Stock Market Highlights: Nifty forms bullish candle; what will move market on Monday?

Ending the week on a positive note, the benchmark indices surged after a choppy trading session on Friday as investors looked past RBI’s Monetary Policy Committee decision to keep the repo rate unchanged. The Reserve Bank, however, signalled a shift in focus as it ramped up efforts to mop up excess liquidity to pre-crisis levels and raised its inflation forecasts, sending bond yields higher. After settling with cuts for 3 sessions, the 30-share pack Sensex advanced on Friday, rising 412.23 points or 0.70% to settle at 59,447.18. Its broader peer Nifty advanced 144.80 points or 0.82% to close above 17,784.35.

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Wall Street opens lower as yields climb again

US stock indexes opened lower on Friday, dragged down by growth and technology stocks as U.S. Treasury yields surged at the end of a volatile week marked by concerns around aggressive moves by the Fed to tame inflation and the ongoing Ukraine conflict. The Dow Jones Industrial Average fell 14.3 points, or 0.04%, at the open to 34569.24. The S&P 500 fell 6.1 points, or 0.13%, at the open to 4494.15, while the Nasdaq Composite dropped 66.8 points, or 0.48%, to 13830.474 at the opening bell.

What RBI announcements mean for you

Economic growth is still to recover sustainably from the massive contraction witnessed during the first year of the pandemic. A slower pace of growth due to global headwinds translates into lower employment, downside risks to corporate profits, the reluctance of companies to spend more on new projects and consequently lower disposable incomes across the board.

Tech View: Nifty50 sends mixed signals; support seen at 17,550 level

Nifty50 on Friday formed a bullish candle on the daily chart and negated a lower high formation that it saw in the last three trading sessions. On the weekly scale, the index formed an indecisive Doji candle. Analysts said the NSE barometer may stay range-bound for now. They find 17,750-600 levels to offer some support to the index going ahead.

Jaguar Land Rover retail sales for the three-month period to 31 March 2022 continued to be constrained by the global semiconductor shortage. However, the Company saw a gradual improvement in chip supply leading to improved production and wholesale volumes compared to the previous quarter.

What will move market next week?

Inflation and results will take centre stage in the coming week. While global investors will be influenced by the inflation numbers of the United States and China, the CPI print in India will be an important domestic indicator to keep an eye on. A higher-than-expected jump in inflation might provoke knee-jerk reactions. Additionally, Indian IT firms will be in the spotlight as the leaders will announce their Q4 results. While largely the consensus is that the revenue growth will soften sequentially, important factors that D-Street will track are the margins, revenue guidance, and attrition numbers. As the truncated week is expected to be action-packed, volatility will be elevated. Investors are recommended to invest in stocks that are resilient and have a reasonable margin of safety.

— Yesha Shah, Head of Equity Research, Samco Securities

Tech view by Rupak De, LKP Securities

The benchmark Nifty found support around the previous session’s low resulting in a positive close for the day. However, on the higher end, the Nifty found resistance around the lower band of the rising channel. Going forward, the trend may continue over the near term. On the higher end, the index may find resistance at 18,000 whereas, on the lower end, support exists at 17,650.

Market was cautious during the last 2-3 days ahead the RBI meet and its future policy stance. Measures being in-line with market expectations led to a relief rally. The focus has shifted to the Q4 earnings season, which will start next week, initiated by the IT & Banking sector. Outlook for the banking sector is robust due to rapid bounce in credit growth & improvement in balance sheet while preview for IT is mixed as Q4 is seasonally weak.

– Vinod Nair, Head of Research at Geojit Financial Services

Rupee surges 13 paise to 75.90 against USD amid RBI maintaining status quo

The rupee appreciated 13 paise to settle at 75.90 (provisional) against the US dollar on Friday, amid the Reserve Bank of India maintaining status quo on the benchmark lending rate. Announcing the monetary policy, RBI Governor Shaktikanta Das said the Indian economy has large forex reserves and that it stands ready and resolute to defend the economy. At the interbank forex market, the domestic unit opened at 75.99 against the US dollar and touched an intra-day high of 75.70 and finally closed at 75.90, registering a rise of 13 paise over its previous close. On Thursday, the rupee had declined 19 paise to close at 76.03.

Market at a glance

Top gainers & losers of today’s trade

Price as on 08 Apr, 2022 03:39 PM, Click on company names for their live prices.

