Share Market News Today | Sensex, Nifty, Share Prices LIVE: Domestic equity market benchmarks BSE Sensex and Nifty 50 were trading in the positive territory on Thursday, a day of weekly F&O expiry, after RBI announced to keep the repo rate and reverse repo rate unchanged. BSE Sensex was hovering near 58700, while Nifty 50 was above 17550. Power Grid Corporation of India, Infosys, Tata Steel, NTPC, Housing Development Finance Corporation (HDFC), HDFC Bank, SBI were among top index gainers. Asian Paints, Maruti Suzuki, Bharti Airtel, Reliance Industries Ltd (RIL), Hindustan Unilever, HCL Tech, Wipro were among top index draggers. Sectoral indices were trading mostly in red. Bank Nifty was up 0.06 per cent.
Share Market Today | Sensex, Nifty, BSE, NSE, Share Prices, Stock Market News Live Updates
The Policy has been far more dovish than expectations, decoupling completely from the global financial tightening. We see the inflation trajectory by the RBI very optimistic. Our estimates are 50bps higher than RBIs FY23 inflation estimates. We expect the RBI to play catch up in the April policy. RBI may want to use overnight VRRRs to bring the overnight rates closer to repo rate even before the fixed reverse repo hike. Upasna Bhardwaj, Senior Economist at Kotak Mahindra Bank
The RBI remained dovish and continued to support growth as it kept policy rates and stance unchanged. We believe that it would have been opportune to start policy normalization with atleast a 20 bps hike in reverse repo without much of market impact. However, today’s policy risks sharper adjustments if inflation risks materialise. Inflation risks, especially from fuel prices, remains a concern and can materialize relatively soon. Compared to RBI estimates, we estimate FY2023 GDP growth 30 bps higher at 8.1% and FY2023 CPI inflation 50 bps higher at 5%. We believe it would be opportune to increase reverse repo rate hike by 40 bps in the April policy. Suvodeep Rakshit, Senior Economist, Kotak Institutional Equities
RBI takes a bold stance and continue to stay accommodative amid muted demand in the economy. Extension of VRR and VRRR of 14 day tenor operations, hike in limit for inflows under Voluntary Retention Scheme alongside fine tuning operations will ensure adequate liquidity and capital even for domestic debt market. However, RBI needs to stay guarded as road ahead is bumpy with spit along inflationary pressures and hawkish central banks across the globe leading to currency pressures. ~ Esha Khanna, Assistant Professor, NMIMS SARLA ANIL MODI SCHOOL OF ECONOMICS
RBI Governor Shaktikanta Das has ended his RBI MPC speech
The green shoots of economic revival coupled with the prevailing low-interest rates will continue to be conducive for the residential sector. We also hope that the government looks into specific measures to support developers and continue to boost residential real estate uptake in the upcoming months. Lincoln Bennet Rodrigues, Chairman & Founder, The Bennet and Bernard Company
The continued intervention by RBI and holding on to the rates has helped in demand generation in the real estate sector. Economic growth needs to be supported through monetary policy and this is the foremost reason that the RBI has continued its accommodative stance which has invoked a sense of optimism. This works well for all home loan borrowers as the environment of affordability will continue and will not harden anytime soon. The continuation of the low home-loan interest rate regime is bound to instill more confidence in the home buyers and support the ongoing market and economic recovery which has been promising in the recent past. This should augur well for home buying sentiment as it is quite clear that increasing interest rates would impact overall demand at a time when the government is keen to boost consumption. Lincoln Bennet Rodrigues, Chairman & Founder, The Bennet and Bernard Company
