Stock Market Today Live : Shraddha Umarji, Economist – Institutional Research at Prabhudas Lilladher gives view on RBI MPC Announcement
Stock Market Today Live : “The RBI MPC decision was mostly in line with our expectations. Governor Shaktikanta Das reiterated the need to maintain growth-inflation dynamics. On the growth front, rural demand is expected to pick up based on a normal monsoon and consequent growth in rural income. Urban demand is expected to receive a boost from higher employment in both formal and informal sectors. India’s unemployment rate has been trending downwards sequentially post-Covid, touching a low of 3.2% in FY23. The governor also indicated that government capex as well as private capex has shown steady progress. As global growth conditions improve, India’s external sector demand is expected to revive. On the inflation front, CPI forecast for FY25 has been kept unchanged at 4.5%. Climate shocks, both domestically and internationally, could lead to spikes in food prices in the near term. The governor also highlighted volatility in crude prices. Therefore, RBI will be watchful of upcoming growth and inflation dynamics, and a rate cut may be deferred until October 24, post-monsoons.”
–Shraddha Umarji, Economist – Institutional Research, Prabhudas Lilladher
Stock Market Today Live : Suvodeep Rakshit, Senior Economist, Kotak Institutional Equities, gives view on MPC’s interest rate decision
Stock Market Today Live : “The decision to pause along with no change in stance was in line with our expectation. Expectedly, the focus of the MPC remained on ensuring disinflation on a sustained basis in order to achieve their medium term inflation target of 4%.
The RBI does not seem to be too worried about the liquidity situation. We expect the RBI to continue to focus on fine-tuning of liquidity conditions through VRR/VRRR auctions, in order to align the overnight rates with the repo rate.
The RBI has enough space for holding repo rate steady, with its FY25 GDP growth being quite strong at 7% in order to target the 4% inflation mark.
We continue to expect a shallow rate cut cycle from Q3FY25 onwards with the stance changing to neutral in end-Q2FY25 or along with the rate action.”
–Suvodeep Rakshit, Senior Economist, Kotak Institutional Equities
Stock Market Today Live : RBI keeps benchmark repo rate unchanged at 6.5%, says Governor Shaktikanta Das
Stock Market Today Live : The Reserve Bank of India (RBI) has held the benchmark repo rate steady at 6.5% for the seventh policy meeting in a row, with the aim of achieving a sustainable reduction in inflation to meet its 4% target.
The rate-setting committee continues to withdraw accommodation to gradually align inflation with the target, while also fostering growth. Economists predict that the RBI will only introduce the initial series of rate reductions in the latter half of 2024, with some anticipating these cuts in the final quarter of the year. (Read the full story here.)
Stock Market Today Live : 11 am Market update
Stock Market Today Live : Indian benchmark indices were flat on Friday, after RBi Governor Shaktikanta Das announced the MPC’s decision to hold the interest rates at 6.5%.
At 11 am, Sensex was down 7.74 points, or 0.01%, at 74,210.89, and Nifty was down 13.20 points, or 0.06%, at 22,501.45.
Stock Market Today Live : Sonam Srivastava, Founder and Fund Manager at Wright Research’ gives view on RBI’s interest rate decision
The RBI’s announcements reflect a dedicated effort to maintain financial stability and manage liquidity.
The RBI acknowledged improved liquidity conditions and the use of Variable Rate Reverse Repo (VRRR) operations, indicating a proactive approach to liquidity management.
Despite inflation concerns, the announcements convey cautious optimism about the economy’s resilience.
From an industry viewpoint, these measures are likely to boost confidence and support growth, especially in sectors dependent on stable financial conditions.
However, ongoing vigilance is needed to address potential challenges like inflationary pressures and global economic uncertainties.
Impact on Stock Market:
The announcements are expected to shape investor sentiment and market dynamics.
Recognition of excess liquidity and the RBI’s liquidity management efforts could trigger a positive response in the stock market, particularly in banking stocks.
Signs of accommodative monetary policy measures could further strengthen investor confidence, potentially propelling the stock market upward.
However, inflation worries and global economic risks might limit market gains.
The banking sector could gain from the RBI’s liquidity management focus, and interest rate-sensitive sectors like real estate and infrastructure might also be affected.
Sectors dependent on domestic consumption, such as FMCG and retail, could benefit from stable financial conditions and enhanced consumer sentiment.
