Home / Markets / Live Blog /  D-Street cheers RBI policy; Sensex ends over 400 pts higher; Nifty near 17,800

D-Street cheers RBI policy; Sensex ends over 400 pts higher; Nifty near 17,800

Stock Market Today: The focus is on RBI policy and other Asian cues. (REUTERS)Premium
Stock Market Today: The focus is on RBI policy and other Asian cues. (REUTERS)

  • Share Market Closing: Indian indices ended higher on Friday after the RBI's policy announcement. The central bank decided to keep repo rate unchanged at 4%. Governor Das said RBI put inflation before growth in the sequence of priorities

Indian indices ended with gains on Friday after the announcement of RBI's policy decisions cheered the Street. The MPC held the lending rate, or the repo rate, at 4% as expected, as it sought to support economic growth even as inflation edged higher amid the Russia-Ukraine war. The reverse repo rate, or the key borrowing rate, was also kept unchanged at 3.35%. The central bank raised inflation projections for FY23 to 5.7% from 4.5%, and cut real GDP estimates to 7.2% from 7.8%

08 Apr 2022, 03:30:19 PM IST

Sensex, Nifty snap three-day losing streak to end higher as market cheers RBI policy 

Indian indices ended higher on Friday snapping a three-day losing streak as RBI kept its key lending rate at a record low as expected. 

Sensex ended at 59,447.18, up 412.23, while Nifty ended 0.8% higher at 17,784.35.

Indices swung between losses and gains amid the RBI's policy announcement. The Sensex touched a high of 59,654 and a low of 58,876 intraday.

The monetary policy committee (MPC) decided to hold repo rate at 4% and the reverse repo rate at 3.35%. While the RBI's rate-setting panel maintained its accommodative stance, it also voted unanimously to focus on “withdrawal of accommodation to ensure that inflation remains within the target going forward, while supporting growth."

The RBI raised its inflation forecast for the current fiscal year to 5.7%, 120 basis points above its forecast in February, and cut its economic growth forecast to 7.2% for 2022/23 from 7.8% earlier.

Barring Nifty IT, all sectoral indices ended in the green. Midcap and Smallcap indices also clocked decent gains.

 

 

Sensex at close
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Sensex at close
08 Apr 2022, 03:25:22 PM IST

Booster dose will now be available for population above 18 years of age from 10 April, 2022, at private vaccination centres

08 Apr 2022, 03:21:05 PM IST

Nifty Metal index soars 2%; JSW Steel jumps 4%, Adani Enterprises gains 3.4%

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08 Apr 2022, 03:10:54 PM IST

Sebi's redressal portal SCORES receives 3,329 complaints in March; fixes 4,434 complaints

08 Apr 2022, 03:00:10 PM IST

RBI Policy View: Prasenjit K. Basu – Chief Economist, ICICI Securities

The MPC sensibly decided to keep monetary policy accommodative despite inflation being marginally above its tolerance band. Two good reasons justify the policy: (a) inflation is high partly because of (external) supply shocks, so reducing aggregate demand (through monetary tightening) will not address the issue; (b) there is a considerable output gap, with the economy having contracted 6.6% in FY21, and estimated to have grown 8.9% in FY22 (far from closing the gap, in an economy with potential growth of 7% annually). Staying accommodative is thus the right approach: loan growth needs to accelerate to enable a rebound in domestic demand, but the RBI will also withdraw accommodation tactically if inflation gets too far from the target.

08 Apr 2022, 02:56:59 PM IST

Vodafone up 4% as govt returns bank guarantees

The department of telecommunications (DoT) has returned bank guarantees (BGs) to Bharti Airtel and Vodafone Idea, according to an affidavit filed by the department in the Supreme Court. The bank guarantees amount to nearly 23,000 crore.

