Bank Nifty gained nearly one per cent to trade at 38,993.65 on Thursday, after RBI MPC decided to keep the interest rates steady. BSE Sensex and Nifty 50 cheered the Reserve Bank of India’s (RBI) first monetary policy of CY22, and ended nearly one per cent higher. Nifty and Bank Nifty ended the weekly F&O expiry on a positive note. BSE Sensex jumped 460 points or 0.8 per cent to 58,926, while Nifty 50 index ended at 17,605, up 0.8 per cent. Index heavyweights such as HDFC Bank, Infosys, Housing Development Finance Corporation (HDFC), Kotak Mahindra Bank, an State Bank of India (SBI) contributed the most to the indices gain. Broader markets underperformed the equity benchmarks on Thursday. S&P BSE Midcap index gained 0.3 per cent or 74 points to finish trade at 24,704.65, while S&P BSE Smallcap index added just 13 points. India VIX, the volatility index, cooled off 4.55 per cent to end at 17.71 levels.
Rupak De, Senior Technical Analyst, LKP Securities
On the daily chart a small bodied green candle with a significant lower wick is visible. On the higher end Nifty recovered about 80% of the previous fall and paused before any further movement. Going forward, the index may remain sideways to negative as long as the index sustains below 17635. On the lower end support is visible at 17330.
Vinod Nair, Head of Research, Geojit Financial Services
The domestic market maintained its upward momentum aided by strong global cues and positive RBI policy. Though the market expected RBI to moderate its policy tone, the central bank surprised with a super dovish statement by maintaining its accommodative stance, modest inflation forecast and GDP growth of 7.8% in FY23. Global market rallied ahead of the release of the US inflation data backed by healthy earnings results.
S Ranganathan, Head of Research, LKP Securities
After a quiet start ahead of US inflation data and state elections back home, Indices recovered smartly post the accommodative stance of the RBI which held rates status quo. As the volatility index cooled off, Metals led the rally well supported by Real Estate & Mortgage companies in the broader market. Buoyed by a lower inflation forecast going forward, the rally percolated to IT & Financials in afternoon trade.
Vijay Dhanotiya, Category Lead- HNI Products, CapitalVia Global Research
The market witnessed some strong trends and an attempt to hold the support level around the Nifty 50 Index level of 17600. While sustaining above 17400 is the key factor from a short-term perspective, market research suggests maintaining above this level is important for the market to gain momentum and extend the rally until 18000. The momentum indicators like RSI and MACD to stay positive and market breadth to improve, further strengthening a short-term bullish outlook.
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