Technical factors are contributing to the excessive volatility in the market now. At 17050 Nifty, the market was oversold, and therefore, temporary positive news triggered short covering pushing the Nifty to above 17450 level. This kind of short-term movements are likely to be repeated in the coming days which are event heavy. RBI's decisions and commentary will have short-term impact on the market. V K Vijayakumar, Chief Investment Strategist, Geojit Financial Services
Real GDP growth projected at 7.8% for 2022-2023. CPI inflation pegged at 4.5% for 2022-23, RBI Guv Shaktikanta Das says
India VIX, the volatility index, cooled off 0.08 per cent to 18.54 levels
Bank stocks such as Kotak Mahindra Bank, HDFC Bank, State Bank of India (SBI), IndusInd Bank, and Axis Bank stocks gained up to 1.12%
Pandemic holds global economy hostage: RBI Governor Shaktikanta Das
Bank Nifty surges in trade and crossed 38,800 levels after RBI kept policy rates unchanged
Repo Rate: 4%
Reverse Repo Rate: 3.35%
Bank Rate: 4.25%
MSF : 4.25%
Reserve Bank of India keeps repo rate unchanged at 4%, maintains accommodative stance; reverse repo rate remains unchanged at 3.35%
BSE Sensex and Nifty 50 turned positive after the RBI MPC outcome began
RBI keeps repo rate unchanged at 4% for 10th straight time
Reserve Bank of India's monetary policy has begun
Gold prices are steadily increasing on expectation of higher inflation. Today all important data of US CPI will be published with expectation of inflation coming higher at 7.2%-7.3% against 7.0%, a 40 year high. Many analysts are expecting that the Fed will be ultra aggressive in monetary policy as US jobs data came surprisingly better and with higher inflation, they have room to increase rates faster. But the fact is that the extreme level of inflation is due to supply chain bottlenecks. To get inflation levels down to acceptable levels that issue must be addressed. Simply raising interest rates will in no way affect the supply chain bottlenecks that are contributing to the rise in inflation which is running at a 40-year high.
17550-17600 is a resistance block for the Nifty. In order to turn bullish, the market needs to keep above these levels. If the index has to turn bearish, it would do so from around these levels. A drop could take the Nifty to 17000. –Manish Hathiramani, proprietary index trader and technical analyst, Deen Dayal Investments
The USDINR is expected to open with a bang RBI decision and is likely to trade in a wide range of 74.60 to 75.30 with an upside bias. Apart from RBI policy, the focus will be on today’s US CPI data. The likely range of the data is 7% to 7.60%. If data comes near the upper hand of the range, then the market will strongly discount the 50 bps hike in March Fed policy. Currently, the market is discounting 25 bps hike with 75% probability and 50 bps with 25% probability. The shorter maturity U.S. yields have climbed further and the yield curve is further flattening out. The two-year U.S. yield has reached 1.37%, the highest since Feb 2020. The reason for all these higher expectations of interest rates- Crude oil prices are still holding the $90 mark on big drawdown in inventory and ahead of US-Iran talk. Overall, we expect the USDINR pair to steadily head higher towards 75.20 to 75.50 levels. The downside for the pair seems limited upto 74.30 to 74.50 zone. Amit Pabari, managing director, CR Forex Advisors
COMEX gold trades in a range $1830/oz after a 0.5% gain yesterday. Supporting gold price is retreat in US and global bond yields from recent highs, geopolitical tensions and inflation concerns. However, weighing on price is recovery in equity markets and monetary tightening outlook of Fed and other central banks. ETF investors have also moved to side-lines after recent inflows. Gold has continued to rise indicating buying interest however it may halt as US inflation data today may add to expectations that Fed may act soon. Ravindra Rao, CMT, EPAT, VP- Head Commodity Research, Kotak Securities