08 Apr 2022, 02:44:17 PM IST

Accenture’s investor meet indicates room for growth is wide

Accenture’s investor and analyst conference held on 7 April points to the rising focus on costs among Europeans firms in the backdrop of the ongoing Russia-Ukraine war. It is also pertinent to global companies to a certain extent. Increased focus in costs could lead to an alteration in tech budgets and postponement or decline of discretionary spends. Even so, this has not affected Accenture’s operations so far.

08 Apr 2022, 02:32:55 PM IST

Food prices surged to new record high in March, UN agency says

World food prices jumped to a new record high in March as the war in Ukraine caused turmoil in markets for staples grains and edible oils, the U.N. food agency said on Friday.

The Food and Agriculture Organization's (FAO) food price index, which tracks the most globally traded food commodities, averaged 159.3 points last month versus an upwardly revised 141.4 for February

08 Apr 2022, 02:23:23 PM IST

RBI Policy View: Indranil Pan, chief economist, YES Bank

“Amidst the 'tectonic' shifts in global conditions, RBI has taken more than one step towards preparing the market for an eventual increase in the repo rate. This position is made clear as the governor indicated that the order of preference for RBI now is inflation, growth and financial stability, rather than the post COVID-19 preference of preserving and supporting growth momentum. The process of neutralizing monetary policy had already started with withdrawal of ultra-comfortable liquidity. In this policy, the operative rate was increased by 40bps with the institutionalization of the Standing Deposit Facility. With this, RBI has almost buried the reverse repo as an instrument. Towards the objective of an orderly completion of the government’s borrowings, the HTM limit was increased by 1% to 23%. Overall, we now expect the stance to be made 'NEUTRAL' in June and the first repo rate increase can come through in August."

08 Apr 2022, 02:13:39 PM IST

Sensex at day's high; surges 600 points

Mkt check
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Mkt check
08 Apr 2022, 02:11:20 PM IST

Asian markets mostly rise; Nikkei closes 0.4% higher 

Asian markets mostly rose Friday after a tough week dominated by the Federal Reserve's hawkish tone that has set it on an aggressive tightening path, while oil bounced back after another series of losses. Japan's Nikkei 225 closed 0.4% higher; Hong Kong - Hang Seng Index: fell marginally, Shanghai - Composite rose 0.5%.

 

08 Apr 2022, 02:01:27 PM IST

YES Securities' Q4 FY22 earnings preview  

PAT to grow 32% Y/Y

· Q4 FY22 and Q1 FY23 are likely to be challenging quarters for Corporate Inc as they try to strike a balance between rising input costs and demand

· Hike in prices has so far been well absorbed, with demand remaining intact. This can be reflected in revenue projections for our coverage universe, which is likely to grow by 25% y/y despite a higher base effect. In fact, Q1 FY23 revenue growth is also likely to remain robust given the depressed activity in the first quarter of the preceding fiscal year.

· The 19% revenue growth (ex-financials & OMC) will be primarily driven by Oil & Gas, Chemical and IT.

· However, things are not rosy on operating margins front, which is expected to contract by 27bps sequentially and 97bps y/y basis. As commodity prices continue their surge, companies endeavour to further pass on the costs but remain cautious on the impact on demand. This will likely translate into margin pressure in the quarters ahead. However, we see that the price hikes could be a blessing in disguise in the medium term, especially when sales realisation remains intact even after commodity induced cost escalation subsides.

· Adjusted PAT is likely to grow by 32% y/y, largely driven by strong performance from Banks. Automobiles to see steep contraction of 50%, hampered by both supply side issues and rising input costs

· For Financials, NII growth is likely to be strongest in the last 8 quarters as credit offtake picked up during the festive season. However, PPOP (Operational performance) of Financials is likely to remain flat on y/y basis, translating into a meagre 4% growth despite a favourable base. PAT for Financials will grow at staggering 40%, aided by lower

08 Apr 2022, 01:50:27 PM IST

ICICI Bank and supply chain finance company KredX will offer ‘ICICI Bank-KredX Commercial Card’ for B2B payments

08 Apr 2022, 01:41:40 PM IST

Nifty FMCG up 1.6% with all constituents in the green; Godrej Consumer surges 6.4%, while ITC rose 2.4% 

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08 Apr 2022, 01:31:15 PM IST

RBI to set up panel to review, improve customer service

To improve customer service in regulated entities, the Reserve Bank of India on Friday said it will set up a panel to review and strengthen consumer protection.

