Oct 06, 2023, 3:50 pm IST
Stock Market Closing Update: Sensex, Nifty Close Over 0.50% Higher, All Sectors End In Green
Indian equities rallied on Friday after the Reserve Bank of India (RBI) kept the repo rate unchanged at 6.50% for the fourth time. At close, the benchmark index Sensex was up 0.55% at 65,995.63 points, and the Nifty was up 0.55% at 19,653.50 points.
The Indian rupee ended flat at 83.24 against the US Dollar.
Oct 06, 2023, 3:35 pm IST
HFCL Says Tribunal Has Passed An Award Of Rs.72.34 Crores In Favour Of The Company
HFCL Ltd has informed stakeholders that the Arbitral Tribunal has passed an award of Rs 72.34 crores in favor of the company. HFCL shares were up 1.65% at Rs 75.34 per share at 3:28 pm IST.
Oct 06, 2023, 3:01 pm IST
Top 5 Gainers and Losers Today
Source:NSE
Oct 06, 2023, 2:26 pm IST
Gold Prices Edge Higher In India After RBI Keeps Repo Rate Unchanged At 6.50%
Gold prices edged higher in India on Friday after Gold rates steadied globally near seven-month lows as US dollar and bond yields took a breather and investors keenly awaited US non-farm payrolls data that can likely impact the interest rate outlook. The gold rate for 10 grams of 24-carat in India stood at Rs 57,230, while the rate of the same quantity of 22-carat gold in the country was Rs 52,500 at the time of writing this article.
Oct 06, 2023, 2:25 pm IST
Dabur India Shares Trade A Tad Lower On Expectations Of Mid-To-High Single Digit Revenue Growth In Second Quarter
Dabur India shares remained in focus today after the company issued a quarterly update on Friday. The company said that it expects mid-to-high single digit revenue growth in the second quarter of the financial year, helped by a gradual recovery in consumption of consumer goods. The stock was seen trading 0.32% lower at 549.00 per share at 2:04 am IST today.
Oct 06, 2023, 12:37 pm IST
Jewellery And Gold Stocks Rally
Jewellery and gold stocks are shining on Friday after the Reserve Bank of India (RBI) made a big announcement related to gold loans. Titan which holds dominance in the gold segment, witnessed impressive buying, while jewellers like Kalyan's share price shot up at least 9%. PJ Jeweller hits 5% upper circuits, while Thangamayil Jewellery, Tribhovandas Bhimji Zaveri also surged significantly. However, major gold loans financers like Manappuram Finance and Muthoot Finance witnessed a marginal drop.
While keeping the policy repo rate unchanged at 6.5%, RBI on Friday decided to increase the monetary ceiling of gold loans that can be granted under the bullet repayment scheme from Rs 2 lakh to Rs 4 lakh for such UCBs who have met the overall PSL target and sub-targets as on March 31, 2023.
With no change in the RBI repo rate, it means that banks will also keep lending rates steady including gold loan rates. This in return enhances demand for gold.
Oct 06, 2023, 11:41 am IST
RailTel Corporation of India Secures Order Worth Rs 68 Crore From Jammu Smart City
RailTel Corporation of India bagged the work order from Jammu Smart City Limited for design, supply, installation, testing, commissioning and operations and maintenance of data centre and disaster rRecovery centre for Integrated Command and Control Centre (ICCC) for Jammu Smart City Limited worth Rs 67.95 crore (including GST).
Oct 06, 2023, 11:06 am IST
Suvodeep Rakshit, Senior Economist, Kotak Institutional Equities
The RBI’s decision to pause along with retaining the withdrawal of accommodation stance was in line with expectations. Importantly, the RBI has explicitly highlighted the need to use OMO sales to modulate liquidity. This will weigh down bond markets’ sentiments. Concerns on food inflation were highlighted which can impart upside to headline inflation. We believe that inflation risks remain on the upside given weather related impact as well as commodity prices. Global monetary conditions will also weigh on RBI’s policy decisions. The good part is that growth remains resilient and core inflation remains under check. We maintain our call for a prolonged pause on repo rate at 6.5% well into FY2025 while liquidity over the medium term will be aimed at being close to neutral.
Oct 06, 2023, 10:41 am IST
All Indices in Green After RBI Outcome
Source:BSE
Oct 06, 2023, 10:40 am IST
Market Trade Higher After RBI's Pause In Rates; Sensex, Nifty Near Day's High; All Sectoral Indices Bullish
The stock market reacted to RBI's monetary policy positively, since a pause in the repo rate was on expected lines. Sensex and Nifty 50 are trading near their day's high, while the rupee appreciated against the US dollar. Both private and PSU bank stocks are in the green as well. India's volatility index dipped nearly 3%.
Oct 06, 2023, 10:31 am IST
Dharmendra Raichura VP Finance at Ashar Group
"We appreciate the RBI's decision to keep REPO rates unchanged. Given that the inflation is under control, the market anticipates that the RBI will probably maintain the current REPO rates till 2023. In 2023, the global economy is predicted to grow slowly, which could hurt India's exports. The RBI will probably try to avoid raising interest rates because doing so risks slowing India's economic growth.
The market has been stable after a period of turbulence; there is a growing demand for real estate, and buyers want to purchase properties from trustworthy developers. Homebuyers would welcome RBI's move to keep the REPO rate unchanged. We believe that the REPO rates will be reduced in the future monetary policy, greatly easing home buyers and the real estate sector.