Barring IT, all sectors end in the green

Barring IT, all sectors end in the green

CLOSING BELL: Sensex snaps 3-day losing run, jumps 412 pts; Nifty ends near 17,800; ITC rallies 5%, DRL 3%

CLOSING BELL: Sensex snaps 3-day losing run, jumps 412 pts; Nifty ends near 17,800; ITC rallies 5%, DRL 3%

March month has seem jump in gross flows at 46k cr and with lower redemptions bumping net sales higher that the average of last few months at 28K cr. This perhaps is due to the continued interest in retail and HNI investors to make use of market opportunities and enter in corrections for better valuations. On-Going Russia-Ukraine crises has kept the market volatile giving advantage to investor in making higher allocations or re-balance their existing allocations. All said, risk-appetite for equities is certainly on rise which is very healthy for markets and investors for long term wealth creation.

– Akhil Chaturvedi, Chief Business Officer, Motilal Oswal Asset Management Company

Dolly Khanna entered 2 multibaggers in Q4

Seasoned investor Dolly Khanna has added two new stocks to her portfolio while she upped stakes in three others, latest shareholding patterns suggest. The Chennai-based investor trimmed stakes in three other stocks, data showed. Khanna entered Sharda Cropchem and held 1,243,710 shares or 1.38 per cent stake in the company as of March 31. Her name was not among key public shareholders in the previous quarter. The scrip has already gained 130 per cent in the last one year.

Gold futures slip Rs 110 to Rs 51,787 per 10 gm

Gold futures on Friday fell by Rs 110 to Rs 51,787 per 10 grams as participants cut down their bets amid a weak global trend. On the Multi Commodity Exchange, gold contracts for June delivery declined by Rs 110 or 0.21 per cent to Rs 51,787 per 10 grams in a business turnover of 18,013 lots. Analysts attributed the fall in prices to trimming of positions by investors, tracking a weak trend in overseas market.

5 gainers from tourism & hospitality stocks

Price as on 08 Apr, 2022 02:36 PM, Click on company names for their live prices.

BUZZING: Uma Exports hits 5% upper circuit a day after listing

Shares of Uma Exports had listed at a 18% premium on BSE on Thursday

BUZZING: Uma Exports hits 5% upper circuit a day after listing

BSE METAL index rallies nearly 3%

  • All constituents of the index trade in the green
BSE METAL index rallies nearly 3%

Market live updates: India VIX shoots up 7%

Market live updates: India VIX shoots up 7%

Sensex today live: Top index gainers with Sensex up nearly 600 points

Sensex today live: Top index gainers with Sensex up nearly 600 points

ONGC: Employee OFS opens on April 9-11 (Source: Informist)

Govt to offer 9.4 million shares to employees at Rs 159/share

ONGC: Employee OFS opens on April 9-11 (Source: Informist)

Strong open puts European shares on course for weekly gains

  • European shares jumped 1.2% in early trade on Friday, erasing losses for the week, while investors look to the first round of French presidential elections over the weekend with incumbent Emmanuel Macron’s win no longer a foregone conclusion.

  • Financials and auto stocks led gains with all major sectors in positive territory. The pan-European STOXX 600 index, which was down on the week until Thursday’s close, is now set to end at about 0.4% higher.

Sensex today live: Index sees sharp uptick, rises over 400 points

Sensex today live: Index sees sharp uptick, rises over 400 points

Abu Dhabi-based conglomerate International Holding Company will invest USD 2 billion in three green-focused companies in the Adani Group through preferential share allotment. “IHC will invest Rs 3,850 crore in Adani Green Energy Ltd (AGEL), Rs 3,850 crore in Adani Transmission Ltd (ATL) and Rs 7,700 crore in Adani Enterprises Ltd (AEL),” the group led by billionaire Gautam Adani said in a statement.

Price as on 08 Apr, 2022 01:31 PM, Click on company names for their live prices.

BSE SMALLCAP index beats benchmark Sensex

Here are the top gainers & losers from the pack

BSE SMALLCAP index beats benchmark Sensex

Rakesh Jhujhunwala ups stake in this PSB, trims holding in Wockhardt

  • Ace investor Rakesh Jhunjhunwala has increased his stake in state-owned lender Canara Bank during the March 2022 quarter whereas he has trimmed his stake in pharma player Wockhardt, the latest shareholding suggests. According to the latest filing from the lender, the Dalal Street veteran has bought 65 lakh shares of Canara Bank during January-March 2022 period to increase his stake to 3,55,97,400 shares or 1.96 per cent by Q4FY22.

