Home / Markets / Stock Markets /  RBI's booster dose lifts Sensex by 326 points; Nifty ends at 11914; banks surge

RBI's booster dose lifts Sensex by 326 points; Nifty ends at 11914; banks surge

Photo: Hindustan TimesPremium
Photo: Hindustan Times

  • Sensex closed at 40,509, while Nifty crossed 11,900 as RBI's policy cheered markets ahead of the festival season. The central bank kept the repo rate unchanged at 4%, and said its stance continues to be accommodative

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09 Oct 2020, 03:48:54 PM IST

Sensex, Nifty give thumbs up to RBI policy

Benchmark indices closed with stellar gains on Friday as market participants cheered the RBI's monetary policy. Sensex surged 396 points to 40,578, while Nifty rose 101 points to 11,935.

The Reserve Bank of India on Friday kept the repo rate, the key interest rate at which it lends to commercial banks, unchanged at 4%. Governor Shaktikanta Das said the RBI will continue to be accommodative in this financial year.

The RBI's MPC has pegged the real GDP growth for FY21 to contract by 9.5%.

However, the GDP growth rate "may break out of contraction and turn positive during January-March" due to recovery seen across sectors.

Banks and financial services stocks clocked big gains, with the Nifty bank ending 3% higher.

ICICI Bank and Axis Bank were the top gainers, while Sun Pharma and Asian Paints were the biggest laggards. On the Sensex, 15 shares advanced and 15 declined.

Midcap and small companies were the underperformers in today's trade.

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09 Oct 2020, 03:19:57 PM IST

Dhiraj Relli, MD & CEO, HDFC Securities on RBI Policy

Announcement of OMO (including OMO for SDL) and on tap LTRO will aid pushing more liquidity into the system and keeping interest rates in check. Announcement to allow banks to increase exposure to retail and small borrowers up to 7.5 crore and rationalising risk weights for all new housing loans till March 31, 2022 are welcome from the borrower’s perspective but Banks need to beef up their credit appraisal processes.

Extension of the dispensation of the enhanced HTM limit of 22% up to March 31, 2022 for securities acquired between September 1, 2020 and March 31, 2021 and hint by the RBI that yields in the government securities (g-sec) market, both primary and secondary segments, also need to evolve in alignment with the comfortable liquidity conditions will help keep a lid on the Gsec yields.

MPC expects inflation to ease gradually towards its target over Q3 and Q4 as supply disruptions and associated margins/mark-ups driving up inflation would abate. RBI finally gave GDP forecast and expects a contraction at 9.5% for FY21 with downside risks.

As the economy continues to be in a fragile state, recovery in growth assumes primacy. The RBI’s intent to support the economy even in the wake of rising inflation is comforting.

09 Oct 2020, 03:11:34 PM IST

Rajeev Radhakrishnan - Head of Fixed Income, SBI Mutual Fund on RBI Policy

The policy has rightly emphasised on measures to ensure financial market stability and to guide market expectation to be aligned with the policy stance and to ensure continued transmission of policy cuts to the wider market. It was absolutely necessary to guide sentiments in government bond markets first to ensure that the same is achieved/not disrupted and corporate issuers do not eventually get crowded out apart from ensuring that government borrowings are smoothly conducted in the light of current economic challenges.

09 Oct 2020, 03:06:14 PM IST

Sensex check

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09 Oct 2020, 03:00:07 PM IST

Lakshmi Iyer, Chief Investment Officer (Debt) & Head - Products, Kotak Mahindra AMC on RBI policy

As expected, the MPC decided to maintain a status quo on benchmark rates. The RBI has reiterated the non-disruptive conduct of the government borrowing programme. To this effect, the OMO amounts have also been increased to 20,000 crore. On Tap TLTRO for bonds is a great liquidity booster and would be good for the corporate bond segment. OMOs in state development loans (SDLs) is a fantastic move and can help bring down spreads v/s central government bonds. RBI’s willingness to look through the current phase of high CPI and future expectation of CPI coming closer to the RBI’s target should work as a strong anchor for bond yields. This indeed is a pre-Diwali Dhamaka for bond markets."