Overall, post-meeting stock market momentum will likely be influenced by a mix of domestic economic factors and global market trends.
–Sonam Srivastava, Founder and Fund Manager at Wright Research
Stock Market Today Live : RBI MPC Live Policy Decision
Stock Market Today Live : RBI MPC Live Policy Decision Governor Shaktikanta Das says RBI to launch mobile app to enable retail participation in the primary and secondary G-Sec market
Stock Market Today Live : RBI MPC Live Policy Decision
Stock Market Today Live : RBI MPC Live Policy Decision : Governor Shaktikanta Das the Elephant in the room (Inflation) appears to be going to the forest. Das reiterated the hope that it remains there for a ‘durable period’
Stock Market Today Live : RBI MPC Live Policy Decision: Governor Shaktikanta Das says inflation rate for FY25 projected at 4.5%
For Q1 at 4.9%
For Q2 at 3.8%
For Q3 at 4.6%
For Q4 at 4.5%
Stock Market Today Live : RBI MPC Live Policy Decision
Stock Market Today Live : RBI MPC Live Policy Decision: Governor Shaktikanta Das says GDP projections for FY25 remains at 7%
Q1 at 7.1%
Q2 at 6.9%
Q3 and Q4 at 7% each
Stock Market Today Live : RBI MPC Live Policy Decision
Stock Market Today Live : Governor Shaktikanta Das says as rural demand comes back, consumption story to remain intact. Urban consumption remains buoyant
Stock Market Today Live : RBI MPC Live Policy Decision
Stock Market Today Live : Governor Shaktikanta Das says domestic economy continues to expand due to continued investments
Stock Market Today Live : RBI MPC Live Policy Decision
Stock Market Today Live : Governor Shaktikanta Das says global economy remains resilient as indicated by various high frequency indicators
Stock Market Today Live : RBI MPC Live Policy Decision
Stock Market Today Live : Governor Shaktikanta Das says MPC decided to keep policy rate unchanged at 6.5% with a majortiy of 5:1
Sensex Today Live : 10 am Market update
Sensex Today Live : Indian benchmark indices were red on Friday, ahead of the RBI MPC’s decision on interest rates and commentary on inflation.
At 10 am, Sensex was down 119.02 points, or 0.16%, at 74,108.61, and Nifty was down 36.30 points, or 0.16%, at 22,478.35.
Stock Market Today Live : RBI policy today: Can RBI precede US Fed in cutting rates? Top experts weigh in
RBI MPC Policy Decision : As the first financial year meeting approaches, the Reserve Bank of India (RBI) is expected to clarify uncertainties about potential rate cuts.
The market is keen to find out if the RBI will reduce rates ahead of the Fed, even though the April policy decision might keep the current policy rates unchanged.
Given the strong state of the Indian economy and an inflation rate that exceeds its 4% target, the RBI is not expected to hastily lower rates. It is predicted to continue using other methods to manage surplus liquidity. (Read the full story here.)
Sensex Today Live : Cipla received six overvations in Form 483 from the inspection of its Patalganga, Maharashtra facility by US FDA
Sensex Today Live : Cipla today informed the exchanges that it has received six observations from the US FDA for its Patalganga facility location in Maharashtra. In an exchange filing, the company said, “We hereby notify that a routine current Good Manufacturing Practices (cGMP) inspection was conducted by the United States Food and Drug Administration (USFDA) at the manufacturing facility of the Company located in Patalganga, Maharashtra, India from 28th March, 2024 to 4th April, 2024. “
The company added, “On conclusion of the inspection, the Company has received 6 inspectional observations in Form 483. The Company will work closely with the USFDA and is committed to address these comprehensively within the stipulated time”.
Sensex Today Live : Sector Indices Heat Map
Sensex Today Live : Across sectors, the Bank index was in the red, while the Financial Services index was flat ahead of the RBI MPC interest rate decision, and commentary on inflation.
Other heavyweight indices like Auto, IT and Oil & Gas were also in the red, while FMCG, Pharma, Healthcare, and Consumer Durables, were in the green.
Sensex Today Live : Broader market indices heat map
Sensex Today Live : The broader market was marginally up, with the BSE MidCap index up 0.13%, and the BSE SmallCap index up 0.07%.