"The Reserve Bank has over the years taken a number of measures to enhance consumer protection. These measures include laying down regulatory frameworks on customer service, internal grievance redress and the Ombudsman mechanisms," RBI Governor Shaktikanta Das said while announcing bi-monthly monetary policy.

08 Apr 2022, 01:27:29 PM IST

M&M up 1.5%; co's deal to sell its bankrupt unit, SsangYong Motor to South Korea's Edison Motors Co had been terminated

08 Apr 2022, 01:25:00 PM IST

ED conducts searches in NSE colocation case

The Enforcement Directorate, which is investigating the case of alleged money laundering in the National Stock Exchange of India (NSE) colocation case, initiated a search operation at 10-15 locations across Delhi and Gurgaon on Friday morning.

“It is a broad-spectrum search operation being conducted on all brokers named in the ISB report," a person with direct knowledge of the matter said. (Full report)

08 Apr 2022, 01:09:14 PM IST

Sensex check: Gains 240 points ; M&M, ITC top gainers 

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08 Apr 2022, 12:58:08 PM IST

RBI Policy: We are in discussions with stakeholders including govt for alternatives for payments for India-Russia trade, says deputy governor T Rabi Sankar

08 Apr 2022, 12:51:20 PM IST

Abu Dhabi’s IHC invests $2 billion in three Gautam Adani firms; Adani Green up 7%

Adani Enterprises Ltd., the group’s flagship firm, is raising 77 billion rupees ($1.02 billion) by issuing preferential shares to IHC while Adani Green Energy Ltd and Adani Transmission Ltd will receive 38.5 billion via the same equity instrument, according to Indian exchange filings Friday.

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08 Apr 2022, 12:41:14 PM IST

RBI signals ‘tectonic shift’ in policy focus as it ramped up efforts to mop up excess liquidity in the banking system 

08 Apr 2022, 12:34:12 PM IST

Governor Das on whether RBI is behind the curve: Depends on who is drawing the curve and how he is drawing it. Don't think RBI is behind the curve

08 Apr 2022, 12:26:53 PM IST

RBI Governor Das says Ukraine war reason for the shift in policy focus.

08 Apr 2022, 12:24:27 PM IST

As share of EVs rises among 2-wheelers, some states are racing far ahead

Driven by increasing consumer interest, government subsidies and new product launches, the share of electric vehicles (EV) in the two-wheeler industry is continuously increasing. In fact, in the month of March, the share of EVs in 2W reached 4.3%, according to Vahan registrations. (Read here)

08 Apr 2022, 12:14:31 PM IST

RBI Policy: We have now put inflation before growth in the sequence of priorities, says governor Shaktikanta Das

08 Apr 2022, 12:12:24 PM IST

RBI policy views: Naveen Kulkarni, chief investment officer, Axis Securities

"In the first monetary policy for the financial year 2023, the RBI has kept key policy rates unchanged and maintained its accommodative stance to revive growth. Despite a strong economic recovery and a less disruptive Omicron wave, the geopolitical tensions, supply chain disruptions, commodity inflation, and oil prices sky-rocketing, RBI revised its inflation estimates for FY23 upwards to 5.7% from 4.5% earlier. GDP growth is likely to be impacted and expected at 7.2% for FY23 (vs 7.8% earlier).

We believe, over the medium-term, policy rates are likely to gradually inch up."