09 Oct 2020, 02:55:12 PM IST

Sensex volume toppers

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09 Oct 2020, 02:45:59 PM IST

HAL employee arrested for supplying fighter aircraft info to Pakistan's ISI

A Hindustan Aeronautics Limited employee has been arrested for supplying fighter aircraft info to Pakistan's Inter-Services Intelligence (ISI) agency, Maharashtra police said on Friday.

The 41-year-old man was supplying secret information about Indian fighter aircraft and their manufacturing unit to ISI, police said.

"The Nashik unit of the state Anti-Terrorism Squad (ATS) received reliable intelligence about the man, who was in constant touch with ISI," a police official said.

09 Oct 2020, 02:38:40 PM IST

Nifty bank outperforms

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09 Oct 2020, 02:30:36 PM IST

Rupee ends firm

The Indian rupee settle a tad higher at 73.16 per US dollar against previous close of 73.24. It had hit the day's high of 73.02 per dollar after RBI announced its policy.

09 Oct 2020, 02:22:37 PM IST

Asian markets end mixed

Asian markets closed on a mixed note. The Shanghai Composite gained 1.68%, while the Hang Seng fell 0.31% and Nikkei lost 0.12%. Australia ASX closed 0.11% higher.

09 Oct 2020, 02:13:57 PM IST

Tata Steel Jul-Sep consolidated output at 7.26 mln tn

Domestic steel giant Tata Steel on Friday said its consolidated steel production fell 3.5% per cent to 7.26 million tonne in the second quarter of the current fiscal.

The company's output in the year-ago period was at 7.52 MT, Tata Steel Ltd said in a regulatory filing.

During July-September 2020, Tata Steel India's production stood at 4.59 MT, as against 4.50 MT in the same quarter a year ago.

In Europe, Tata Steel Europe produced 2.15 MT steel in the quarter under review, as compared to 2.45 MT in the same period of 2019-20.

09 Oct 2020, 02:05:20 PM IST

Sensex at this hour

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09 Oct 2020, 02:00:41 PM IST

European stocks gain

European markets are higher today with shares in France leading the region.

The Stoxx Europe 600 Index gained 0.4%. London's FTSE 100 rose 0.46% and Germany's DAX is up 0.06%.

09 Oct 2020, 01:53:27 PM IST

Sensex pares some gains

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09 Oct 2020, 01:45:26 PM IST

Vedanta recovers from day's low, up 5%

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09 Oct 2020, 01:38:56 PM IST

Government partially eases export curb on onions

Almost a month after putting a blanket ban on onion exports, the commerce ministry on Friday partially eased the curbs allowing export of Bangalore rose onions and Krishnapuram onions upto 10,000 metric tonne each with immediate effect. However, government has not allowed exports of Nashik variety of onions.

The onion exports will be allowed only through Chennai port till 31 March, 2021 and the exporters have to get a certificate from their respective horticulture departments of Karnataka and Andhra Pradesh certifying the item and quantity. Exporters will also have to register at the local DGFT offices which will monitor the exports.

09 Oct 2020, 01:31:41 PM IST

Gold ETFs receive inflows for six months in a row

Gold ETF category continued to receive net inflows in September too. That made it an uninterrupted net inflow for six months in a row. According to Amfi, the Gold ETF category received net inflow of around 907.9 crores in August and a net inflow of 597.3 crores in September. This year so far, the category has received a net inflow of 5,957 crores. "Gold prices came-off its all-time high in August, after witnessing almost an uninterrupted rally this year. This probably provided a good entry point for investors to invest in yellow metal," says Himanshu Srivastava, Associate Director – Manager Research, Morningstar India.

09 Oct 2020, 01:23:53 PM IST

Nifty pharma drops

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09 Oct 2020, 01:20:16 PM IST

Piyush Goyal assigned additional charge of consumer affairs ministry

Union Minister Piyush Goyal has been assigned additional charge of Ministry of Consumer Affairs, Food and Public Distribution, following demise of Ram Vilas Paswan, reports ANI.

Piyush Goyal is currently serving as Minister of Railways and Minister of Commerce and Industry in the Central government.

Union Minister and Lok Janshakti Party (LJP) founder Ram Vilas Paswan passed away at the age of 74 on Thursday.

