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Closing bell
The Sensex closed higher by 284.2 points or 0.81 per cent at 35,463.08 and the Nifty ended up 78.7 points or 0.78 per cent at 10,768.35.
Top five Sensex gainers were Tata Steel, Tata Motors, ICICI Bank, Axis Bank and Wipro, while the major losers were Coal India, IndusInd Bank, Kotak Bank, State Bank of India and Sun Pharma.
Barring consumer durables, all other BSE sectoral indices ended in the positive zone.
Short-covering by investors at lower levels post RBI rate hike boosted the domestic sentiment. As per provisional data, DIIs had net bought shares worth Rs 712.31 crore, while foreign funds sold shares to the tune of Rs 81.40 crore yesterday.
Global markets
World stocks hit a three-week high and the euro and German Bund yields also rose as investors priced in a potentially earlier-than-expected wind-down of stimulus from the European Central Bank. Click here to read more
Fiscal deficit
Moody’s said India may cut capital expenditure to offset any slippage from the budgeted target.
Moody's Investors Service expects India to stick to the estimated fiscal deficit of 3.3 per cent of GDP and even cut capital expenditure to offset any slippage from the budgeted target. Click here to read more
Bullion prices
Gold prices advanced by Rs 10 to Rs 31,870 per 10 grams at the bullion market. Silver, too, reclaimed the Rs 41,000-mark by surging Rs 250 per kg. Read more
FDI inflows fall by $4 billion
Foreign Direct Investment to India decreased to $40 billion last year from $44 billion in 2016 while outflows from India, the main source of investment in South Asia, more than doubled. Click here to read more
LME copper
Three-month copper on the London Metal Exchange hit $7,287 a tonne, its highest since December 29, 2017, and was trading at $7,276 at 0707 GMT. It is up 6.3 per cent so far this month. Click here to read more
European markets
The pan-European STOXX 600 index and Germany's DAX were both up 0.4 per cent at 0820 GMT, while France's CAC 40 rose 0.6 per cent. Britain's FTSE opened an hour late because of a delay in the opening auction and was trading up 0.2 per cent. Click here to read more
Brokerages see more rate hikes in FY19
Nomura analysts expect RBI to push rates up by another 25 basis points at the next policy meet in August and then maintain status-quo. Citi India economists are betting on further increase in rates in October, while Morgan Stanley expects the rise in rates to be “front-loaded” with hikes in both August and October. Read more
Gaps in pension security
Worldwide, pension planning is the bedrock of social security as it helps people in their sunset years have steady income and access to essential services including healthcare. Public social security expenditure on pensions and other non-health benefits earmarked for senior citizens amounts, on an average, to 3.3 per cent of the global gross domestic product. Click here to read more
'Normal' rains may not yield a rich harvest
Now that the South-West monsoon has officially set in over Kerala, it is time to contemplate the scenario that is likely to unfold in the months ahead. Within the India Meteorological Department’s overall ‘normal’ monsoon prediction for this season, information about spatial and temporal distribution of rains should bring a sense of relief. Click here to read more
Benchmark indices were trading higher by over one per cent on heavy in rate-sensitive realty, metal and banking amid positive global cues. Short-covering by investors at lower levels post RBI rate hike boosted the domestic sentiment.
The Sensex was trading higher by 419.87 points or 1.19 per cent at 35,598.75 and the Nifty up 124.3 points or 1.16 per cent at 10,808.95.
Top five Sensex gainers were Tata Steel, Axis Bank, ICICI Bank, Reliance and Tata Motors, while the major losers were Coal India, Sun Pharma, Kotak Bank, PowerGrid and Bajaj Auto.
Repo rate hike
The central bank had on Wednesday raised its policy rate for the first time in over four years. Growing inflation concerns prompted the Reserve Bank of India's Monetary Policy Committee to lift the repo rate by 25 basis points while maintaining its “neutral” stance instead of changing to “tighten”.
The rate hike is a negative but markets are recovering due to short-covering, since people sold off their positions at higher levels prior to the RBI meet and are now covering their positions at lower prices, said Sumit Pokharna, Vice-President, Kotak Securities.
