Sensex jumps 1,017 pts on RBI's 50-bps hike; Nifty nears 17,100; banks lead
CLOSING BELL: The benchmark indices snapped their seven-day losing streak as the RBI delivered a 50-basis point repo rate hike, and underscored the resilience of the Indian economy in his statement
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Stock market highlights: The Reserve Bank of India's in-line monetary policy action lifted equities on Friday. The benchmark indices snapped their seven-day losing streak as the RBI delivered a 50-basis point repo rate hike, and underscored the resilience of the Indian economy in his statement.
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MARKET COMMENT: Vinod Nair, Head of Research at Geojit Financial Services
An in-line rate hike along with the RBI’s confidence in the economy’s growth momentum aided the domestic market to alter the seven-day losing streak. The decision to retain inflation at 6.70% with a marginal cut but a healthy GDP forecast of 7.0% indicates the resilience of the Indian economy. Although the commentary warned about prevailing risks to the domestic economy from the global economy, the MPC refrained from sounding very hawkish. Continuation of the policy stance as 'withdrawal of accommodation' indicates more rate hikes in the future, but data-driven.
Over 2,000 stocks advanced in trade whereas 1,112 declined
Adani Enterprises, Dr Reddy's, Cipla top Nifty50 losers
Hindalco, Bharti Airtel, IndusInd Bank top Nifty50 gainers
Nifty PSU Bank jumps 3% led by Canara Bank, PNB
Broader markets upbeat; India VIX slips over 6%
All sectoral indices close in positive territory
SENSEX HEATMAP: Only 4 out of 30 index constituents close in red
CLOSING BELL: Nifty50 closes above 17,050, up over 250pts
CLOSING BELL: Sensex snaps 7-day losing streak, closes over 1,000pts higher
EXPERT ON RBI POLICY | Dr Rashmi Saluja, Executive Chairperson, Religare Enterprise
RBIs confidence on growth has led it to hike interest rates to deal with the global storm. With growth rate forecast for FY23 still at 7% despite series of rate hikes makes India an oasis in the desert. As far as inflation is concerned, the statistics revealed by RBI pertaining to crops is comforting. With crude oil prices on a downward trajectory we believe most of the hike in interest rates in this cycle is behind us. We believe that RBI and Government are handling the economy far better than there counterparts in other countries.
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First Published: Sep 30 2022 | 8:11 AM IST