09 Oct 2020, 01:17:00 PM IST

Nifty losers/gainers

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09 Oct 2020, 01:12:12 PM IST

L&T top gainer at this hour

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09 Oct 2020, 01:02:22 PM IST

Nifty Auto down

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09 Oct 2020, 12:57:00 PM IST

Oil prices head for 10% weekly jump

Oil prices eased on Friday, slipping at the end of a week of big gains made on the risk that supplies from Norway could be slashed by up to 25% due to a strike by oilworkers.

Brent was down by 14 cents at $43.20 a barrel, having gained more than 3% on Thursday. US West Texas Intermediate (WTI) crude dropped 13 cents to $41.06 after also gaining more than 3% on Thursday.

09 Oct 2020, 12:51:20 PM IST

Sensex contributors

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09 Oct 2020, 12:46:39 PM IST

RBI Policy: Export revival, liquidity support will help recovery, says India Inc

India Inc hopes that measures announced by the Reserve Bank of India (RBI) on Friday, while detailing the monetary policy, will give the economy the much-needed breathing space it needs to chart a recovery path.

Governor Shaktikanta Das said the Indian economy will contract 9.5% in FY21 amid disruptions caused by covid-19 but hoped growth may turn positive by Q4 led by signs of improving economic recovery. Keeping a still spreading pandemic in mind, Das said the country's focus must move from covid containment to economic revival.

“The modest recovery in various high-frequency indicators in September 2020 could strengthen further in the second half of 2020-21 with progressive unlocking of economic activity. Agriculture and allied 5 activities could well lead the revival by boosting rural demand. Manufacturing firms expect capacity utilisation to recover in Q3:2020-21 and activity to gain some traction from Q3 onwards," Das said in his speech.

09 Oct 2020, 12:42:56 PM IST

Sensex check

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09 Oct 2020, 12:35:33 PM IST

Trent likely to regain its trendy status

Indian apparel retailers have suffered greatly due to the covid-19 outbreak, as the need to dress up has reduced drastically. Plus operations were shut for a good part of the June quarter on account of the lockdown. As such, fiscal year 2021 (FY21) would be miserable. However, when the bounce back happens post the pandemic, Trent Ltd should find itself relatively better placed.

Recall that the company saw a standalone revenue growth of around 30% year-on-year in the first three quarters of financial year 2020. Since then, of course, financial results have been marred by the pandemic. Revenue growth dropped to 8% in the March quarter. The June quarter saw revenues decrease by a whopping 87%. “FY21 would be a washout year and we forecast a more than 40% year-on-year decline in standalone revenue," said analysts from Jefferies India Pvt. Ltd in a report on 8 October.

09 Oct 2020, 12:24:25 PM IST

With slew of measures, RBI’s Das becomes the bond whisperer

India's sovereign bond market saw all its payers answered on Friday, even the silent ones. Reserve Bank of India (RBI) governor Shaktikanta Das donned the hat of a bond whisperer by giving investors an unbridled commitment to support them.

The RBI is now open to not only pump in more targeted liquidity but also take a large helping of sovereign bonds onto its plate. More importantly, it is willing to turn an investor in state development bonds for the first time. But Das wants the market to also behave. “Yields in the government securities (g-sec) market, both primary and secondary segments, also need to evolve in alignment with the comfortable liquidity conditions," he said in his statement. (Full report)

09 Oct 2020, 12:19:34 PM IST

Will RBI's move spur consumer demand?

Consumer demand that has remained slack in discretionary categories, specifically in urban regions, may get some fillip after inflation tapers off, which is expected in the next three months, according to the RBI. India’s inflation target is 4%. However, since the lockdown, inflation has remained above the target rate, at 6%.

"The mood is shifting from fear and despair to hope. Inflation will ease closer to target by Q4FY21. GDP growth may turn positive by Q4. India is likely to see speedy recovery with variations across sectors. Agriculture, consumer goods, power, and pharma sectors to see quicker recovery," said RBI Governor, Shaktikanta Das today.

09 Oct 2020, 12:12:38 PM IST

InterGlobe gains

The government will soon permit scheduled airlines to deploy up to three-fourths of their aircraft fleet capacity before the covid outbreak on domestic routes, up from the current 60%, civil aviation minister Hardeep Singh Puri said on Thursday.