Oct 06, 2023, 10:11 am IST
RBI Policy: Guv Shaktikanta Das-Led MPC Hits Pause For 4th Time In Row, Repo Rate Unchanged At 6.5%
On an expected line, the Reserve Bank of India (RBI) has decided to hold key rates for the fourth time in row, and continue on its wait-and-watch mode. That being said, the RBI policy repo rate under the liquidity adjustment facility (LAF) is unchanged at 6.5%. Also, the six-member monetary policy committee (MPC) chaired by RBI governor Shaktikanta Das stayed on its 'withdrawal of accommodation' stance to ensure inflation progressively aligns with their target.
Oct 06, 2023, 10:02 am IST
Top 5 Gainers and Losers Today
Source:NSE
Oct 06, 2023, 9:54 am IST
Cryptocurrency Price Today: Bitcoin, Ethereum Trade Lower; SHIB, Dogecoin Also Trade In Red
The cryptocurrency market traded lower on Friday. The global crypto market cap fell 0.43% to .08 Trillion.Bitcoin price was trading above the ,500 mark but it was down 0.41% at ,561.18 at the time of writing this article. Meanwhile, Ethereum price was down 1.21% at ,624.32 per token. Recently, the world's second-largest cryptocurrency in terms of market capitalization, saw a significant drop in price, briefly plummeting below the ,600 level.
Oct 06, 2023, 9:41 am IST
USD-INR outlook today
Inability of upmoves to get going hints at exhaustion, and calls for a dip. Favoured view expects such dips to turn lower from 83.14 aiming 83.4-83.49 initially and 83.73 thereafter. Downside marker continue to be at 83.07 or 82.98, stated Anand James, Chief Market Strategist at Geojit Financial Services.
Oct 06, 2023, 9:41 am IST
Nifty Derivative Outlook
Nifty weekly contract has highest open interest at 19550 for Calls and 19500 for Puts while monthly contracts have highest open interest at 20000 for Calls and 19500 for Puts. Highest new OI addition was seen at 19550 for Calls and 19500 for Puts in weekly and at 19500 for Calls and 19500 for Puts in monthly contracts. FIIs increased their future index long position holdings by 3.61%, decreased future index shorts by 1.57% and deceease in index options by 19.98% in Call longs, 22.99% decrease in Call short, 7.03% decrease in Put longs and 25.73% decrease in Put shorts, said Anand James, Chief Market Strategist at Geojit Financial Services.
Oct 06, 2023, 9:40 am IST
Nifty Outlook By Anand James, Chief Market Strategist at Geojit Financial Services
Though upswings persisted through the day, momentum fizzled off as soon as the first upside objective of 19570 was tested yesterday. The next challenge is seen at 19650, but the prospects of 19900 may also be considered, should we close above 19570 today. However, inability to float above 19530 early in the day, might put us on the backfoot, but upside bias need not be abandoned, until below 19490. Even in such a scenario collapse fears need not be entertained.
Oct 06, 2023, 9:37 am IST
Morning Market View By V K Vijayakumar, Chief Investment Strategist at Geojit Financial Services
The important event of today, the MPC’s monetary policy, is unlikely to impact the markets since no changes are expected in policy rates or stance. From the market perspective, the more important thing will be the US jobs data expected tonight. If the jobs data comes strong the market will react negatively discounting a rate hike by the Fed in the coming policy meeting. On the other hand, if the jobs data is weak, the market will rally discounting a pause by the Fed.
Expected Q2 results will influence stock prices in the coming days. Financials, particularly banking, automobiles, hotels, real estate, cement and capital goods will do well. A possible surprise may come from IT in the form of higher order bookings. Even if the results are expectedly poor, the stocks may rebound on the back of better orders and commentary.
Oct 06, 2023, 9:09 am IST
RBI Policy Expectations
Today's MPC meeting decision will be announced by RBI Governor Shaktikanta Das; as another pause in the repo rate is likely, the rate is expected to remain at 6.5%. After rapidly raising rates by a total of 250 basis points from May of last year through February of 2023, the RBI is expected to keep the status quo for the fourth consecutive policy. The RBI MPC will convene from October 4 through 6, and on Friday, the outcomes of the meeting will be made public.
Oct 06, 2023, 9:04 am IST
Gold movement in market
Praveen Singh – Associate VP, Fundamental Currencies and Commodities, Sharekhan by BNP Paribas said, Gold - consolidation ahead of the US monthly job report
Spot gold consolidated its recent steep losses to end nearly low at 21. That the Commodities ended lower despite a pullback in the US Dollar Index and the US yields speaks about the downside pressure in the commodities complex.
The US weekly data came in better than forecast as both jobless claims continuing claims were slightly lower than the forecast.
The ten-year US yields were down by 1.50 bps whereas the two-year yields dipped by around 3 bps. The US Dollar Index closed 0.40% lower at 106.34.
Spot gold slipped below the key support at 15 but recovered on the US Dollar weakness.
Total known global gold ETF holdings fell yet again on October 4, which indicates poor investing demand for the metal.
Today's US nonfarm payroll report (September) will be crucial for the metal. A decent report will weigh on both the US bonds and the yellow metal.
Support is at 13/00. Resistance is at 50/58.
Oct 06, 2023, 9:03 am IST
Stocks To Watch Today
In today’s trading session, stocks like TCS, Tata Motors, Sun Pharma, Vedanta, Adani Wilmar, Vedanta, Ujjivan Small Finance Bank, Star Housing Finance, Aarti Industries, Lupin, and Infosys are likely to remain in focus.
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