MARKET WRAP: Sensex settles over 37,600 ahead of RBI rate meet; RIL up 3%
Among sectoral indices, the Nifty IT index ended over 1% higher led by a rise in Tech Mahindra and MindTree.
 "Bonds, Stock markets, Shares, Trading")
Bonds, Stock markets, Shares, Trading
Benchmark indices ended at record closing high for the fourth straight session on Tuesday ahead of the outcome of RBI's third bi-monthly monetary policy meet for 2018-2019, due on Wednesday, August 1, 2018.
Among sectoral indices, the Nifty IT index ended over 1% higher led by a rise in Tech Mahindra and MindTree. The Nifty Realty index also rose over 1.5% led by Housing Development and Infrastructure and Unitech.
RBI Monetary Policy
The Reserve Bank of India's (RBI’s) Monetary Policy Committee (MPC) will release its policy statement on Wednesday, August 1, 2018.
The six-member monetary policy committee of the central bank headed by Governor Urjit Patel in its June meet hiked the repo rate by 25 basis points to 6.25 per cent, after more than four years.
The S&P BSE Sensex settled at a record high of 37,607, up 112 points, while the broader Nifty 50 index settled at a new high of 11,356, up 37 points.
In intra-day deals, the S&P BSE Sensex hit a fresh all-time high of 37,644.59 while the Nifty50 index touched its record high level of 11,366.00.
Among sectoral indices, the Nifty IT index ended over 1% higher led by a rise in Tech Mahindra and MindTree. The Nifty Realty index also rose over 1.5% led by Housing Development and Infrastructure and Unitech.
RBI Monetary Policy
The Reserve Bank of India's (RBI’s) Monetary Policy Committee (MPC) will release its policy statement on Wednesday, August 1, 2018.
The six-member monetary policy committee of the central bank headed by Governor Urjit Patel in its June meet hiked the repo rate by 25 basis points to 6.25 per cent, after more than four years.
Retail inflation touched the 5 per cent mark in June, compared to 4.87 per cent in May, and has gone beyond the RBI's revised projection of 4.8-4.9 per cent for the first half of the current fiscal year.
The higher inflation last month comes in the backdrop of rising global crude oil prices which have been ruling at over $75 a barrel.
Global Markets
Asian share markets pared some of their early losses as easy monetary policy is seen as positive for risk assets although a global rout in technology shares put a lid on gains.
Japan's Nikkei was last down 0.1 per cent, after falling more than 0.5 per cent earlier in the day. South Korea's Kospi index dipped 0.1 per cent despite solid second-quarter results from Samsung Electronics which posted a 5.7 per cent rise in profit. MSCI's broadest index of Asia-Pacific shares outside Japan was also down 0.3 per cent.
(with wire inputs)
3:56 PM
MARKET COMMENT Jayant Manglik, President, Religare Broking
The market trend in the near term will be dictated by tomorrow’s RBI monetary policy outcome. Considering the recent spike in the inflation rate, the fears of interest rate hike has increased. However the commentary on the future outlook of interest rates/inflation would hold importance. Further with on-going corporate earnings season stock specific volatility is likely to remain high. Hence, we would advise investors to stick to fundamentally sound companies and traders to remain cautious and keep their positions hedge
The market trend in the near term will be dictated by tomorrow’s RBI monetary policy outcome. Considering the recent spike in the inflation rate, the fears of interest rate hike has increased. However the commentary on the future outlook of interest rates/inflation would hold importance. Further with on-going corporate earnings season stock specific volatility is likely to remain high. Hence, we would advise investors to stick to fundamentally sound companies and traders to remain cautious and keep their positions hedge
3:44 PM
Nifty IT index ends 1.16% higher. Top gainers:
| COMPANY | LATEST | PREV CLOSE | GAIN() | GAIN(%) |
|---|---|---|---|---|
| TECH MAHINDRA | 680.30 | 655.45 | 24.85 | 3.79 |
| MINDTREE | 936.45 | 915.50 | 20.95 | 2.29 |
| HCL TECHNOLOGIES | 966.35 | 947.15 | 19.20 | 2.03 |
| INFOSYS | 1369.10 | 1351.00 | 18.10 | 1.34 |
| WIPRO | 276.75 | 273.15 | 3.60 | 1.32 |
3:42 PM
Nifty sectoral gainers and losers of the day
3:41 PM
BSE Sensex: RIL settles 3% higher, Axis Bank slips over 3%
3:38 PM
Market at close
The S&P BSE Sensex settled at a record high of 37,607, up 112 points, while the broader Nifty 50 index settled at a new high of 11,356, up 37 points.
The S&P BSE Sensex settled at a record high of 37,607, up 112 points, while the broader Nifty 50 index settled at a new high of 11,356, up 37 points.
3:26 PM
Adani Power, Adani Green, Adani Enterprises zoom over 70% in July
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3:13 PM
GDP may moderate from 7.8% to 7.2% in second half of 2018: Nomura
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3:03 PM
Dabur India surges 9% as domestic FMCG biz posts 21% volume growth in Q1
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2:51 PM
Global IPO kitty at $94.3 bn in Jan-June: Report
A total of 660 initial public offerings raised a cumulative USD 94.3 billion globally during January-June 2018 and the IPO activity looks rosy in the second half as well, says a report.
According to an EY report, at USD 94.3 billion the IPO proceeds for the first half of 2018 were the highest since January-June 2015 when 704 IPOs had raised USD 110.1 billion. READ MORE
2:31 PM
HEAT MAP S&P BSE Sensex
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First Published: Jul 31 2018 | 8:13 AM IST