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09 Oct 2020, 12:06:48 PM IST

HDFC surges

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09 Oct 2020, 11:58:09 AM IST

Lakshmi Vilas Bank rallies 16%

The bank said it had received an indicative non-binding offer from the Clix Group. The lender's shareholders had recently voted against the appointment of seven directors including the chief executive and managing director.

09 Oct 2020, 11:51:08 AM IST

Midcaps underperform

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09 Oct 2020, 11:43:03 AM IST

Market breadth positive

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09 Oct 2020, 11:40:31 AM IST

RBI risk weight changes to help high-value housing loans

The RBI on Friday tweaked the risk-weight norms for retail housing loans, a move that reduces the amount of capital banks need to hold against large-ticket loans.

At present, the risk weights are linked to size of the loan as well as the loan to value (LTV) ratio. By removing the loan size from the equation till 31 March 2022, the RBI has allowed banks more room to lend to borrowers for high-value properties, without worrying about a higher capital charge. Of course, the LTV ratio must be maintained within the limits prescribed by the central bank to avail of this benefit. The LTV ratio is dependent on how much equity a borrower puts in the purchase and how much of the total value is financed by the bank.

09 Oct 2020, 11:32:27 AM IST

Nifty Bank cheers RBI policy

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09 Oct 2020, 11:31:01 AM IST

Growth optimism drives markets higher

Growth optimism led by Reserve Bank of India in its monetary policy review has driven stock markets higher in afternoon trade on Friday. The central bank maintained status quo in its key interest rates while keeping an accommodative stance in the monetary policy review.

Amid a sluggish environment, RBI has made it clear that the focus must now shift from ‘containment to revival’. RBI provided impetus towards reviving economy by introducing certain additional measures.

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09 Oct 2020, 11:22:53 AM IST

LIC Housing surges

RBI has decided to rationalise the risk weights and link them to loan-to-value ratio only for all new housing loans sanctioned up to March 31, 2022.

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09 Oct 2020, 11:18:34 AM IST

Bonds rally as RBI to double OMO purchase size

Shorter and longer tenure bonds rallied after the Reserve Bank of India said it will double open market operations purchase size and will do OMOs for state bonds that reduced supply worries among traders.

The 10-year bond yield fell 8 basis points to 5.937% -- a level last seen on 4 September, from its previous close of 6.015%. Bond yield and prices move in opposite directions.

Among shorter tenure bonds, 3-year bond yield slumped 16 basis points, 4 year and 5-year bond yield declined 8 basis points each.

09 Oct 2020, 11:13:59 AM IST

Banks, housing finance companies shares rally on RBI booster shots

Shares of bank, financial services and housing finance companies rallied on Reserve Bank of India’s boosters to enhance liquidity and uplift business growth going forward. The BSE Bankex jumped nearly 1.5% on Friday led majorly by HDFC Bank, ICICI Bank, State Bank of India and Axis Bank.

Housing finance companies such as LIC Housing Finance jumped 8%, HDFC gained 3%, GIC Housing Finance jumped 8%, Indiabulls Housing Finance Ltd were up 3%

09 Oct 2020, 11:06:42 AM IST

Financial services jump 2%

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09 Oct 2020, 11:04:04 AM IST

Nifty broad market post RBI policy

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09 Oct 2020, 11:01:20 AM IST

Nifty Realty

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09 Oct 2020, 11:00:06 AM IST

RBI’s Monetary Policy Committee sees recovery in sight as business rebounds

RBI’s newly constituted monetary policy committee ( MPC) expects a recovery in global economic activity in Q3 of 2020 in sequential terms, although it feels that downside risks have risen with the renewed surge in infections in many countries.

According to the minutes of the MPC meeting released on Friday, the committee felt that global trade is expected to be subdued but the rebound could turn out to be stronger among advanced economies (AEs) than in emerging market economies (EMEs). “Global financial markets remain supported by highly accommodative monetary and liquidity conditions. Soft fuel prices and weak aggregate demand have kept inflation below target in AEs, although in some EMEs, supply disruptions have imparted upward price pressures." the MPC noted.

09 Oct 2020, 10:56:47 AM IST

Sensex gains

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09 Oct 2020, 10:54:13 AM IST

RBI allows 24x7 availability of RTGS system from December

The Reserve Bank of India (RBI) governor Shaktikanta Das on Friday said that online transfer of funds via Real Time Gross Settlement (RTGS) will be available round-the-clock from December.