“Investors were anticipating a rate hike due to depreciation of the rupee, major selling in the debt markets and rising inflation on concerns over crude prices,” he added.
Infosys hits 2-year high
Infosys shares hit 2-year high, and technicals suggested further upside. The stock gained as much as 1.7 per cent to Rs 1,258, its highest since June 8, 2016. Read more
It’s time to take a reality check on consumption
A worker stacks food packets inside a retail outlet at a shopping mall in Kolkata August 12, 2014. India's core consumer price index was estimated to have risen 7.4 percent in July from a year earlier, in line with the 7.4 percent rise in June, according to a Reuters snap survey of three analysts on Tuesday. REUTERS/Rupak De Chowdhuri (INDIA - Tags: BUSINESS FOOD)
The GDP data released last week has brought much cheer to the economy. While headline GDP numbers show a good pick-up, PFCE numbers still remain dodgy. This indicates that demand continues to be iffy after the headwinds faced from the note ban and the GST move. Click here to read more
Nifty 50 June futures (10,784)
Taking bullish cues from the global markets, the Nifty and the Sensex opened the session with a gap-up and continued to trade in positive territory. The near-term outlook remains positive as long as the contract trades above 10,750 levels. Click here to read more
The NSE index rose to a three-week high with private-sector lenders such as Axis Bank and ICICI Bank leading the gains, a day after the central bank raised its policy rate for the first time in over four years.
Growing inflation concerns prompted the Reserve Bank of India's Monetary Policy Committee to lift the repo rate by 25 basis points while maintaining its “neutral” stance instead of changing to “tighten”.
The rate hike is a negative but markets are recovering due to short-covering, since people sold off their positions at higher levels prior to the RBI meet and are now covering their positions at lower prices, said Sumit Pokharna, Vice-President, Kotak Securities.
“Investors were anticipating a rate hike due to depreciation of the rupee, major selling in the debt markets and rising inflation on concerns over crude prices,” he added.
At 12.30 pm, the NSE index was up 112.6 points or 1.05 per cent at 10,797.25. The benchmark BSE index was trading higher by 388.43 points or 1.1 per cent at 35,567.31.
The Nifty private bank index was up 1.3 per cent. Axis Bank was up 3.25 per cent and ICICI Bank 2.5 per cent, while HDFC Bank Ltd was up 0.9 per cent. - Reuters
What higher interest meant for investors
The relative calm with which the 25 basis points rate hike by the RBI was digested by the markets suggests that the increase was fairly well anticipated with banks already having raised lending and deposit rates over the past few months. Click here to read more
What drove RBI to hike repo rate?
The RBI has been rather slow to react to the tightening liquidity in global financial markets unlike other central banks in emerging Asia. This has resulted in foreign funds pulling money out of Indian debt, even as they were net buyers in the debt markets of other emerging Asian countries in 2018. Click here to read more
Rupee slips to 67.14
The rupee depreciated by 22 paise to 67.14 against the US dollar due to repo rate hike and fresh demand for the American unit from importers and banks. Click here to read more
Crude oil
US West Texas Intermediate (WTI) crude was up 38 cents, at $65.11 a barrel. File Photo
Brent crude futures were up 33 cents, or 0.4 per cent, to $75.69 a barrel at 0101 GMT. WTI crude was up 38 cents, or 0.6 per cent, at $65.11 a barrel. Read more
Forex market
The euro stayed near two-week highs against many of its rivals, on rising bets the European Central Bank may announce it will wind down its stimulus programme by year-end as early as next week. Click here to read more
Benchmark indices were trading higher by nearly one per cent on heavy buying in realty, metal, banking and infrastructure stocks amid positive global cues.
The BSE index was up 317.39 points or 0.9 per cent at 35,496.27 and the NSE index up 92.25 points or 0.86 per cent at 10,776.90.
Top five Sensex gainers were Axis Bank, ICICI Bank, Tata Steel, Wipro and Adani Ports, while the major losers were PowerGrid, Coal India, Sun Pharma, NTPC and Hero MotoCorp.
Domestic sentiment was buoyed as the RBI had yesterday hiked the policy rate after a four-year pause on inflation concerns but maintained its neutral stance. It has also retained its GDP growth forecast for 2018-19 at 7.4 per cent on hopes of higher investments and consumption.