  • In Wockhardt, the big bull has cut his stake to 2.08 per cent in March 2022 quarter from 2.26 per cent in December 2021 quarter. However, the number of shares held changed following the rights issue of the company in March 2022.
Rakesh Jhujhunwala ups stake in this PSB, trims holding in Wockhardt

After 3 years, we are now prioritizing inflation over growth: RBI Das

  • Capacity utilisation has improved but there is still an output gap
  • HDFC merger proposal being examined, don’t want to comment on individual cases
  • We quickly investigate any complaints regarding digital lending

The RBI policy on keeping the repo rate unchanged reflects the need to balance growth vis – a – vis inflation. Having said this, the RBI does not downplay the inflation risks and understands that the monetary policy will be less accommodative. It would however, be worthwhile to note that this is a very courageous call by the RBI, especially when everyone around the world is increasing interest rates.

– Vivek iyer- Partner and leader , Financial services risk, Grant Thornton Bharat

Top 5 gainers on NSE in afternoon session

Price as on 08 Apr, 2022 12:34 PM, Click on company names for their live prices.

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.

– Naveen Kulkarni, Chief Investment Officer, Axis Securities on RBI’s MPC announcement

“The policy decisions are in line with our expectation on repo rate and stance. The rate corridor has now effectively reduced to 25 bps compared to 65 bps earlier. The SDF window will become the new floor at 3.75% even as reverse repo rate is at 3.35%. The policy has decidedly shifted away from being dovish. RBI’s concern on inflation has increased significantly especially with the FY2023 average inflation estimate revised up to 5.7% from 4.5%. The concern on growth is relatively lower in this policy even as FY2023 GDP growth estimate has been lowered to 7.2% from 7.8%. Commitment has also been made to start withdrawal of liquidity from FY2023 and over the next few years. This policy strengthens our view that the first repo rate hike will be in the August policy. We expect the stance to be changed to “neutral” from “accommodative” in the June policy.”

– Suvodeep Rakshit, Senior Economist, Kotak Institutional Equities

Sterling and Wilson Renewable Energy jumped 8% on Friday as investors took heart from the fact that the energy firm reported a narrower net loss in Jan-Mar than a year ago. The company posted a loss of Rs 126.61 crore for the quarter ended March 2022, which narrowed from a loss of Rs 344.80 crore reported in the same period last year.

Price as on 08 Apr, 2022 11:54 AM, Click on company names for their live prices.

The policy left key rates unchanged, however has introduced SDF ( standing deposit facility ) at 3.75% this effectively means the overnight rates will Have a floor of 3.75% ( rise by 40bps) This policy, in some sense, is a Segway to tightening policy rates in the coming months. Expect yields to rise across the curve to reflect the policy stance. Key to see for longer end of The curve is if RBI actually walks the talk by Announcing OMO/ OT to anchor long bond yields.

– Lakshmi Iyer, Chief Investment Officer (Debt) & Head Products, Kotak Mahindra Asset Management Company

Ruchi Soya FPO investors make 36% profit at listingRuchi Soya Industries’ new equity shares, issued in the follow-on public offering (FPO), were listed on the exchanges on Friday. The investors, who were allotted shares in the public offering, made a profit of 36% as the counter hit Rs 882.55 on Friday, compared to its issue price of Rs 650.

Price as on 08 Apr, 2022 11:44 AM, Click on company names for their live prices.

The 40 bps hike in reverse repo rate was ahead of consensus expectations. The downward revision of GDP growth rate and upward revision of retail inflation were expected. The RBI is now anticipating much faster rise in inflation than earlier. The monetary policy stance, however, remains accommodative by normal standard. The RBI is also trying to flatten the yield curve by pushing the short-term rates higher and taking measures to ensure that the yield on long dated securities do not rise much. With today’s measures RBI has moved to the path of gradual increase of policy interest rate and phased withdrawal of liquidity. From a medium term perspective, the measures are supportive of growth, price stability and orderly development in the financial markets.

– Sujan Hajra, Chief Economist and Executive Director, Anand Rathi Shares & Stock Brokers

Infosys, Wipro up; rest in the red in Nifty IT index

Price as on 08 Apr, 2022 11:37 AM, Click on company names for their live prices.

Dr. V K Vijayakumar, Chief Investment Strategist at Geojit Financial Services on RBI MPC decision

Retaining the Repo rate at 4 percent and continuing with the accommodative stance was on expected lines. Raising the Reverse repo to 3.75 percent has pushed up the 10-year yield above 7 percent.

Recognising the new reality of higher crude triggered by the war the RBI, as expected, reduced the FY23 GDP growth rate projection to 7.2 percent from 7.8 percent earlier and raised the CPI inflation projection for Fy 23 to 5.7 percent from 4.5 percent earlier. This is based on the assumption of crude at $100. This implies that growth and inflation can be better if crude declines sharply if the war hopefully ends early. The reverse can be true if the war aggravates and crude spikes much abovd $100.

