Sensex, Nifty LIVE Updates on October 9: Market indices turned bullish on Friday, after the Reserve Bank of India kept the repo rate unchanged at 4 per cent in its Monetary Policy Committee (MPC) meet outcome today. Sensex was rising 220 points higher at 40, 400 and Nifty gained 55 points to 11,890. SGX Nifty was rising 25 points higher, indicating positive trend in domestic grounds today. Yesterday, 30-share benchmark BSE Sensex ended 303 points higher at 40,182 and NSE Nifty50 index gained 95 points to 11,834.
Here's a look at the updates of the market action on BSE and NSE today
12. 30 PM: RBI Governor Das sees light at the end of the tunnel for economy
The Reserve Bank of India (RBI) Governor Shaktikanta Das today projected better days for the economy that saw contraction in the first quarter of 2020-21. While high inflation was a major stumbling block for the monetary policy committee (MPC) to reduce the repo rate, the Governor expects retail inflation or CPI to come closer to the targeted level by the fourth quarter. The RBI Governor said that the mood of the nation has shifted from fear and despair to confidence and hope. "Today, there is a turn in the wind, which suggests that it is not imprudent to dream of a brighter tomorrow even in the bleakest of times," said RBI Governor.
Wait till Q4! RBI Governor Das sees light at the end of the tunnel for economy
12. 21 PM: Market update
Market indices turned bullish on Friday, after the Reserve Bank of India kept the repo rate unchanged at 4 per cent in its Monetary Policy Committee (MPC) meet outcome today. Sensex was rising 220 points higher at 40, 400 and Nifty gained 55 points to 11,890.
12. 11 PM: Rupee outlook
Anuj Gupta - DVP- Commodities and Currencies Research, Angel Broking said," As expected yesterday USDINR appreciated by 0.07% and closed at 73.21 levels due to weakness in the dollar index. Performing equity market also supports the currency and expectation of positive economic data also supportive for the currency. India's services sector, hit severely due to the over two-month long pandemic-induced lockdown, neared recovery in September, with the PMI for services rising to 49.8 from 41.8 in August. US FED officials worried that a lack of further fiscal stimulus would jeopardize an economic recovery that was moving faster than expected, according to meeting minutes.
On today's technical outlook, he added,"As of today traders can go for sell in USDINR at 73.40, with the stop loss of 73.70 and for the target of 72.80. We are expecting appreciation in USDINR in short term and it may test 72.50 levels soon."
11. 59 AM: RBI Repo announcement outlook
On RBI Repo announcement, Dhruv Agarwala, Group CEO, Housing.com, Makaan.com and Proptiger.com said, "The status quo on repo rate was expected as inflationary pressures made it difficult to cut rates further. Rationalising risk weightage on home loans and linking it to Loan to Value (LTV) ratio will effectively result in higher credit flow to the real estate sector, which is positive news for the sector. Also, the hike in credit limit for retail exposure by a single lending entity from Rs. 5 crore to Rs 7.5 crore is a welcome move that will immensely help both retail as well as small businesses."
11. 43 PM: Market update
Market indices turned bullish on Friday, after the Reserve Bank of India kept the repo rate unchanged at 4 per cent in its Monetary Policy Committee (MPC) meet outcome today. Sensex was rising 337 points higher at 40, 520 and Nifty gained 91 points to 11,926.
11. 37 AM: Banking stocks rise
Banking stocks turned green in early trade today after Reserve Bank of India (RBI ) kept repo rate unchanged. BSE bankex rose 300 points after the RBI announced its monetary policy at 10:00 am.
On BSE bankex, ICICI Bank, Bandhan Bank, RBL Bank, City Union Bank, HDFC Bank and Axis Bank stocks rose up to 3%.
Bank Nifty too rose 2.27% or 519 points to 23,708 on BSE.
