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 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 Nifty sectoral gainers and losers of the day BSE Sensex: RIL settles 3% higher, Axis Bank slips over 3% 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. Adani Power, Adani Green, Adani Enterprises zoom over 70% in July Shares of Gautam Adani led- Adani Group Companies were on a roll with three stocks – Adani Green Energy, Adani Power and Adani Enterprises – ralliying more than 70% in the month of July 2018. READ MORE
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.
(with wire inputs)