Stock Market LIVE Updates: Sensex up 600pts, Nifty at 25,200; RBI holds rates, stance at neutral
Stock Market Today: Indian benchmark equity indices were trading higher at on Wednesday, as RBI MPC decided to hold rates, while changing policy stance to neutral, from 'withdrawal of accommodation'.
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Share Market Today: Foreign institutional investors (FIIs) continued their selling trend, net selling shares worth Rs 5,729.60 crore, while domestic institutional investors (DIIs) net purchased shares worth Rs 7,000.68 crore, on Wednesday, October 8.
Stock Market LIVE Updates, Wednesday, October 9, 2024: Indian benchmark equity indices BSE Sensex and Nifty 50 were higher on Wednesday, as RBI governor Shaktikanta Das announced that the RBI MPC has decided to hold rates at 6.5 per cent.
The central bank governor announced that the RBI MPC has deciced to change the policy stance to neutral from 'withdrawal of accomodation' earlier.
The central bank governor announced that the RBI MPC has deciced to change the policy stance to neutral from 'withdrawal of accomodation' earlier.
At 11 AM, the BSE Sensex was up 575 points, or 0.70 per cent, at 82,209.82, while the Nifty 50 was up 190.35 points, or 0.76 per cent, at 25,203.50.
On the Nifty, 30 out of the 50 stocks were trading in the green, with gains led by Tata Motors (up 2.34 per cent), followed by BPCL, Shriram Finance, Tech Mahindra, and Asian Paints, while loses were led by ONGC (down 2.11 per cent), followed by Nestle India, JSW Steel, Grasim Industries, and Hindalco Industries.
Across sectors, the Metal index (down 0.41 per cent), followed by the FMCG and Private Bank indices were trading lower, while the Healthcare and Pharma indices gained the most.
Other sectoral indices trading higher were Auto, IT, Media, Financial Services, and Realty, among others.
On the BSE Sensex, 12 of the 30 stocks were trading in the red. Loses were capped by Nestle India (down 1.18 per cent), followed by JSW Steel, HDFC Bank, Kotak Mahindra Bank, and ITC, while Tata Motors (up 2.08 per cent), Tech Mahindra, Asian Paint, HCLTech, and SBI, were the top gainers.
On the Nifty, 30 out of the 50 stocks were trading in the green, with gains led by Tata Motors (up 2.34 per cent), followed by BPCL, Shriram Finance, Tech Mahindra, and Asian Paints, while loses were led by ONGC (down 2.11 per cent), followed by Nestle India, JSW Steel, Grasim Industries, and Hindalco Industries.
Across sectors, the Metal index (down 0.41 per cent), followed by the FMCG and Private Bank indices were trading lower, while the Healthcare and Pharma indices gained the most.
Other sectoral indices trading higher were Auto, IT, Media, Financial Services, and Realty, among others.
In the broader markets, the Nifty Midcap 100 was ahead by 0.87 per cent, while the Nifty Smallcap 100 was up by 0.94 per cent.
The Indian central bank governor is expected to annonuce to hold interest rates at current levels, but his commentary on inflation expectations and GDP growth estimates is what investors will be eying.
That apart, the Indian stock markets returned to their winning ways on Tuesday, snapping their 5-day losing run.
The BSE Sensex gained 584.81 points, or 0.72 per cent, to end at 81,634.8 levels. The Nifty50, too, shut shop at 25,013.15, up 217.38 points or 0.88 per cent as investors digested the Assembly elections results in Haryana and Jammu and Kashmir, while the dazzling rally in China stocks moderated.
In the broader markets, the BSE MidCap index rose 1.86 per cent, and the BSE SmallCap index 2.44 per cent. The broader indices outperformed the benchmark indices today.
Meanwhile, markets in the Asia Pacific region, were down on Wednesday, with mainland China leading the loses.
Hong Kong’s Hang Seng index dragged 0.29 per cent after plummeting 9.41 per cent to close at 20,926.79 on the previous day.
Mainland China's CSI 300 index was down 4.33 per cent, while the Shanghai Composite was down 3.68 per cent.