HUL stocks climbs 1.7%
Shares of Hindustan Unilever were buoyed by analyst comments. The stock climbed as much as 1.7 per cent to Rs 1,597.10, its biggest intraday percentage gain since May 31. Read more
InvITs: Now, CICs can act as sponsors
In a bid to encourage investments in core sector projects, the RBI has decided to permit core investment companies to act as sponsors to issuances by Infrastructure Investment Trusts. Click here to read more
Shares of C&C Constructions were trading higher by 4.98 per cent at Rs 34.80 as the company’s joint venture arm has bagged an order worth ₹145.12 crore. Read more
Nikkei rises to over 2-week high
Japan's Nikkei share average rose to more than two-week highs to stay above a key technical level as it tracked Wall Street gains overnight, while non-ferrous metal stocks staged a rally after copper prices soared. Click here to read more
What to watch
Shares of HCL Infosystems may remain in focus, as its distribution agreement with Apple India will end on March 30, 2019. Read more
What to watch
Aksh Optifibre has received a show-cause notice from the Securities and Exchange Board of India pertaining to the GDR issue. The company shares were trading up by 5.62 per cent at Rs 31.95 on the BSE. Read more
The Sensex was trading higher by over 250 points on heavy buying in realty, metal, infrastructure and capital goods stocks amid positive global cues.
The BSE index was up 262.78 points or 0.75 per cent at 35,441.66 and the NSE index up 77.55 points or 0.73 per cent at 10,762.20.
Top five Sensex gainers were Axis Bank, Tata Steel, ICICI Bank, ONGC and Adani Ports, while the major losers were Bharti Airtel, PowerGrid, Coal India, Hero MotoCorp and State Bank of India.
Domestic sentiment was buoyed as the RBI had yesterday hiked the policy rate after a four-year pause on inflation concerns but maintained its neutral stance. It has also retained its GDP growth forecast for 2018-19 at 7.4 per cent on hopes of higher investments and consumption.
Brokers said sustained buying by domestic institutional investors and a firm trend in other Asian bourses supported the market sentiment. As per provisional data, DIIs had net bought shares worth Rs 712.31 crore, while foreign funds sold shares to the tune of Rs 81.40 crore yesterday.
Bank Nifty
The Bank Nifty Futures June contract was up by 125 points on Wednesday and closed at 26,383 levels. The contract was trading at a premium of 16 points to its underlying Bank Nifty index. Click here to read more
Resolution under IBC: SEBI amends norms
SEBI has done away with the requirement of prior no-objection or observation letter from the regulator and the stock exchanges before making an application to the NCLT for carrying out restructuring of the capital of a ‘corporate debtor’. Click here to read more
Wintac to delist from BSE
Wintac is seeking shareholders’ nod for its proposed delisting from the BSE. Shares of the company are not listed on the NSE. Click here to read more
Reliance ETF Nifty Midcap 150
Reliance Nippon Life Asset Management has filed a draft paper with market regulator SEBI for Reliance ETF Nifty Midcap 150, an open-ended index exchange-traded fund. Click here to read more
Asian markets
Nasdaq sets fresh record high. File Photo
Asian shares rose to 2 1/2-month high, supported by strong economic fundamentals, while expectations the European Central Bank could start to wind down its stimulus boosted the euro and global bond yields. Click here to read more
9.15 am
Opening bell
The 30-share BSE index Sensex jumped 188.88 points or 0.54 per cent at 35,367.76 against the previous close of 35,178.88 and the 50-share NSE index Nifty climbed 49.95 points or 0.47 per cent to 10,734.60 against Wednesday's close of 10,684.65.
9.10 am
Day Trading Guide
Given below are supports and resistances for Nifty 50 futures and seven key stocks that can help in your intra-day trading:
₹2059 • HDFC Bank
₹1235 • Infosys
₹270 • ITC
Click here to view the full guide
9.05 am
Today's stock pick
Emami Paper Mills (₹223.5): Buy
Investors with a short-term horizon can buy the stock of Emami Paper Mills at current levels. After taking support at ₹200 recently, the stock has gained 8.4 per cent with good volume on Wednesday. Click here to read more
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