Markets Live: Sensex zooms 578 points, Nifty ends above 10,300 as RBI lowers inflation forecast

Updated - April 05, 2018 at 04:31 PM.

Services PMI, normal monsoon forecast, global rally drive domestic sentiment

3.45 pm

Closing bell

The S&P BSE Sensex ended higher by nearly 580 points and the Nifty50 closed above the 10,300 level on brisk short-covering after the RBI's Monetary Policy Committee has lowered its inflation projections for the coming fiscal. 

The

Sensex took off on a positive note at 33,289.96 and advanced to the day’s high of 33,637.46 before ending at 33,596.80, up 577.73 points, or 1.75 per cent.

 

This is its biggest single day gain since March 12 when it had rallied 610.80 points. The gauge had lost 351.56 points in the previous session.

BSE sectoral indices

 

 

The Nifty , after shuttling between 10,331.80 and 10,227.45, finally settled 196.75 points, or 1.94 points higher at 10,325.15.

NSE sectoral indices

 

In its last policy, it had projected inflation in the first half of the fiscal to be around 5.1 per cent to 5.6 per cent.   It has now projected inflation to be between 4.7 per cent and 5.1 per cent in the first half.

Stock markets reacted positively to RBI's policy of keeping the repo rate unchanged at 6.0 per cent as it was on expected lines.

The news about the deferring of the applicability of Indian Accounting Standards (Ind-AS) by another year to banks was cheered by stock markets. Another factor that drove the bank stocks was RBI's decision to ease the provisioning norms.

Domestic sentiment was also lifted as services business index rebounded from 6-month low and as global equities rebounded on easing of US-China trade tensions.

Markets also cheered the ‘normal” southwest monsoon forecast by private weather forecasting agency Skymet.

 

3.25 pm

Reaction to RBI policy

Stock markets reacted positively to the RBI policy . Market experts welcomed the policy, while acknowledging that it was on expected lines.  Read more

Top bank stocks were in the green. SBI shares were up 3.69% at Rs 256, ICICI Bank up 3.2% at Rs 297, while Axis Bank was up 2.47% at Rs 502 on the BSE.
 

3.15 pm

Silver futures

Silver prices dropped by Rs 92 to Rs 38,120 per kg at the futures trade as participants cut down their bets owing to weak global cues. Read more

3.05 pm

Gold futures

Gold futures traded lower by Rs 200 at Rs 30,658 per 10 grams due to a weak global trend and profit-booking by speculators. Read more

2.55 pm

RCom gets a breather

In a relief to Reliance Communications, the Supreme Court has vacated a stay on sale of its wireless assets to RJio. RCom is expected to move NCLAT within 7 days, seeking a nod for the sale of the tower business. Read more

File Photo of Mukesh Ambani (L) and Anil Ambani.
 

2.40 pm

Domestic equities continued their rally as the Reserve Bank of India's policy decision of keeping the repo rate unchanged at 6.0 per cent was on expected lines.

Domestic sentiment was lifted as services business index rebounded from 6-month low and as global equities rebounded on easing of US-China trade tensions.

The BSE index Sensex was trading higher by 506.96 points or 1.54 per cent at 33,526.03 and the NSE index up 154.80 points or 1.53 per cent at 10,283.

Top five Sensex gainers were Tata Motors, Tata Steel, SBI, ICICI Bank and L&T, while ITC was the only loser among 30-share Sensex constituents.

NSE sectoral indices

Metal, auto, bank and realty indices between 3.6 and 1.7 per cent. Bank stocks rallied on RBI's decision to ease the provisioning norms.

2.35 pm

RBI keeps repo rate unchanged

 

The Monetary Policy Committee has decided to keep the policy repo rate under the liquidity adjustment facility (LAF) unchanged at 6.0 per cent. Consequently, the reverse repo rate under the LAF remains at 5.75 per cent, and the marginal standing facility (MSF) rate and the Bank Rate at 6.25 per cent.