That apart, Japan’s Nikkei 225 was up 0.8 per cent, and the broader Topix was ahead by 0.31 per cent.
Australia’s S&P/ASX 200 was up 0.15 per cent, while South Korea’s markets remained closed for a public holiday.
On the previous day, a gauge of global stocks advanced after a rally on Wall Street overshadowed disappointment over the lack of details in China's stimulus, as investor focus shifts to upcoming US inflation data and corporate earnings.
On Wall Street, US stocks closed sharply higher as the benchmark S&P 500 bounced back from a drop of nearly 1 per cent a day earlier, with a jump of more than 2 per cent in technology stocks providing key support.
Stocks had stumbled on Monday on increasing concerns about a wider conflict in the Middle East and as last week's solid US payrolls report caused a reassessment on the size and pace of interest rate cuts from the Federal Reserve.
Investors are also eyeing Thursday's inflation reading with the release of the latest consumer price index (CPI), while banks are scheduled to kick off the corporate earnings season at the end of the week.
The Dow Jones Industrial Average rose 126.13 points, or 0.30 per cent, to 42,080.37, the S&P 500 rose 55.19 points, or 0.97 per cent, to 5,751.13 and the Nasdaq Composite rose 259.01 points, or 1.45 per cent, to 18,182.92.
European shares closed lower, as a lack of details on China's long-awaited fiscal stimulus weighed on sectors related to the world's second-largest economy, such as mining and luxury goods.
MSCI's gauge of stocks across the globe advanced 1.24 points, or 0.15 per cent, to 844.96. The STOXX 600 index ended 0.55 per cent lower.
Hong Kong's Hang Seng Index had plunged 9.4 per cent, its biggest drop since 2008, erasing some of the big gains made during a Chinese holiday, after government economic planner Zheng Shanjie told reporters that China is "fully confident" of achieving economic targets for 2024 and would pull forward 200 billion yuan ($28.36 billion) from next year's budget to spend on investment projects and support local governments.
But a failure to sufficiently detail new or large measures sparked concerns about China's commitment to pull the economy out of its current slump.
The Shanghai Composite and blue-chip CSI300, both of which were closed during the holiday, ended 4.6 per cent and 5.9 per cent higher, respectively, paring earlier gains of more than 10 per cent.
US Treasury yields were slightly lower in choppy trading on factors such as Federal Reserve monetary policy, investor positioning, and economic outlooks affected market moves.
Expectations for a 25-basis-point rate cut from the Fed at its November meeting stand at 87.3 per cent, according to CME's FedWatch Tool.
The yield on benchmark US 10-year notes dipped 0.6 basis point to 4.02 per cent.
Oil prices dropped, following a recent rally sparked by rising hostilities in the Middle East.
US crude settled down 4.63 per cent to $73.57 a barrel, and Brent tumbled to settle at $77.18 per barrel, also down 4.63 per cent.
The dollar index, which measures the greenback against a basket of currencies, was unchanged at 102.48, with the euro up 0.04 per cent at $1.0978.
(With inputs from Reuters.)
11:21 AM
The Realty index was the top gainer, climbing 2.33 per cent, followed by the Health, Pharma and PSU Bank indices.
The Bank and Financial Services indices were also up 1.04 per cent and 1.39 per cent, respectively.
All other sectoral indices were also trading higher. 
Stock Market LIVE Updates: Market update - Sectoral indices climb; Realty gains most
Stock Market LIVE Updates: Indian benchmark indices, along with all the sectoral indices, barring FMCG, were trading higher following the RBI governor's announcement to hold rates at 6.5 per cent, and MPC's decision to change the policy stance to 'neutral' from 'withdrawal of accomodation'.
The Realty index was the top gainer, climbing 2.33 per cent, followed by the Health, Pharma and PSU Bank indices.
The Bank and Financial Services indices were also up 1.04 per cent and 1.39 per cent, respectively.
All other sectoral indices were also trading higher.