The step is being taken to 'facilitate innovations in the large value payments ecosystem and promote ease of doing business'.

“In order to facilitate swift and seamless payments in real time for domestic businesses and institutions, it has been decided to make available the RTGS system round the clock on all days from December 2020. India will be among very few countries globally with a 24x7x365 large value real time payment system," Das said in a virtual briefing.

09 Oct 2020, 10:51:09 AM IST

RBI's Das: Current inflation hump transient; agriculture outlook looks bright, oil prices to remain rangebound

09 Oct 2020, 10:49:44 AM IST

Banks Nifty gains

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09 Oct 2020, 10:47:16 AM IST

Sensex post RBI policy

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09 Oct 2020, 10:44:11 AM IST

RBI Policy announces new measures on payments front including moves like extending RTGS round-the-clock

09 Oct 2020, 10:41:51 AM IST

Rupee strong

The Indian rupee was up at 73.09 to a dollar against Thursday's close of 73.24

09 Oct 2020, 10:38:33 AM IST

RBI Policy: GDP rate may break out of contraction and turn positive during January-March

09 Oct 2020, 10:37:34 AM IST

RBI's Das: Rise in Covid-19 infections remains a serious risk

09 Oct 2020, 10:35:53 AM IST

RBI Policy: Rural economy looks resilient

09 Oct 2020, 10:33:00 AM IST

RBI Policy: To extend scheme for co-lending to all NBFCs, HFCs

09 Oct 2020, 10:32:08 AM IST

RBI Policy: To rationalise weights for all new housing loans till 31 March, 2022

09 Oct 2020, 10:29:40 AM IST

RBI Policy: TLTRO funds to be deployed in corporate bonds, debentures

09 Oct 2020, 10:28:51 AM IST

RBI Policy: To extend HTM cap hike to March

09 Oct 2020, 10:27:09 AM IST

RBI Policy: Market participants need to factor in RBI signals while buying bonds

09 Oct 2020, 10:25:08 AM IST

RBI Policy: WMA limit for government kept at ₹1.25 trillion

09 Oct 2020, 10:23:38 AM IST

RBI Policy: To conduct on-tap TLTRO of up to ₹1 trillion at floating rates linked to repo rate

09 Oct 2020, 10:21:23 AM IST

RBI Policy: Likely to see 3-speed recovery with variation across sectors

09 Oct 2020, 10:20:20 AM IST

RBI Policy: Agriculture, construction goods, power, pharma sectors to see quicker recovery

09 Oct 2020, 10:18:51 AM IST

RBI Policy: To up weekly open market purchase to ₹20,000 crore

09 Oct 2020, 10:17:48 AM IST

RBI Policy: WIll conduct special and outright OMOs

09 Oct 2020, 10:17:00 AM IST

RBI Policy: Faster, stronger rebound feasible for India

09 Oct 2020, 10:16:02 AM IST

RBI Policy: Indian economy entering a decisive phase

09 Oct 2020, 10:14:32 AM IST

RBI Policy: See FY21 GDP contracting by 9.5%

09 Oct 2020, 10:13:39 AM IST

RBI Policy: Inflation likely to ease closer to target by Q4

09 Oct 2020, 10:11:31 AM IST

RBI's Das: GDP growth may turn positive by Q4

09 Oct 2020, 10:09:20 AM IST

RBI Policy: Monetary Policy Committee has voted unanimously to keep repo rate unchanged in its policy review

09 Oct 2020, 10:07:01 AM IST

RBI Policy: MPC keeps interest rates unchanged, keeps stance accommodative

The Reserve Bank of India (RBI) on Friday kept the repo rate, the key interest rate at which it lends to commercial banks, unchanged at 4%, according to a statement by governor Shaktikanta Das. The decision is in line with market expectations as inflation has remained above 6% - the higher end of the central bank’s medium-term target.

The stance of the RBI will continue to be accommodative in this financial year, at least while ensuring the inflation remains within the 4% plus/minus 2% target, the central bank's Governor Shaktikanta Das said in his address.

