Sensex up 144pts, Nifty nears 17,600 as RBI pauses hike; realty stocks jump

CLOSING BELL: Shaktikanta Das said the move was only "a pause and not a pivot"

4:18 PM

COMMENT:: Surprise policy move had a convincing effect on bond yields and market

The surprising policy move to pause interest rate hikes has had a convincing effect on bond yields and the stock market. A plausible peaking of the interest rate will have an positive effect on the financial markets, which was reflected in today’s drop in yield and marginal upside of domestic stock market when the Asian market was negative. However, the trend to continue during the year will depend on a consistent fall in inflation, which is forecasted to stay elevated above the FY24 target. Given the high gap between current and target inflation, the RBI will have to hold the rates high for a long period, limiting the upside."

 

- Vinod Nair, Head of Research at Geojit Financial Services

4:18 PM

Bank Nifty:: Sustained trade above 41,000 could help extend the rally

The Bank index continued its rally on the upside and any dip was bought confidently by the bulls. The index surpassed the level of 40,000 last week and post that there has been a one-way rally. The index is now trading around the next resistance zone of 41,000 and if we sustain above this in the upcoming week we expect the rally to continue higher toward the 42,000 mark. The lower-end support is visible at the 40,600-40,500 zone which will act as a cushion for the bulls.

 

- Kunal Shah, Senior Technical Analyst at LKP Securities

4:14 PM

Rate sensitive shares gain up to 3% as RBI keeps repo rate unchanged

Shares of rate sensitive sectors such as financials including banks, non-banking financial companies (NBFCs) and housing finance companies (HFC), real estate and automobiles were trading firm after the Reserve Bank of India (RBI) on Thursday kept the repo rate unchanged at 6.5 per cent. READ MORE

4:11 PM

Singer India hits 10% upper circuit as Rakesh Khanna takes VC & MD charge

Khanna was the MD & CEO of Orient Electric, a leader in consumer appliances, with revenues of over Rs 2,500 crore. READ MORE

4:09 PM

Anupam Rasayan hits record high; zooms 58% in 2 mths on strong biz outlook

Last month, the company signed LoI worth revenue of $120 million (Rs 984 crore) for the next 6 years with Japanese Chemical company. READ MORE

4:07 PM

TTK Healthcare hits 5-year high on delisting plan; zooms 70% in 14 days

The board of directors are scheduled to meet on April 20, 2023 to consider the proposal for voluntary delisting of the equity shares of the company. READ MORE

4:05 PM

This casting & forging company stock has zoomed 107% in less than 10 months

RamKrishna Forgings and Titagarh consortium had recently won Rs 12,226 cr contract for manufacturing and supply of 1.54 mn forged wheels of different rolling stocks to the Railways over a period of 20 years. READ MORE

4:02 PM

Avenue Supermarts sheds 4% on profit booking post Q4 business update

The firm reported 20 per cent year-on-year (YoY) growth in standalone revenue from operations to Rs 10,337 crore for the quarter ended March (Q4FY23). READ MORE

3:59 PM

Sugar stocks hog limelight; Balrampur hits 11-month high

India's sugar production fell 3 per cent to 29.9 million tonnes (MT) in the first six months of the 2022 23-marketing year ending September, according to industry body ISMA. READ MORE