11:09 AM
Markets are expected to respond positively, with Nifty likely targeting the 25,330 and 25,500 levels in the near term. Similarly, Bank Nifty could aim for 51,700 and 52,300 as immediate targets."
Views by: Santosh Meena, Head of Research at Swastika Investmart ![]()
Stock Market LIVE Updates: 'Subtle cues in the governor's speech hint at the possibility of future rate cuts'
Stock Market LIVE Updates: "The RBI announced a balanced monetary policy, opting to keep interest rates unchanged while shifting its stance to neutral. The policy statement addressed key factors such as geopolitical tensions, inflation, economic growth, and risks within the NBFC sector. However, the overall tone remained positive from the market's perspective. While there was no explicit mention of a rate cut, subtle cues in the governor's speech hint at the possibility of a rate reduction in upcoming policies.
Markets are expected to respond positively, with Nifty likely targeting the 25,330 and 25,500 levels in the near term. Similarly, Bank Nifty could aim for 51,700 and 52,300 as immediate targets."
Views by: Santosh Meena, Head of Research at Swastika Investmart
11:04 AM
He also said that the central bank's olicy stance has changed to 'neutral' from 'withdrawal of accomodation' earlier.
At 11 AM, the BSE Sensex was up 575 points, or 0.70 per cent, at 82,209.82, while the Nifty 50 was up 190.35 points, or 0.76 per cent, at 25,203.50.![]()
Stock Market LIVE Updates: 11 AM market update - Sensex, Nifty maintain lead after RBI holds repo rate at 6.5%
Stock Market LIVE Updates: Indian benchmark equity indices BSE Sensex and Nifty 50 were trading higher on Wednesday, as RBI governor Shaktikanta Das announced that the RBI MPC has decided to hold rates at 6.5 per cent.
He also said that the central bank's olicy stance has changed to 'neutral' from 'withdrawal of accomodation' earlier.
At 11 AM, the BSE Sensex was up 575 points, or 0.70 per cent, at 82,209.82, while the Nifty 50 was up 190.35 points, or 0.76 per cent, at 25,203.50.
10:58 AM
However we would think that next move is unlikely to be a rate cut; at this juncture, RBI will only keep its options open towards accommodation. The hawkish points emanate from the points around
a) Inflation is on a declining path although there is some distance to cover with upside risks from geo-politics and weather while the agricultural outlook is buoyant and positive for food prices;
b) RBI keeps its guard on, noting that “we have to be very careful of opening the gate and need to keep the (inflation) horse on a tight leash” and mentioning that RBI cannot be complacent with the rapidly evolving global conditions. The change in stance rather gives greater flexibility and optionality to act in sync with the evolving outlook.
The signal that RBI is warming up or getting more comfortable towards accommodation is the point around transmission to credit markets being satisfactory. However, at the juncture of elevated global volatility, perhaps RBI does not believe it to be opportune to cut rates.
They will await more certainty from external side (US elections, Middle East tensions), before taking their first step, which is not likely before March, 2025. Why disturb the horse which is well tethered?"
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Stock Market LIVE Updates: 'RBI warming up towards accommodation, with a “tight leash on (inflation) horse"'
Stock Market LIVE Updates: "As a first step towards getting closer to rate accommodation, RBI changes its stance to “neutral” from withdrawal of accommodation. The policy is however unchanged at 6.5 per cent. Nevertheless, the vote was 5-1 for keeping policy unchanged. RBI noted that current and estimated dynamics of growth-inflation balance is driving the change in stance. Within this RBI’s growth and inflation target for FY25 is unchanged at 7.2 per cent and 4.5 per cent.
However we would think that next move is unlikely to be a rate cut; at this juncture, RBI will only keep its options open towards accommodation. The hawkish points emanate from the points around
a) Inflation is on a declining path although there is some distance to cover with upside risks from geo-politics and weather while the agricultural outlook is buoyant and positive for food prices;
b) RBI keeps its guard on, noting that “we have to be very careful of opening the gate and need to keep the (inflation) horse on a tight leash” and mentioning that RBI cannot be complacent with the rapidly evolving global conditions. The change in stance rather gives greater flexibility and optionality to act in sync with the evolving outlook.