The Governor rightly emphasized India’s macro strengths pointing to the improvement in the external situation helped by the record exports, ample forex reserves of $608 billion and strengthening of the financial sector. A new tool introduced by the central bank is the SDF ( Standing Deposit Facility) to absorb liquidity. SDF will be the floor of the LAF corridor.

RBI will engage in gradual, multi-year withdrawal of Rs 8.5 lakh crore excess liquidity in system

– Governor Das

Realty stocks mixed amid RBI policy announcement

Price as on 08 Apr, 2022 10:38 AM, Click on company names for their live prices.

To withdraw liquidity over a multi-year period

– RBI Governor

Expect CAD to remain at sustainable levels despite surge in crude: RBI Governor

Forex reserves stand at $606.5 billion

From 18th April, bond, FX money market trade to start from 9 am again

– Shaktikanta Das, RBI Governor

ALERT: Rupee surges 21 paise to 75.82 against US dollar amid RBI maintaining status quo on benchmark lending rate

RBI Policy live updates: CPI inflation seen at 5.7% FY23 (vs 4.5% earlier)

  • CPI inflation seen at 6.3% Q1
  • CPI inflation seen at 5% Q2
  • CPI inflation seen at 5.4% Q3
  • CPI inflation seen at 5.1% Q4

Sensex tumbles as RBI cuts growth forecast by 60 bps

Sensex tumbles as RBI cuts growth forecast by 60 bps

JUST IN: 10-year bond yield rises to 7%

> Bond yield highest since 2019

JUST IN: 10-year bond yield rises to 7%

RBI Policy Live updates: FY23 real GDP growth seen at 7.2% (Vs 7.8% earlier)

  • Q1 GDP growth seen at 16.2%
  • Q2 GDP growth seen at 6.2%
  • Q3 GDP growth seen at 4.1%
  • Q4 GDP growth seen at 4%
  • FY23 growth estimate assumes crude oil at $100 per barrel

RBI Policy Live: Indian economy is steadily reviving from pandemic-led contraction: Shaktikanta Das

Inflation projected higher, growth lower than February

– Shaktikanta Das, RBI Governor

LAF corridor shrunk to 50 basis points: RBI Governor

  • New Standing Deposit Facility instituted; rate set at 3.75%

RBI Policy Impact: BSE Bankex recovers from day’s low

  • After RBI held rates, banking index bounced back into the green, with only HDFC Bank as the loser
RBI Policy Impact: BSE Bankex recovers from day's low

Sensex today live: Index jumps sharply as RBI holds rate unchanged at 4%

Sensex today live: Index jumps sharply as RBI holds rate unchanged at 4%

MPC votes to keep repo rate unchanged at 4%

  • MPC voted unanimously to retain accommodative stance
MPC votes to keep repo rate unchanged at 4%

Money Policy Live: Conflict in Europe has potential to derail global economy, says Governor

  • India reassured by strong buffers, including large FX reserves
  • Confronted with new, but humungous challenges
  • RBI actions nimble and well-timed
  • Extreme volatility characterise commodity, financial markets

WATCH: Ruchi Soya FPO shares make debut on D-Street

Market live updates: Check out the most active stocks on NSE in early trade

Price as on 08 Apr, 2022 09:41 AM, Click on company names for their live prices.

How can today’s MPC outcome impact Street?

Today’s monetary policy is unlikely to impact the market significantly even if there is a surprising rate hike. That would be interpreted by the market positively indicating that the RBI is not behind the curve. The real concern for the market, going forward, would be the aggressive rate hikes and quantitative tightening by the Fed expected in the coming 12 months.

The MPC will certainly raise inflation targets for FY 23 and flag inflation concerns. This will have a short-term negative sentimental impact on rate sensitives. Segments like telecom, IT, pharma and metals which are unlikely to be impacted by higher inflation are in a safe zone. Crude softening to around $100 is a positive while FIIs again turning sellers will provide ammunition to the bears.

— Dr. V K Vijayakumar, Chief Investment Strategist at Geojit Financial Services

Block deal in Bandhan Bank; 3% equity exchanges hands

  • Media reports suggest HDFC likely seller
  • HDFC needed to pare stake to below 5% in light of recent merger
Block deal in Bandhan Bank; 3% equity exchanges hands

Ahead of board meet, these Adani Group stocks trade higher

Price as on 08 Apr, 2022 09:22 AM, Click on company names for their live prices.

Market live updates: Barring realty, all sectors trade in the green in opening session on NSE

Market live updates: Barring realty, all sectors trade in the green in opening session on NSE





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