 

 

To manage liquidity, RBI may enter into OMO sales.

 

Views by Ajit Kabi, Banking analyst at LKP Securities

2:25 PM

Kalyan Jewellers trades near record high, up 11% on strong Q2 biz update

The company said it continues to witness robust momentum in both footfalls and revenue across all its markets in India and the Middle East. READ MORE

2:17 PM

Jio, Airtel roll out special plans to woo cricket fans during World Cup

Reliance Jio has started offering multiple prepaid plans bundled with Disney+ Hotstar where users will be able to watch World Cup cricket matches. READ MORE

2:06 PM

87% of Rs 2,000 notes came as bank deposits after withdrawal:RBI Guv Das

Addressing a press conference after the announcement of the bi-monthly monetary policy review, Das said Rs 12,000 crore of the Rs 3.56 trillion worth of Rs 2,000 notes in circulation as on May 19, 2023 are yet to come back. READ MORE

1:56 PM

Dabur Q2 Biz Update:: Revenue likely to log mid-to-high single digit growth

>> Domestic Heathlcare, HPC segment expected to grow in high single digits

 

>> F&B business to remain slightly below Q2FY23 revenue

 

>> Badshah masala continued to perform well

 

>> International Biz to record double-digit growth in constant currency terms

- BSE filing

1:48 PM

ALERT:: EasyTripPlanners inks pact with Cover Genus for travel insurance; stock up 2%

EasyTripPlanners (EaseMyTrip) has teamed-up with Cover Genius to offer convenient and flexible embedded protection to Global Travelers.

1:41 PM

Comment: RBI's stance a big relief to housing sector

By pausing the policy rate, RBI continues to maintain its focus on economic growth, which is facing headwinds external factors, such as slowdown in global growth, high energy prices and geopolitical tensions.

 

Measures to reduce excess liquidity and improve transmission of earlier policy rate hike measures align with price stability goals of the central bank.

 

The decision will continue to maintain the existing momentum of residential real estate demand in India. Since the interest rate upcycle, the repo rate has been hiked by 250 bps, resulting in 160 bps rise in home loan rates.

 

The stance today should be considered as a big relief for the housing sector of the country which has shown tremendous strength in the face of headwinds over the last year.

 

Views by Shishir Baijal, Chairman & Managing Director, Knight Frank India 
 

1:32 PM

Quick Heal soars 36% in 6 days after Sequoia Capital offloads entire holding

Since April, the stock price of Quick Heal has more-than-doubled or zoomed 140 per cent. READ MORE

1:21 PM

Comment: OMO sales was unexpected; festive season to keep liquidity tight

RBI governor stated it can also do Open Market sales to suck out excess liquidity. Government bond redemption is Rs 2.65 lakh crore in the second half of the financial year. 

The market was not expecting this measure from RBI to suck out excess liquidity. Due to festival season, liquidity is expected to tighten due to cash withdrawal from the banking system.

The ten year is trading at 7.30 per cent levels and expected to now trade in the band of 7.20 to 7.30 per cent in the coming months.

Views by Murthy Nagarajan, Head - Fixed income, Tata Asset Management

 

1:12 PM

ALERT: Selling in bonds intensify; benchmark yield surges 14 bps