The signal that RBI is warming up or getting more comfortable towards accommodation is the point around transmission to credit markets being satisfactory. However, at the juncture of elevated global volatility, perhaps RBI does not believe it to be opportune to cut rates.
They will await more certainty from external side (US elections, Middle East tensions), before taking their first step, which is not likely before March, 2025. Why disturb the horse which is well tethered?"
Views By: Anitha Rangan, Economist at Equirus
10:52 AM
The company, in an exchange filing, said, "The completion of sale would depend upon receipt of relevant approvals and completion of conditions precedent and is expected to be completed within 15 months from the date of entering into definitive agreement(s)."
It added that the estimated enterprise value of the transaction is approximately Rs 775 crore, subject to certain closing adjustments.![]()
Stock Market LIVE Updates: Kalpataru Projects to sell Vindhyachal Expressway unit to Actis for Rs 775 cr
Stock Market LIVE Updates: Kalpataru Projects International today annoucned that it has entered into a definitive agreement to sell its 100 per cent stake in Vindhyachal Expressway Pvt. Ltd, to Actis Atlantic, for a total enterprise value of Rs 775 crore.
The company, in an exchange filing, said, "The completion of sale would depend upon receipt of relevant approvals and completion of conditions precedent and is expected to be completed within 15 months from the date of entering into definitive agreement(s)."
It added that the estimated enterprise value of the transaction is approximately Rs 775 crore, subject to certain closing adjustments.
10:45 AM
Recent global geopolitical developments have led to a surge in oil prices, which could drive inflation further. This likely influenced the MPC's decision to hold rates steady. Over the last couple of weeks, the 10-year benchmark G-sec yields have risen by around 10 basis points due to these factors.
However, if these global challenges prove temporary, we might see a rate cut in the next policy cycle. In this context, long-term bonds with current yields look attractive, and investors may want to consider locking them in, especially if global tensions ease and domestic economic indicators remain stable.”
Views By: Suresh Darak, Founder of Bondbazaar ![]()
Stock Market LIVE Updates: 'If global risks prove temporary, we might see rate cut in the next policy cycle'
Stock Market LIVE Updates: “As anticipated, the RBI's Monetary Policy Committee (MPC) has kept interest rates unchanged in its policy announcement today. While there were hopes for a rate cut in line with the US Fed, the RBI has taken a prudent approach by focusing on key indicators like domestic inflation and financial stability, particularly in light of the declining individual savings as a percentage of GDP, which poses a financial stability risk.
Recent global geopolitical developments have led to a surge in oil prices, which could drive inflation further. This likely influenced the MPC's decision to hold rates steady. Over the last couple of weeks, the 10-year benchmark G-sec yields have risen by around 10 basis points due to these factors.
However, if these global challenges prove temporary, we might see a rate cut in the next policy cycle. In this context, long-term bonds with current yields look attractive, and investors may want to consider locking them in, especially if global tensions ease and domestic economic indicators remain stable.”
Views By: Suresh Darak, Founder of Bondbazaar
10:34 AM
At around 10:30 AM, the BSE Sensex was up 316.74 points, or 0.39 per cent, at 81,951.55, while the Nifty 50 was up 116.95 points, or 0.47 per cent, at 25,130.10.
Stock Market LIVE Updates: RBI MPC decision - 10:30 AM market update
Stock Market LIVE Updates: Indian benchmark equity indices BSE Sensex and Nifty 50 were trading higher at on Wednesday, as RBI governor Shaktikanta Das announced that the RBI MPC has decided to hold rates at 6.5 per cent.
At around 10:30 AM, the BSE Sensex was up 316.74 points, or 0.39 per cent, at 81,951.55, while the Nifty 50 was up 116.95 points, or 0.47 per cent, at 25,130.10.
10:33 AM![]()
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RBI MPC LIVE Updates: Das says Banks and NBFCs need to pay attention on potential slippages in retail credit
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10:27 AM![]()
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First Published: Oct 09 2024 | 8:03 AM IST