09 Oct 2020, 10:06:03 AM IST

RBI maintains accommodative stance

09 Oct 2020, 10:04:13 AM IST

RBI keeps repo rate unchanged at 4%

09 Oct 2020, 10:03:11 AM IST

RBI Policy: Governor Shaktikanta Das begins speech

09 Oct 2020, 09:58:10 AM IST

Financial services down

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09 Oct 2020, 09:56:55 AM IST

Lakshmi Vilas Bank

The bank said it had received an indicative non-binding offer from the Clix Group. The lender's shareholders had recently voted against the appointment of seven directors including the chief executive and managing director.

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09 Oct 2020, 09:55:10 AM IST

TCS weak

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09 Oct 2020, 09:48:40 AM IST

Vedanta down

The bidding period for delisting the shares ends today. The reverse book building exercise to delist the shares saw about 74 crore shares being tendered.

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09 Oct 2020, 09:43:59 AM IST

Sensex check

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09 Oct 2020, 09:36:07 AM IST

Bank Nifty flat

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09 Oct 2020, 09:29:21 AM IST

BSE Midcap

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09 Oct 2020, 09:23:20 AM IST

Nifty losers/gainers at open

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09 Oct 2020, 09:17:26 AM IST

Markets open flat

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09 Oct 2020, 09:02:39 AM IST

Sensex up at pre-open

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09 Oct 2020, 08:43:58 AM IST

RBI policy: The six MPC members who will decide on interest rates

The newly-appointed monetary policy committee will announce its first bi-monthly policy decision today and all eyes are on this rate-setting committee. While the government recently appointed Ashima Goyal, Jayanth R. Varma and Shashanka Bhide to the MPC, other members include RBI governor Shaktikanta Das, deputy governor Michael Patra and executive director Mridul Saggar. Mint takes a closer look at who they are.

09 Oct 2020, 08:37:36 AM IST

RBI policy: Four things to watch out for

The Reserve Bank of India Governor Shaktikanta Das will announce policy decision of the Monetary Policy Committee today. Here are the four things to watch out for.

09 Oct 2020, 08:33:47 AM IST

Oil prices ease

Oil prices eased a few cents early in trade on Friday in a breather at the end of a week of big gains propelled by a strike in Norway that raised the prospect of supply from the major producer being slashed by up to 25%.

Brent was down 9 cents at $43.25 a barrel, having gained more than 3% on Thursday. US West Texas Intermediate (WTI) crude dropped 5 cents to $41.14 after also falling more than 3% on Thursday.

09 Oct 2020, 08:26:12 AM IST

Stocks to Watch: Banks and financials in focus as RBI to announce policy

Banks and financials, TCS, Future Retail, Vedanta will be in focus today. Steel Strips Wheels will be among companies that will announce results today.

09 Oct 2020, 08:20:16 AM IST

RBI policy to steer markets momentum

Indian equities are likely to react to the Reserve Bank of India's monetary policy review on Friday. Trends in SGX Nifty suggest a positive opening of Indian benchmark indices. On Thursday, the 30-share index Sensex ended at 40,182.67, gaining 303.72 points or 0.76%. The Nifty closed at 11,834.60, gaining 95.75 points or 0.82%..

09 Oct 2020, 08:17:01 AM IST

Minority wants RBI to cut rates, consensus favours clarity on inflation outlook

The Reserve Bank of India’s newly constituted six-member Monetary Policy Committee concludes its three-day brainstorming on the state of the country’s economy today. While the consensus is that the MPC will hold key interest rates steady, there’s a minority voice that’s still hoping for a rate cut, even if it’s a 15 basis point shave, for the sake of intent and optics. This section believes that growth, and not inflation, should be the priority of the central bank for the time being.

09 Oct 2020, 08:14:16 AM IST

Asia markets gain

Asian shares were higher on Friday as hopes of a US stimulus deal helped investors overlook weaker-than-expected jobs data and growing global coronavirus cases. Shanghai Composite is up 1.6%, while Hang Seng is 0.04% higher. Taiwain is up 1%

09 Oct 2020, 08:10:27 AM IST

Wall Street closes higher

US stocks ended higher on Thursday as comments by US President Donald Trump fuelled hopes of fresh fiscal support, while data underscored the view that the labor market recovery was struggling to gain momentum.

Dow Jones Industrial Average rose 0.43%, S&P 500 gained 0.80%, and Nasdaq Composite added 0.5%.

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