The decision of the MPC is consistent with the neutral stance of monetary policy in consonance with the objective of achieving the medium-term target for consumer price index (CPI) inflation of 4 per cent within a band of +/- 2 per cent, while supporting growth.

2.25 pm

Varun Beverages' greenfield unit

PepsiCo India’s bottling partner Varun Beverages plans to set up a greenfield production facility for select beverages in Punjab. Read more

2.10 pm

SmallCap World Fund hikes stake in Infibeam

US-based SmallCap World Fund has hiked its stake in e-commerce firm Infibeam Incorporation by almost 2 per cent through an open market transaction for an estimated sum of Rs 168.94 crore. Read more

2 pm

Domestic equities continued their rally in the afternoon trade as world equities recovered from a sell-off triggered by escalating US-China trade tensions.

Global sentiment was lifted as the United States expressed willingness to negotiate a resolution to the trade fight after the proposed US tariffs on $50 billion in Chinese goods prompted a quick response from Beijing that it would retaliate by targeting key American imports.

At 1.55 pm local time, the Sensex was trading higher by 459.36 points or 1.39 per cent at 33,478.43 and the Nifty up 153.95 points or 1.52 per cent at 10,282.35.

 

Among BSE sectoral indices, metal, realty, capital goods and banking remained investors' favourite.

 

 

Top five Sensex gainers were Tata Motors, Tata Steel, ICICI Bank, L&T and M&M, while Bharti Airtel was the only loser among 30-share Sensex constituents.

European stocks jumped on Thursday as investors bought back into risky assets in a global relief rally as concerns over trade war ebbed.

The STOXX 600 rose 1.5 per cent to a two-week high in early deals, buoyed by financials and industrials stocks, riding the wave of gains which had pushed Wall Street and Asian stocks up overnight.

1.50 pm

Gold slips

Spot gold dipped 0.6 per cent to $1,324.96 per ounce by 0701 GMT, after touching a one-week high of $1,348.06 on Wednesday. US gold futures fell 0.9 per cent to $1,328.50 an ounce. Read more

Spot gold dipped 0.6 per cent to $1,324.96 per ounce by 0701 GMT, after touching a one-week high of $1,348.06 on Wednesday.
 

1.35 pm

Crystal Crop files IPO papers

Crystal Crop Protection has filed draft papers with SEBI to raise Rs 1,000 crore through an initial public offering (IPO). The IPO comprises fresh issue of shares worth up to Rs 545 crore and an offer for sale of up to Rs 455 crore, from the promoter and existing shareholders, including Everstone Capital. Read more

 

1.20 pm

Nifty futures

After a strong rally, the contract is moving sideways in a narrow range in the band between 10,290 and 10,315. As long as the contract trades in this band, traders should tread with caution. Read more

 

1.05 pm

Tata Motors hits 1-month high

Shares of Tata Motors hit 1-month high. The stock climbed as much as 3.6 per cent to Rs 368.3, its highest since March 5. Read more

China's plan to impose 25 per cent tariffs, including on automobiles imported from the United States, can be beneficial for Tata Motors’ Jaguar Land Rover unit.
 

12.50 pm

Hindalco top gainer on NSE

The stock climbed as much as 6.2 per cent to Rs 213.25, and was the top percentage gainer on the NSE index. Read more

12.40 pm

L&T Construction clinches orders

Larsen & Toubro’ construction arm has won orders worth Rs 3,376 crore across business segments. Read more

L&T Construction's water and effluent treatment business has received an order worth Rs 1,200 crore.
 

12.25 pm

Ashoka Buildcon bags new contracts

Ashoka Buildcon has bagged Rs 760 crore worth projects from DVVNL for electrification work in Uttar Pradesh.  Read more

 

12.15 pm

The Sensex and Nifty were trading higher by nearly 1.5 per cent as world equities recovered from a sell-off triggered by escalating Sino-US trade tensions, with investors hoping a full-blown trade war between the world's two biggest economies can be averted.

