Indian stock markets continue to trade red after RBI decided to keep its key policy rate unchanged. IT stocks declined in trade today. Stocks from IT industry fell amid the ongoing uncertainty prevailing over US interest rate adjustments. BSE Sensex fell 38 points to 74,189 and Nifty fell 16 points to 22,498 in noon trade on Friday.
Nifty Bank rose by 179 points to 48,240 and Nifty Midcap rallied 200 points to 49,944.Nifty Bank zoomed 159 points to 48,220 and Nifty Midcap soared 227 points to 49,971.Stocks like M&M, HDFC Bank, Bajaj Finserv, Nestle, and Kotak Bank are top gainers. However, stocks like L&T, Tata Steel, JSW Steel, Axis Bank, and Tech Mahindra were top bears.
In the previous session, the Indian stock market witnessed a remarkable surge, with both the Sensex and Nifty hitting record highs. The upbeat sentiment was fueled by robust performances from key players like HDFC Bank, leading the charge. The Nifty Bank, although still 1% away from its record high, demonstrated strong momentum, adding to the overall positive market sentiment.
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Apr 05, 2024, 2:34 pm IST
The top four international investment opportunities In FY24, 60% of FII inflows
According to data on the NSDL website, financial services, consumer goods, automotive, and capital goods emerged as the top industries for foreign investors in fiscal 2024 and accounted for more than 60% of all inflows.
Foreign investors contributed Rs 2.08 lakh crore to Indian equities in FY24. The greatest portion went to capital goods, which brought in Rs 46,935 crore. Consumer services, auto, and financial services came in second and third, with inflows of Rs 32,186 crore, Rs 29,862 crore, and Rs 28,793 crore, respectively. While FIIs only started selling in the auto and consumer services sectors in October 2023, they were steady buyers in the capital goods sector the entire year.
Apr 05, 2024, 1:57 pm IST
RBI Policy Opinion: Madhavi Arora, Lead Economist, Emkay Global Financial Services
As we expected, the MPC policy took recognition of fluidity of global narratives, even has domestic dynamics have stayed favorable. This suggests that when needed, the aim of financial stability may even precede inflation management.
We have long maintained that the RBI policy has been somewhat pegged to the Fed, specifically over the last two years, even as it formally targeted inflation. This seems fair, as external dynamics have been fluid, implying that the policy prerogative needs to be flexible for ensuring financial stability. The fluidity of global narratives and policy repricing, in conjunction with the near-term problem-of-plenty on INR/bonds, could make it arduous for the RBI to find a balance in its policy biases.
Thus, we maintain the RBI’s tone will slowly tiptoe to ‘Gracklish’ from the usual ‘Hawk-Dove’ signaling, implying a non-committal stance and limited definite forward guidance ahead.
Apr 05, 2024, 1:34 pm IST
RBI Policy Opinion: Shraddha Umarji, Economist - Institutional Research at Prabhudas Lilladher
The RBI MPC decision was mostly in line with our expectations. Governor Shaktikanta Das reiterated the need to maintain growth-inflation dynamics. On the growth front, rural demand is expected to pick up based on a normal monsoon and consequent growth in rural income. Urban demand is expected to receive a boost from higher employment in both formal and informal sectors. India's unemployment rate has been trending downwards sequentially post-Covid, touching a low of 3.2% in FY23. The governor also indicated that government capex as well as private capex has shown steady progress. As global growth conditions improve, India’s external sector demand is expected to revive. On the inflation front, CPI forecast for FY25 has been kept unchanged at 4.5%. Climate shocks, both domestically and internationally, could lead to spikes in food prices in the near term. The governor also highlighted volatility in crude prices. Therefore, RBI will be watchful of upcoming growth and inflation dynamics, and a rate cut may be deferred until October 24, post-monsoons.
Apr 05, 2024, 1:32 pm IST
RBI Policy Opinion: Siddarth Bhamre, Head of Institutional Research, Asit C Mehta Investment Interrmediates
“Domestic factors influencing inflation are projecting that inflation may remain on downward trajectory. However, concerns related to volatility in food prices, geo-political tensions and disruption in supply channels remain the challenges to deal with. As far as GDP growth is concerned, projections remain at 7.0% for 2024-25.
In light of the current liquidity crunch faced by banks and the anticipation of a decrease in rates to alleviate this pressure, the RBI MPC's decision to keep the repo rate unchanged is a temporary measure. We foresee a change in the next MPC meeting to adapt to the evolving financial landscape. This adjustment will have a significant impact on retail loans, potentially making them more accessible to consumers and businesses alike, thus influencing the borrowing environment in the near term.
Apr 05, 2024, 12:54 pm IST
RBI Policy: Madhavi Arora, Lead Economist, Emkay Global Financial Services
We have long maintained that the RBI policy has been somewhat pegged to the Fed, specifically over the last two years, even as it formally targeted inflation. This seems fair, as external dynamics have been fluid, implying that the policy prerogative needs to be flexible for ensuring financial stability. The fluidity of global narratives and policy repricing, in conjunction with the near-term problem-of-plenty on INR/bonds, could make it arduous for the RBI to find a balance in its policy biases. Thus we maintain the RBI’s tone will slowly tiptoe to ‘Gracklish’ from the usual ‘Hawk-Dove’ signaling, implying a non-committal stance and limited definite forward guidance ahead.
Apr 05, 2024, 12:43 pm IST
BSE Increases Circuit Limit Of Indian Renewable Energy Development Agency, Saksoft
BSE today increased the circuit limit of Indian Renewable Energy Development Agency and Saksoft to 20%. Previously, the circuit limit of both the stocks were 5%. Current market price of Indian Renewable Energy Development Agency shares on BSE is Rs 176.50 with intraday gain of 11.46%. Meanwhile, current market price of Saksoft on BSE is Rs 307.95 per share with intraday rally of 3.34%.
