On Thursday thus far, Nifty Bank, Nifty PSU Bank and Nifty Financial Services quoted with losses up to 0.8% in a slippery market; technical charts hint up to 8% potential upside on these indices.
RBI prepares to announce its latest monetary policy decision on Feb 7. This will be the first meeting held under the leadership of Governor Sanjay Malhotra
The governor is chairing an almost entirely new six-member monetary policy committee
In the previous session, Sensex dropped 312.53 points, or 0.40 per cent, to close at 78,271.28, while Nifty50 ended lower by 42.95 points, or 0.18 per cent, at 23,696.30
Stock Market Highlights on February 5, 2025: Broader markets outperformed the benchmarks, with small-cap shares leading the charge, as the Nifty Smallcap100 index ended higher by 1.85 per cent
At 6:33 AM, GIFT Nifty futures were up 71 points at 23,856, signaling a higher start for Indian markets
Malhotra took charge as the 26th RBI governor in December last year
Over 70 per cent of respondents, 45 of 62, in a Jan. 22-30 Reuters poll forecast the RBI would cut its key repo rate by 25 basis points to 6.25 per cet at the conclusion of its Feb. 5-7 meeting
In the past six trading days, Bajaj Finance share has soared 15 per cent. On January 30, 2025, the stock had surpassed its previous high of Rs 8,190 touched in October 2023
There was little impact on the rupee from India's federal budget on Saturday. Indian shares, which were open for a special trading session, closed lower
At 6:50 AM, GIFT Nifty futures were trading 173 points lower at 23,382, indicating a potential gap-down start for the markets
The domestic rate-setting panel has kept the policy repo rate unchanged for the last 11 consecutive meetings after raising it by 250 bps between May 2022 and February 2023
Brokerages believe central bank's actions set the stage for a repo rate cut in February
Malhotra showed keen interest in the RBI's currency intervention functions and expressed no opposition when his team explained the recent movements in the rupee and the need to allow it to depreciate
Nomura economists have suggested that they expect a 25 bps rate cut in February, marking a belated policy pivot, and 100 bps in total cuts in this easing cycle
Here's how leading brokerages have interpreted the development, and their expectations from Sanjay Malhotra as regards key rates and maintaining a balance between growth and inflation
Shaktikanta Das, set to demit office today, expressed gratitude to PM Modi and FM Sitharaman for their support during his tenure as RBI governor
Step will 'further deepen financial inclusion and enhance formal credit', says central bank
Since higher customs duties will result in the US suffering inflation, it's also possible the US Federal Reserve will review its stated policy of policy rate cuts
Monetary Policy Committee keeps repo rate unchanged at 6.50% for the eleventh consecutive review