08 Apr 2022, 12:08:16 PM IST

Market at noon: Sensex up 138 points amid volaitility 

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08 Apr 2022, 12:02:10 PM IST

BSE SmallCap outperforms; up 0.8%; JP Associates up 20%

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08 Apr 2022, 11:47:30 AM IST

Adani Green board approves fundraise of ₹3,850 cr via preferential issue

08 Apr 2022, 11:36:03 AM IST

Sobha ends FY22 with record sales; price hikes key in FY23

Bengaluru-based real estate developer Sobha Ltd has seen robust performance in FY22 aided by the ongoing demand momentum for residential real estate projects despite the intial impact from the Omicron variant. The company saw highest ever sales of 4.91 million square feet (msf), up 22% year-on-year (y-o-y). In value terms, sales rose 23% y-o-y to Rs3,870 crore.

08 Apr 2022, 11:29:29 AM IST

Nifty Energy gains 1.25%; Adani Green jumps 7%

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08 Apr 2022, 11:20:05 AM IST

Ruchi Soya FPO lists on bourses at 30% premium 

On NSE, Ruchi Soya share price today opened at 855 whereas on BSE it opened at 850 apiece levels, giving more than 30% premium to the subscribers of FPO 

08 Apr 2022, 11:11:36 AM IST

RBI to maintain orderly financial condition in market and will take steps to contain impact of global spillovers: Das

08 Apr 2022, 11:02:36 AM IST

Rupee surges 21 paise to 75.82 against US dollar as RBI maintains status quo on benchmark lending rate

08 Apr 2022, 10:58:26 AM IST

Nifty Bank flat: Bandhan Bank top gainer; HDFC bank biggest laggard

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08 Apr 2022, 10:53:14 AM IST

RBI Policy: HTM limits will be restored in a phased manner & enhanced under SLR to 23%. To enhance HTM category from 22% to 23% of NDTL,

08 Apr 2022, 10:47:17 AM IST

RBI Policy proposes to make cardless cash withdrawals across banks & ATMs using UPI

08 Apr 2022, 10:41:32 AM IST

Sensex choppy as RBI governor announces policy decisions

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08 Apr 2022, 10:36:06 AM IST

RBI Policy: Inflation is now projected to be higher and growth lower than February's expectations, says Governor

08 Apr 2022, 10:35:00 AM IST

RBI Policy: Raises FY23 CPI Inflation forecast to 5.7% from earlier guidance of 4.5%

08 Apr 2022, 10:33:07 AM IST

RBI rephrases 'accommodative' stance to focus on withdrawal of accommodation

08 Apr 2022, 10:25:09 AM IST

RBI revises FY23 GDP forecast to 7.2% from earlier guidance of 7.8%

08 Apr 2022, 10:18:54 AM IST

RBI Policy:  To restore LAF corridor to 50 bps, as it was pre-COVID

08 Apr 2022, 10:11:02 AM IST

RBI Policy: Reverse repo rate at 3.35%

08 Apr 2022, 10:09:04 AM IST

RBI Policy: MPC voted unanimously to maintain ACCOMMODATIVE stance

08 Apr 2022, 10:08:03 AM IST

RBI Policy: Repo rate kept unchanged

08 Apr 2022, 10:05:12 AM IST

RBI Policy: Governor Shaktikanta Das begins his speech

08 Apr 2022, 09:54:15 AM IST

Market view: Sameet Chavan, Chief Analyst-Technical and Derivatives, Angel One

Yesterday’s session was a replica of the previous session as we first witnessed a gap down on the back of sluggish global cues and then despite some mid-session rebound, ended the session almost at day’s low. However, unlike Wednesday, the trading range was slightly bigger. Eventually, the Nifty ended the weekly expiry on a negative note tad below the 17650 mark by shedding another a percent.

The correction below 17700 was unexpected for us. Although both key indices gave a sharp bounce around the mid-session, the late correction poured complete water on this valiant attempt. Despite this, we still remain a bit hopeful and expect Nifty to recover from current levels. For the coming session, 17550 followed by 17400 are likely to provide support for the index and till the time, we do not close below key levels, we would continue with our ‘Buy on decline’ strategy. On the flipside, 17800 – 17900 are to be seen as immediate hurdles. The first sign of strength would be visible after surpassing the 17900 mark.