Global sentiment was lifted as the United States expressed willingness to negotiate a resolution to the trade fight after the proposed US tariffs on $50 billion in Chinese goods prompted a quick response from Beijing that it would retaliate by targeting key American imports.

At 12.10 pm, the BSE index was trading higher by 447.41 points or 1.36 per cent at 33,466.48 and the NSE index up 147.05 points or 1.45 per cent at 10,275.45.

Metal stocks such as Hindalco and bank stocks such as ICICI Bank were among the top gainers.

Hindalco Industries Ltd rose as much as 4.9 per cent to Rs 209, and was the top percentage gainer in NSE index. The stock was on track to snap 4 sessions of losses, and posted biggest intraday gain since January 23.

“All sectors, which were impacted yesterday, including metals, are recovering today mainly because the fears of escalation in trade wars have receded, at least for the time-being,” said Deepak Jasani, head of retail research at HDFC Securities.

Banking stocks rose ahead of a monetary policy decision by the country's central bank later in the day, where it is expected to hold interest rates steady.

“The possibilities of a negative or positive surprise in the RBI (Reserve Bank of India) policy are limited. Outlook on growth, inflation and the way RBI perceives the developments abroad will be important to watch out for,” Jasani said.

The Nifty bank index gained as much as 1.6 per cent, with State Bank of India and ICICI Bank Ltd up more than 2 per cent each. - Reuters

 

12.05 pm

Interest rate-sensitive stocks jump

Auto, banking and realty stocks jumped in the morning trade ahead of RBI's monetary policy announcement. Read more

The Monetary Policy Committee will announce the resolution of the MPC on its first bi-monthly monetary policy for financial year 2018-19 later in the day.
 

11.55 am

Services PMI rebounds from 6-month low

From a six-month low of 47.8 in February, the Nikkei India Services Business Activity Index improved to 50.3 in March, signalling that business activity stabilised at the end of the quarter.  Read more

From a six-month low of 47.8 in February, the Nikkei India Services Business Activity Index improved to 50.3 in March.
 

11.40 am

How to spot window-dressing

For equity investors, risks from competition, business cycles and market swings are par for the course. But one risk that has been cropping up far too often in India is that of companies window-dressing their financials. Read more

 

11.25 am

CAMS, Karvy stake sale

The fate of General Atlantic’s 74 per cent stake in Karvy Computershare and the deal of Warburg Pincus to buy a stake in CAMS hinges on the recommendations of the SEBI-appointed committee set up to look into the road-map for key market infrastructure companies. Read more

 

11.10 am

SEBI whole-time member post

SEBI’s three executive directors, including PK Nagpal, Ananta Barua and S Ravindran will be interviewed for filling up the post of the fourth whole-time member. The interview will be held on April 5 in Delhi. Read more

 

10.50 am

Crude oil gains

Oil prices rose, holding onto a late-session rally the previous day, buoyed by the US government data showing a surprise drawdown in crude stockpiles. Read more

File Photo: Crude oil storage tanks are seen from above at the Cushing oil hub, appearing to run out of space to contain a historic supply glut that has hammered prices, in Cushing, Oklahoma, March 24, 2016. REUTERS/Nick Oxford/File Photo
 

10.35 am

Domestic equties rallied as world equities recovered from a sell-off triggered by escalating Sino-US trade tensions, with investors hoping a full-blown trade war between the world's two biggest economies can be averted.

Brokers said buying by retail investors and fresh foreign fund inflows amid a firm trend in global markets drove the market sentiment. Investors were also awaiting the RBI's monetary policy announcement later in the day.

At 10.35 am, the Sensex was trading higher by 461.3 points or 1.4 per cent at 33,480.37 and the Nifty up 154.25 points or 1.52 per cent at 10,282.65.