Sensex Today Live : Gainers and Losers on Nifty
Sensex Today Live : On the Nifty 50, SBI Life, Dr Reddy’s HDFC Bank, Bajaj Finserv, and Mahindra & Mahindra, were the top gainers, while BPCL, Hindalco, Tata Steel, JSW Steel, and Larsen & Toubro, were the top drags.
Sensex Today Live : Gainers and Losers on Sensex
Sensex Today Live : Only six of the 30 stocks on the Sensex were in the green on Friday morning, ahead of RBI MPC’s interest rate announcements. HDFC Bank, Bajaj Finserv, Nestle India, Mahindra & Mahindra, NTPC, and Kotak Mahindra Bank, were the only gainers, while Tech Mahindra, JSW Steel, Larsen & Toubro, Tata Steel, and Axis Bank, were the top drags.
Sensex Today Live : Vaishali Parekh, VP – Technical Research at Prabhudas Lilladher, gives technical forecast for Nifty and Bank Nifty for today
Sensex Today Live : NIFTY
Nifty amid huge fluctuations finally managed to close above the 22500 zone with bias maintained strong and the scope for further upward move has much improved with next targets of 22800 and 23200 levels visible in the coming days. The index has maintained the near-term support of 22300 levels as of now and further gains is anticipated with frontline stocks having started to indicate improvement in their bias. The support for the day is seen at 22400 level while the resistance would be seen at 22700.
BANKNIFTY
Banknifty with the support of HDFC Bank rallied to close above the 48000 level with bias improved and is aiming to retest the previous peak zone of 48636 levels in the coming days, with the near-term important support maintained would be 46800 zone of the significant 50EMA level. Banknifty would have the daily range of 47600-48500 levels.
Sensex Today Live : Opening Bell
Sensex Today Live : Indian benchmark indices opened in the red on Friday, ahead of the RBI MPC’s decision on interest rates and commentary on inflation.
At opening bell, Sensex was down 199.24 points, or 0.27%, at 74,028.39, and Nifty was down 75.50 points, or 0.34%, at 22,439.15.
Sensex Today Live : Weak US, Asian peers signal muted start for Indian markets, ahead of MPC meeting announcement
Sensex Today Live : Indian markets were headed for a muted open on Friday, following global peers in the US and Asia lower as Federal Reserve officials gave hawkish comments about the need to cut rates if inflation remained high. The Gift Nifty futures, at 8 am on Friday, was trading at 22,534, marginally ahead of the Nifty 50’s Thursday close of 22,514, indicating that the Indian markets may open in the green, but remain muted. Moreover, markets in India were also awaiting comments from RBI Governor Shaktikanta Das about the state of inflation in the country on Friday, after the Monetary Poilicy Committee finished reviewing the country’s monetary policy stance in its meeting from April 3-5. South Korean shares fell on Friday, tracking Wall Street’s losses overnight. The benchmark KOSPI fell 13.69 points, or 0.50%, to 2,728.31 by 0104 GMT. Hong Kong stocks opened slightly higher Friday morning as investors returned from a midweek break to play catch-up with the previous day’s gains in Asia. The Hang Seng Index rose 0.38 percent, or 62.83 points, to 16,787.93. Mainland Chinese markets are closed for a holiday. The words of caution from Federal Reserve officials on Thursday about the need to keep interest-rate cuts in check until inflation clearly slows snuffed a Wall Street stock rally and sparked a rise in bond prices. Global equity markets had risen after data showing an increase in new claims for U.S. unemployment benefits kept intact the outlook for the Fed to soon cut rates, ahead of a key jobs report due out on Friday. But several policymakers soon doused expectations that rate cuts were likely on the horizon as they endorsed a careful approach to the start of monetary easing. Wall Street closed sharply lower, with the Dow Jones Industrial Average tumbling 1.35%, the S&P 500 1.23%, and the Nasdaq Composite 1.4%. MSCI’s gauge of global equity performance fell 0.61%. Oil extended advances on escalating tensions in the Middle East after blowing past the $90-a-barrel threshold in the previous session. Global benchmark Brent rose toward $91, near its highest since October, while West Texas Intermediate was at around $87. Gold prices took a breather after hitting an all-time high earlier in the session. U.S. gold futures settled 0.2% lower at $2,308.50 an ounce.
Read More: Stock Market Live Updates | Sensex Today : RBI keeps repo rate at 6.5%, pegs GDP at 7%,