The index which stood at 26,231 at 9:52 am gained 297 points to hit intra day high of 26, 528 after the RBI governor Shaktikanta Das announced the Monetary Policy Committee (MPC)'s decisions today
Banking stocks rise after RBI keeps repo rate unchanged
11. 25 AM: MPC outcome outlook
Expressing views MPC outcome, on V K Vijayakumar, Chief Investment Strategist at Geojit Financial Services. Please incorporate his quote for your story. "Though the policy rate remains unchanged, this is a very dovish policy announcement. Rationalization of risk weightage of home finance companies is an innovative initiative which will bring home loan rates down. This will be a boost to the real estate sector & housing companies. Proposed OMOs for State Development Loans will boost liquidity for SDLs. This will be beneficial for funds starved states. The new MPC's first policy announcement is a fine example of being dovish without cutting rates. The positive response of the bond market with sharp cut in yields is a reflection of the success of the policy."
11.1 7AM: Coronavirus toll
Worldwide, there were 367 lakh confirmed cases and 10.66 lakh deaths from COVID-19 outbreak. India's COVID-19 caseload breached the 69-lakh mark and the death toll from COVID-19 infections rose to 10.6 lakh, as of today.
11.09 AM: Gold outlook
Anuj Gupta - DVP- Commodities and Currencies Research, Angel Broking said,"On Thursday, Spot Gold ended higher by 0.54% to close at $1887.2 per ounce and Spot silver gained over 3.2% to close at $23.8 per ounce as the strengthening of U.S. currency dented appeal for the Dollar-denominated Gold. MCX gold also increased by 0.25% and closed at 50,175 levels and silver increased by 0.17% and closed at 60,519 levels.
He added," After calling off the negotiations over further stimulus aid with the democrats until the upcoming U.S. elections, Donald Trump asked Congress to infuse $25 billion in new payroll assistance to U.S. passenger airlines in order to help ten thousands of workers maintaining their jobs. Hopes over further coronavirus relief fund boosted markets risk appetite, in turn, pressurizing the safe haven, Gold. However, political uncertainties ahead of the U.S. elections and alarming increase in the virus cases in Europe limited the losses for the yellow metal. Hopes over additional corona relief fund demanded by the U.S. President Donald Trump for payroll assistance is expected to support Gold. "
On its technical outlook, he said," On the MCX, gold prices are expected to trade higher in today's session. As for today, traders can go for Buy in gold at Rs 50,400 levels with the stop loss of Rs 50100 levels for the target of 51100 levels. They can also go for Buy in Silver at Rs 61,200 levels, with the stop loss of 60,500 levels and for the target of 62,800 levels."
10. 55 AM: RBI MPC keeps repo rate unchanged
In keeping with the market expectations, the Reserve Bank of India's newly-formed Monetary Policy Committee (MPC) decided to keep key lending repo rate unchanged at 4 per cent. The newly-constituted MPC began its three-day deliberations on Wednesday, amid expectations that the RBI will maintain status quo on the benchmark lending rates in view. The meeting of the six-member MPC, earlier slated for September 29 to October 1, was rescheduled as the appointment of independent members was delayed. India will see a "3-speed recovery", though it will vary from sectors-to-sectors, said the RBI Governor later.
MPC meet Live Updates: RBI keeps repo rate unchanged at 4%; expects FY21 GDP to shrink 9.5%
10. 47 AM: Market outlook
-Manish Hathiramani, proprietary index trader and technical analyst, Deen Dayal Investments said,"The markets have taken a bit of a breather this morning where it's movements seem tepid. This is acceptable considering the rally we have had in the last couple of sessions. It can also be attributed to the approaching weekend. The direction still remains on the bullish side and we can utilise these drops to accumulate long positions. The target for the Nifty should be 12200-12300 with a strong support at the 11400 level."
10. 34 AM: Global markets
Asian markets are trading mixed this morning as investors await the Chinese services sectors activity data for September. Korean and Taiwan markets are closed for holiday. U.S. markets closed higher taking cues from the recent comments from White House regarding further fiscal stimulus. European markets closed higher as market participants kept a close watch on developments on US stimulus discussions. OIl&gas shares climbed.
10. 28 AM: LVB update
Jaikishan Parmar - Sr. Equity Research Analyst, Angel Broking said,"In keeping with the market expectations, the Reserve Bank of India's newly-formed Monetary Policy Committee (MPC) decided to keep key lending repo rate unchanged at 4 per cent. The newly-constituted MPC began its three-day deliberations on Wednesday, amid expectations that the RBI will maintain status quo on the benchmark lending rates in view. The meeting of the six-member MPC, earlier slated for September 29 to October 1, was rescheduled as the appointment of independent members was delayed."