Nifty50

BSE sectoral indices

 

 

Top 10 Nifty gainers

 

Nifty losers

 

10.20 am

Dollar remains steady

The dollar held steady against the yen after recovering against the safe-haven Japanese currency as stocks bounced back from a sell-off triggered by an escalating US-China trade spat. Read more

 

10.10 am

Rupee strengthens by 15 paise

The rupee strengthened by 15 paise to 65 against the dollar at the interbank forex market today on fresh selling of the greenback by exporters and banks ahead of the RBI’s monetary policy outcome later in the day. Read more

 

10 am

Nikkei rallies

Japanese stocks rose after Wall Street bounced back from a sell-off triggered by an escalating US-China trade spat. The Nikkei jumped 1.7 per cent to 21,680.83 in midmorning trade, trading above its 200-day moving average of 21,343.43. Read more

The broader Topix advanced 1.2 per cent to 1,726.28, with 30 of its 33 sub-sectors rising
 

9.50 am

Asian markets

Asian shares bounced from two-month lows as world equities recovered from a sell-off triggered by escalating Sino–US trade tensions, with investors hoping a full-blown trade war between the world's two biggest economies can be averted. Read more

 

 

9.40 am

Infra stocks see investor interest revival

After a prolonged period of stepmotherly treatment towards infrastructure stocks for a plethora of reasons, sentiment towards them has been finally changing in a positive way. In other words, infrastructure stocks are again gaining investor interest after a long hiatus. Read more

 

9.30 am

MFs plan to add 32 lakh investors

Notwithstanding the turbulence in the market, the mutual fund industry plans to add 50 lakh new investors in the next one year by continuing with its ‘Mutual Funds Sahi Hain’ campaign. Read more

 

9.25 am

Wall Street closes higher

The Dow Jones Industrial Average rose 230.94 points, or 0.96 per cent, to close at 24,264.30, the S&P 500 gained 30.24 points, or 1.16 per cent, to 2,644.69 and the Nasdaq Composite added 100.83 points, or 1.45 per cent, to 7,042.11. Read more

The S&P opened below its 200-day moving average, a key technical level, but inched above it as the session progressed, and by afternoon was in positive territory
 

 

 

9.18 am

Opening bell

Domestic equities rallied in the opening trade as world equities recovered from a sell-off triggered by escalating Sino-US trade tensions, with investors hoping a full-blown trade war between the world's two biggest economies can be averted.

The Sensex soared 393.60 points or 1.19 per cent to 33,412.67 and the Nifty jumped 100.05 points or 0.99 per cent to 10,228.45.

9.15 am

Day Trading Guide

FILE PHOTO: A bird flies past a window of a HDFC Bank branch office in Mumbai, India, October 21, 2015. REUTERS/Shailesh Andrade/File Photo
 

Given below are supports and resistances for Nifty 50 futures and seven key stocks that can help in your intra-day trading:

₹1884 • HDFC Bank

S1

S2

R1

R2

COMMENT

1875

1860

1895

1908

Fresh short positions can be initiated with a fixed stop-loss if the stock fails to move beyond ₹1895 levels

 

₹1124 • Infosys

S1

S2

R1

R2

COMMENT

1112

1100

1135

1145

Make use of intra-day rallies to sell the stock of Infosys while retaining a stiff stop-loss at 1135 levels

 

Click here to view the full table

9.10 am

Today's stock pick

 

Aditya Birla Fashion & Retail (₹150.8): Buy

The stock of Aditya Birla Fashion and Retail was resilient on Wednesday, when the benchmark indices fell more than one per cent. Investors with a short-term view can buy the stock at current levels. Read more

9.05 am

The S&P BE Sensex soared 273.99 points or 0.83 per cent to 33,293.06 against the previous close of 33,019.07 and the Nifty50 climbed 98.7 points or 0.97 per cent to 10,227.10 against 10,128.40.

Published on April 5, 2018 03:41