Gold posted gains with the assistance of a weaker dollar and a retreat in U.S. Treasury yields, although market participants followed a cautious approach moving in a tight range ahead of U.S. inflation data. Benchmark 10-year U.S. Treasury yields were off their November 2019 highs, while the dollar eased. The inflation data is expected to show a 0.5% MoM increase in January, and 7.3% for the year, which if posted, could support the metal prices as an Inflation hedge like we have witnessed till now. Fed Governor Powell have hinted the market about March rate hike and fed officials have also reiterated about the Fed's policy tightening move, capping metals gains. Russia has increased military capabilities along its border with Ukraine and in Belarus, according to the Pentagon. While on other hand, Ukraine Foreign minister and French President have tried to calm the market and assured them regarding a chance of resolving the standoff between the U.S. and Russia. With the U.S. inflation data, market participants will also focus on the U.S. weekly jobless claims data and policy meet on the domestic front. Broader trend on COMEX could be in the range of $1810- 1855 and on domestic front prices could hover in the range of Rs 48,400- 49,000. Navneet Damani, Sr. Vice President – Commodity & Currency Research, Motilal Oswal Financial Services
Asian Paints, Maruti Suzuki, Bharti Airtel, Reliance Industries Ltd (RIL), Hindustan Unilever, HCL Tech, Wipro were among top index draggers
Power Grid Corporation of India, Infosys, Tata Steel, NTPC, Housing Development Finance Corporation (HDFC), HDFC Bank, SBI were among top ndex gainers
BSE Sensex jumped 200 points to trade at 58810, while Nifty 50 index reclaimed 17500 on F&O expiry day
The short term trend of Nifty has reversed up after the bullish candlestick pattern of Tuesday. There is a chances of further upside towards 17600-17700 levels in the next few sessions. But, the overall chart pattern indicate a probability of weakness from the lower top formation below 17800 levels. Immediate support is placed at 17350.
BSE Sensex jumped 340 points to trade at 58806, while Nifty 50 index gained 141 points to rule at 17604 in pre-open
Now Nifty has to hold above 17350 zones for an up move towards 17600 then 17777 zones where on the downside support exists at 17250 and 17100 zones. Both the indices are witnessing good up move and advised to apply stock buy on decline with stock specific action.
BSE-listed companies such as Hero MotoCorp, Mahindra & Mahindra, Hindalco Industries, Zomato, ABB India, Aegis Logistics, Amara Raja Batteries, Alembic Pharmaceuticals, BEML, Bharat Forge, Computer Age Management Services (CAMS), Cummins India, Gujarat Pipavav Port, Gujarat State Petronet, Hindustan Aeronautics (HAL), IRB Infrastructure Developers, Indian Railway Finance Corporation, Krishna Institute of Medical Sciences, Dr Lal PathLabs, Mindspace Business Parks REIT, MRF, MTAR Technologies, Reliance Power, Strides Pharma Science, Sundram Fasteners, Sunteck Realty, Sun TV Network, Tata Chemicals, Trent, Titagarh Wagons, Welspun Corp, Whirlpool of India, West Coast Paper Mills, and Zee Media Corporation, among others will release quarterly earnings on February 10.
Asian stocks were steady Thursday, while U.S. equity futures dipped, as traders awaited inflation data that may shape views on how aggressively the Federal Reserve will tighten monetary policy. Shares rose in Japan but wavered in Hong Kong and China. The region failed to harness all of the tailwind from Wall Street, where the S&P 500 extended a broad rally Wednesday and the Nasdaq 100 jumped over 2%. Uber Technologies Inc. and Walt Disney Co. gained in late trading on robust earnings.
Asian stock markets were trading mixed in the early trade. Japan’s Nikkei 225 gained 0.14% while the Topix index was in red. South Korea’s Kospi shed 0.17%.
Nifty futures were trading 43.50 points or 0.25 per cent up at 17527.50 on Singaporean Exchange
The advance in U.S. stocks gathered pace as an easing in a Treasury selloff provided respite to markets whipsawed in recent weeks by concerns about tightening monetary policy. The S&P 500 extended Tuesday’s broad-based rally, with tech stocks recovering about half of their losses this year. Megacaps led the Nasdaq 100 higher, with dip-buying in Facebook-parent Meta Platforms Inc. after a four-day slide wiped about a third off its market value.