3:56 PM

Market Breadth fairly positive; 102 stocks hit 52-week high

3:54 PM

Nifty Realty index soars nearly 3%; Godrej Properties surges 6.5%; DLF 4%

3:51 PM

Nifty Auto index rallies 0.9%; Tata Motors, M&M lead

3:49 PM

Bank Nifty ends flat amid intra-day volatility; AU Bank gains 2%

3:47 PM

BSE Smallcap Heatmap:: Vakrangee, Tasty Bites zoom up to 14%; MPS slumps 13%

3:45 PM

BSE Midcap Heatmap:: Chola Finance soars nearly 8%; Varun Beverages cracks 4%

3:43 PM

Broader indices outperform; India VIX dips 5%

3:40 PM

Nifty 50 Losers:: HCL Tech, ONGC, ICICI slip over 1%

3:39 PM

Nifty 50 Gainers:: Bajaj Finance, Adani Enterprises surge over 3%

3:37 PM

Sensex 30 Heatmap:: 17 Gainers v/s 13 Losers

3:35 PM

CLOSING BELL:: NSE Nifty50 settles at 17,599, up 42 points

3:33 PM

CLOSING BELL:: S&P BSE Sensex extends winning run to fifth straight day, ends 144 pts up

3:28 PM

RBI to set up portal to search across multiple banks for unclaimed deposits

In order to improve and widen the access of depositors or beneficiaries, it has been decided to develop a web portal to enable search across multiple banks for possible unclaimed deposits. READ MORE

3:13 PM

News Alert:: M&M to launch 40 tractor models under brand name OJA; stock up 1.5%

Mahindra Tractors, part of the Farm Equipment Sector at Mahindra & Mahindra introduced 'OJA' as the new brand name for its new future-ready range of tractors from its most ambitious global tractor program, K2.

3:03 PM

RBI proposes expanding UPI payments to allow pre-sanctioned credit lines

According to Das, the UPI has transformed retail payments in India and its robustness has been leveraged to develop new products and features from time to time. READ MORE

2:54 PM

Anupam Rasayan hits record high; zooms 58% in 2 mths on strong biz outlook

Last month, the company signed LoI worth revenue of $120 million (Rs 984 crore) for the next 6 years with Japanese Chemical company. READ MORE

 

2:44 PM

Fight against inflation far from over: RBI projects FY24 inflation at 5.2%

For the June quarter, the retail inflation is expected to average 5.1%, and rise to 5.4% each in the September and December quarter. READ MORE

2:34 PM

EXPERT ON RBI POLICY:: Pause likely to accelerate the growth momentum in the economy

The market has already seen a 250 basis point increase in repo rates beginning in May 2022. Considering the turmoil in the Western economies and in India, no change in the repo rate is a good decision given the inflationary pressures. This will accelerate the growth momentum in the economy. This will probably also allow firms to effectively stabilise their supply chains and operations.

 

Views expressed by Rajiv Sabharwal, MD & CEO, Tata Capital
 

2:25 PM

News Alert:: Force Motors reports March sales numbers; stock jumps 3%

2:15 PM

Singer India hits 10% upper circuit as Rakesh Khanna takes VC & MD charge

Khanna was the MD & CEO of Orient Electric, a leader in consumer appliances, with revenues of over Rs 2,500 crore. READ MORE

2:07 PM

EXPERT ON RBI POLICY: Unchanged repo rate spells good news for rate-sensitive sectors

Contrary to expectations of 25 bps hike in policy rate, RBI has decided to take a pause in interest rate hikes this time around. However, it has kept the window open for any further action on interest rates depending upon the incoming economic data and any changes in the global macro scenario. Interestingly, the decision to not go for a rate hike is an unanimous decision by members of the Monetary Policy Committee (MPC). Also, for fiscal 2023-24 (FY2024), the projections for real GDP growth rate increased to 6.5 per cent (up from 6.4 per cent earlier and higher than the projections by World Bank and IMF), while the forecast for retail inflation is reduced to 5.2 per cent, as against 5.3 per cent earlier. The overall commentary is also quite positive with expectations of a broad-based growth in the economy with financial stability reflected in the rising forex reserves and current account deficit under control. Markets are reacting positively to the policy with easing of bond yield and upsurge in the interest rate sensitive stocks. We remain positive on equity markets and expect interest rate sensitive sectors like real estate, auto, banks, financials along with engineering/capital goods to lead the rally in the near-to-medium term.

Views expressed by Jaideep Arora, CEO, Sharekhan by BNP Paribas