Apr 05, 2024, 12:00 pm IST
Bharti Hexacom IPO Oversubscribed 1.3x On Day 3; NII Segment Exhibit Strong Interest
The public offering of Bharti Hexacom witnessed a robust response on April 5, the final day of bidding, with investors subscribing to 5.58 crore shares. This subscription level represents 1.35 times the total issue size of 4.12 crore shares.
Of particular note is the heightened interest demonstrated by Non-Institutional Investors (NIIs), who emerged as the frontrunners by subscribing 2.40 times the portion allocated to them. Following closely behind, retail investors subscribed 1.40 times their allotted quota. However, Qualified Institutional Buyers (QIBs) were yet to fully subscribe to the issue at the close of bidding.
Apr 05, 2024, 11:28 am IST
IDBI Bank Shares In Focus
CARE Ratings reaffirmed rating of 'CARE A 1 +' for enhanced amount of Certificate of Deposit and also reaffirmed existing rating of `CARE AA-; Stable' for Tier-II bonds of the bank today.
Apr 05, 2024, 10:48 am IST
Sheela Foam Shares In Focus
On March 11, 2024, the District Consumer Disputes Redressal Commission (DCDRC) in East Delhi made an announcement about an insurance claim that favored the firm. In accordance with the decision, the corporation has been granted compensation in the amount of Rs. 21,38,77,055/- plus 10% interest starting on July 27, 2020, the date of rejection. The corporation has also been granted Rs. 2,50,000 for legal fees and Rs. 7,50,000 for mental mental anguish and losses.
According to the company, it booked pre-sales of Rs 42.3 billion in Q4FY24, up 40% year on year. Pre-sales for FY24 totaled Rs 145.2 billion. For 4QFY24, collections were Rs 35.1 billion, indicating a 20% YoY growth. FY24 collections were 112.6 bn. The company exceeded its projection of Rs 175 billion by adding new projects with a cumulative GDV of Rs 203 billion across several micro-markets of MMR, Pune, and Bengaluru during FY24. “On the back of strong operating cash flow generation and recently concluded equity raise, our net debt further reduced to INR 30.1 bn which is <0.2x of equity, thus achieving our goal of net debt:equity <= 0.5x. Continuing robustness in business fundamentals and strengthening of balance sheet has led to further credit rating upgrade to ‘AA- (Stable)’ by ICRA,” said Macrotech Developers in a regulatory filing today.
Apr 05, 2024, 9:45 am IST
Top Gainers Of Opening Bell
Stocks like M&M, HDFC Bank, Bajaj Finserv, Nestle, and Kotak Bank are top gainers. However, stocks like L&T, Tata Steel, JSW Steel, Axis Bank, and Tech Mahindra were top bears.
Apr 05, 2024, 9:33 am IST
Rupee Opened At 83.43 Ahead Of RBI Policy
Indian rupee will be in focus on Friday ahead of RBI policy outcomes. At the opening bell, the local unit opened at 83.43 against the US dollar index, mildly appreciating from the previous print. Traders are expecting a dovish remark from RBI governor Shaktikanta Das and MPC members as it will give clarity on upcoming rate cuts later in the fiscal year.
Apr 05, 2024, 8:32 am IST
Stocks To Buy Today
Shiju Koothupalakkal - Technical Analyst at Prabhudas Lilladher has recommended buying three stocks on Friday. They are: 1) BUY WELCORP cmp 583.65 Stop Loss 571 Target 607; 2) BUY DCX SYSTEMS cmp 318 Stop Loss 311 Target 333; and 3) BUY DILIP BUILDCON cmp 467.95 Stop Loss 456 Target 487.
Apr 05, 2024, 8:32 am IST
Nifty, Bank Nifty Outlook Today
Shiju Koothupalakkal - Technical Analyst at Prabhudas Lilladher expects Nifty to find support and resistance at around 22400 and 22700. While Bank Nifty is expected to have support and resistance around 47600 and 48500 on April 5th trading session.
Apr 05, 2024, 8:30 am IST
How Will RBI Policy Impact Investors
Swati Saxena, Founder & CEO – 4 Thoughts Finance, a wealth management firm: The macroeconomic environment is favorable and the outlook for growth and inflation has improved. Hence, we expect that the RBI will maintain status quo in policy rates to align with the evolving growth-inflation dynamics and remaining focussed on ensuring sustainable growth for the Indian economy. The industry overall want policy stability and predictability above all else and a consistent maintenance of the repo rate will indicate that the RBI is content with the existing level of interest rates. This climate will bring in greater amount of investment into the market and liquidity will improve, thus creating greater confidence in investors. The continuation in repo rates will also signify that depositors can continue to benefit from high-interest rates on deposits. Going ahead, we remain optimistic that the RBI will contemplate rate cuts and build shallow rate cut cycle from June onwards to support lower interest rates and credit demand. Overall, we believe that investor sentiment will continue to remain bullish, supported by the market's persistent strength.
Apr 05, 2024, 8:29 am IST
Market Sentiment To Be Driven By RBI Policy
Majority of consensus is that RBI will keep rates unchanged, however, the chances of revision in policy stance has not been ruled out. Traders will be looking for a dovish remark from RBI governor Shaktikanta Das that will give some clarity on expectations of rate cuts later in the year.
Apr 05, 2024, 8:28 am IST
Market In Previous Session
On Thursday, the Nifty soared to an intra-day high of 22,619, while the Sensex reached an impressive 74,502 during trading hours, reflecting the market's bullish stance. Notably, this surge marks a significant milestone for both indices. The Midcap Index crossed the 50,000 mark for the first time, closing higher for the ninth consecutive day.
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