The only positive take away from yesterday’s session was the resilience from the banking space. We did see sheer outperformance from this heavyweight basket ahead of the RBI policy; bodes well for the bulls. Also, lot of midcaps continued to do well and despite some tail end profit booking in most of them, we still expect the action to continue in cash segment stocks.

08 Apr 2022, 09:51:13 AM IST

Dr. Reddy's Lab up 0.5%; received NCLT okay for scheme of amalgamation of Dr Reddy's Holdings, an entity held by the Promoter Group, into the company.

08 Apr 2022, 09:40:19 AM IST

Nifty sectors: Banks, financials flat; Metals, FMCG in the green

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08 Apr 2022, 09:32:27 AM IST

Bandhan Bank: Large trade of 5.1 crore shares or 3.1% equity worth ₹1,564 crore change hands, says CNBC-TV18

08 Apr 2022, 09:25:56 AM IST

Nifty above 17,650: Coal India, Shree Cements best gainers; Cipla, Ultratech among laggards 

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08 Apr 2022, 09:22:16 AM IST

Sensex up around 100 points at open: Tata Steel, Power Grid top gainers; TCS, Tech Mahindra top losers 

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08 Apr 2022, 09:17:20 AM IST

Sensex, Nifty open higher ahead of RBI policy

08 Apr 2022, 09:06:21 AM IST

Sensex higher at pre-open; 24 stocks in the green

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08 Apr 2022, 09:03:22 AM IST

Indices mixed at pre-open

08 Apr 2022, 08:50:46 AM IST

RBI Policy: Three key things to watch out for

Reserve Bank of India (RBI) governor Shaktikanta Das on Friday will announce the first bi-monthly monetary policy statement of the current fiscal year at 10 am. The announcement will be followed by a press conference. The statement comes after a three-day review meeting of the six-member Monetary Policy Committee, or the rate-setting panel, of RBI, headed by Das. Here are the three key things to watch out for

08 Apr 2022, 08:40:26 AM IST

Stocks to Watch: Banks & NBFCs, M&M, Sonata Software, NTPC, Dr Reddy's, Sobha

Here is the list of top 10 stocks that will be in focus on Friday:

08 Apr 2022, 08:23:13 AM IST

‘Reserve prices of 5G airwaves need to be 50% lower than present levels’

The government must keep reserve prices of 5G airwaves at least 50% lower than present levels, said telecom analysts. It must also consider a steeper cut for the 700 Mhz band, to ensure greater proliferation of 5G, as it will be the primary band for pan-India services, they said. (Full report)

08 Apr 2022, 08:13:47 AM IST

Indian indices may trade on a cautious note; RBI policy in focus

Indian benchmark indices are likely to open flat on Friday tracking SGX Nifty. Amid fresh worries about a hawkish US Federal Reserve, Nifty and the Sensex ended 0.94% and 0.97%, lower respectively on Thursday. Markets are expected to remain volatile on Friday as participants would react to the outcome of the RBI's MPC meeting. “We expect MPC to maintain the status quo on rates. However, commentary on inflation and growth would be actively tracked," Ajit Mishra, vice-president of research, Religare Broking Ltd.

08 Apr 2022, 08:00:56 AM IST

Asian markets mixed

Asian stocks and U.S. equity futures struggled to make headway Friday as the Federal Reserve’s plan for aggressive policy tightening and China’s Covid lockdowns hung over markets.

Nikkei started marginally higher; South Korea’s Kospi index lost 0.2%; Australia’s S&P/ASX 200 index was 0.6% higher; Hong Kong’s Hang Seng index declined 0.2%; China’s Shanghai Composite index rose 0.2%

08 Apr 2022, 07:30:49 AM IST

Wall Street manages to end with marginal gains

A late-afternoon rebound led by technology companies helped drive stocks higher on Wall Street Thursday, lifting the market from an early slide. The S&P 500 rose 0.4%, its first gain after a two-day slump. The Dow Jones Industrial Average rose 0.3% and the tech-heavy Nasdaq managed a 0.1% gain.

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