10. 18 AM: Nifty outlook
The bounce yesterday off 11800 in the closing hour should face early challenges at 11875, performance at which region would decide the nature of the trades today. Volatility is likely to dominate but could get directional trades should 11745/720 or 11944 give away on either side.
10. 02 AM: Market update
Market indices turned bullish on Friday, after the Reserve Bank of India kept the repo rate unchanged at 4 per cent in its Monetary Policy Committee (MPC) meet outcome today. Sensex was rising 182 points higher at 40, 365 and Nifty gained 57 points to 11,892.
9. 57 AM: RBI MPC meet
RBI MPC meet outcome- rate change unlikely Inflation above 4%,will adopt a status quo on the policy rate, would maintain an accommodative stance. Announcement will be at 10 am today
9. 40 AM: Nifty technical indicators
Ruchit Jain (Senior Analyst - Technical and Derivatives, Angel Broking said," As far as index levels are concerned, the 20 EMA on the hourly chart has not been breached in the recent upmove which is placed around 11745 and is seen as important support whereas the immediate resistances are seen around 11900 and 12000 mark."
9. 32 AM: Global markets
Overseas, Asian equities were trading higher today, tracking rally from US stocks on back of revived hopes for a US stimulus deal. Stocks in mainland China surged as they returned to trade on Friday from holidays and on positive key economic data. Markets in South Korea and Taiwan are closed on Friday for holidays.
House Speaker Nancy Pelosi and Treasury Secretary Steven Mnuchin spoke on Thursday about a broad coronavirus stimulus plan, after U.S. President Donald Trump pulled out of talks earlier in the week and called for stand-alone bills.
9. 20 AM: Opening session
Market indices opened on a bullish note, on Friday, although gains were checked as the Reserve Bank of India's will announce its Monetary Policy Committee (MPC) meet outcome today. SGX Nifty was rising 25 points higher, indicating positive trend in domestic grounds today.
9. 10 AM: Market outlook
As per Reliance SmartMoney, NSE-NIFTY surpassed its August month's high convincingly and rose to 7 and half month high of 11,906 level. As mentioned earlier, our bullish view will remain intact, but near-term volatility cannot be ruled as the index has formed an indecisive pattern doji on the daily chart and also, its key technical indicators on the near-term timeframe chart reversed down from their overbought zone. In case of decline, the index will initially find support at 11,618 level and then at 11,450 mark. On the higher side, the index will face major hurdle around its psychological level-12,000.
As for the day, support is placed at around 11,782 and then at 11,729 levels, while resistance is observed at 11,896 and then at 11,958 levels.
9.00 AM: RBI policy outcome today
Market gains were checked ahead of the RBI Monetary Policy Committee (MPC) decision today. Reserve Bank of India's meeting of the Monetary Policy Committee (MPC) that began on 7 October 2020 and ends today, and the central bank will announce its policy decision at 10 am. Rate-sensitive stocks includes names like Maruti, Tata Motors, DLF, Godrej Properties, Bajaj Auto, Hero MotoCorp, SBI, PNB, ICICI Bank and HDFC Bank.
RBI is expected to keep key interest rates unchanged to maintain low inflation amid the pandemic induced recession. Investors will also be keenly awaiting the central bank's guidance on how the economy is performing amid the coronavirus pandemic.
8. 50 AM: Nifty outlook
On Nifty technical outlook, Aamar Deo Singh-Head Advisory, Angel Broking said," Positive global cues, sharp rally in IT stocks along with move in Nifty heavyweight HDFC Bank, all contributed to today's move. Going forward, Nifty has support around the 11550-11600 zone whereas resistance on the upside is seen around 11900-12000 zone."
8. 40 AM: FII action
Foreign portfolio investors (FPIs) bought shares worth Rs 978.37 crore, while domestic institutional investors (DIIs), were net buyers to the tune of Rs 19.85 crore in the Indian equity market on 8 October, provisional data showed.
8. 30 AM: Closing
Benchmark indices Sensex and Nifty closed higher for the six straight session on Thursday, tracking positive cues from global equities. With the start of September quarter earnings season, the 30-share benchmark BSE Sensex ended 303 points higher at 40,182 and NSE Nifty50 index gained 95 points to 11,834.