08 Apr , 2022 By : monika singh
Share Market News Today | Sensex, Nifty, Share Prices LIVE: Indian benchmark indices opened on positive note ahead of the RBI policy outcome. While BSE Sensex was up 219.99 points or 0.37% at 59254.94, NSE Nifty 50 was up 76.60 points or 0.43% at 17716.10. Bank Nifty Index was trading flat, down 0.02% at 37,548. Ultratech Cement, Tata Steel, Wipro, HUL, Maruti, Asian Paints and Dr Reddy’s were the top winners, leading the upmove on Sensex, while M&M, HDFC twins, IndusInd Bank and ICICI Bank were the losers. The broader markets also opened in green with the BSE MidCap and SmallCap indices rising up to 0.64 per cent higher.
The Reserve Bank of India’s rate-setting panel will announce its bi-monthly monetary policy at 10 am today. The expectations are that the central bank might retain status quo on interest rate but change its monetary policy stance amid rising inflation on account of geopolitical developments. The Monetary Policy Committee (MPC), headed by RBI Governor Shaktikanta Das, held its first meeting in the current financial year from April 6 to 8. In the last 10 meetings, the MPC left interest rate unchanged and also maintained an accommodative monetary policy stance.
Ruchi Soya share price jumped 8 per cent to Rs 883 on the BSE, extending its Thursday's 8.5 per cent gain' after 66.15 million equity shares, which were allotted in follow-on-public offering (FPO), started trading on the exchanges from today. In the past one week, the stock has underperformed the market by falling 12 per cent, as against a per cent rise in the benchmark index.
“Today's monetary policy is unlikely to impact the market significantly even if there is a surprising rate hike. That would be interpreted by the market positively indicating that the RBI is not behind the curve. The real concern for the market, going forward, would be the aggressive rate hikes and quantitative tightening by the Fed expected in the coming 12 months. The MPC will certainly raise inflation targets for FY 23 and flag inflation concerns. This will have a short-term negative sentimental impact on rate sensitives. Segments like telecom, IT, pharma and metals which are unlikely to be impacted by higher inflation are in a safe zone. Crude softening to around $100 is a positive while FIIs again turning sellers will provide ammunition to the bears”
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