Sensex Today: Live Stock Market Updates: Sharp Drop in Sensex as RBI Cuts Growth Forecast by 60bps; Nifty approaches 17,600; Yield on 10-year bonds climbs to 7%

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Dr. VK Vijayakumar, Chief Investment Strategist at Geojit Financial Services on RBI MPC Decision

The maintenance of the Repo rate at 4% and the continuation of the accommodative policy corresponded to the forecasts. The rise in the reverse repo to 3.75% pushed the 10-year yield above 7%.

Recognizing the new reality of the war-triggered crude surge, the RBI, as expected, cut the GDP growth rate projection for FY23 to 7.2% from 7.8% earlier and raised CPI inflation projection for FY23 at 5.7% vs. 4.5% earlier. This is based on the assumption of a crude at $100. This implies that growth and inflation may be better if crude falls sharply if hopefully the war ends early. The opposite may be true if the war escalates and crude goes well above $100.

The Governor rightly highlighted India’s macroeconomic strengths, pointing to the improving external situation aided by record exports, ample foreign exchange reserves of $608 billion and a strengthening financial sector. A new tool introduced by the central bank is the SDF (Standing Deposit Facility) to absorb liquidity. SDF will be the floor of the LAF hallway.

RBI will engage in a phased, multi-year withdrawal of Rs 8.5 lakh crore excess liquidity from the system

– Governor Das

Property stocks mixed amid RBI policy announcement

Price as of April 08, 2022 10:38Click on company names for their live prices.

To withdraw cash over a period of years

– RBI Governor

Expect CAD to stay at sustainable levels despite crude surge: RBI governor

Foreign exchange reserves amount to 606.5 billion dollars

From April 18, bond and currency trading on the FX Money Market will resume from 9 a.m.

– Shaktikanta Das, RBI Governor

ALERT: Rupee jumps 21 paise to 75.82 against US dollar as RBI maintains dovish on benchmark lending rate

RBI Policy Live Updates: CPI inflation seen at 5.7% for FY23 (vs. 4.5% earlier)

  • CPI inflation at 6.3% in Q1
  • CPI inflation seen at 5% in Q2
  • CPI inflation at 5.4% in Q3
  • CPI inflation at 5.1% in the fourth quarter

Sensex drops as RBI cuts growth forecast by 60bps

JUST IN: Yield on 10-year bonds rises to 7%

> Bond yield at its highest since 2019

JUST IN: Yield on 10-year bonds rises to 7%

RBI Policy Live Updates: FY23 Real GDP Growth Estimated at 7.2% (vs. 7.8% earlier)

  • Q1 GDP growth at 16.2%
  • Q2 GDP growth at 6.2%
  • GDP growth in the third quarter at 4.1%
  • Q4 GDP growth estimated at 4%
  • FY23 growth estimate assumes crude oil at $100 a barrel

RBI Policy Live: India’s economy is steadily recovering from pandemic-induced contraction: Shaktikanta Das

Projected inflation higher, growth lower than February

– Shaktikanta Das, RBI Governor

LAF corridor reduced to 50 basis points: RBI governor

  • Creation of a new permanent deposit facility; rate set at 3.75%

RBI policy impact: BSE Bankex recovers from daily low

  • After RBI held rates steady, banking index rebounded into green, with only HDFC Bank as loser
RBI policy impact: BSE Bankex recovers from daily low

Sensex Today Live: Index jumps sharply as RBI keeps rate unchanged at 4%

Sensex Today Live: Index jumps sharply as RBI keeps rate unchanged at 4%

MPC votes to keep repo rate unchanged at 4%

  • The MPC voted unanimously to maintain a dovish stance
MPC votes to keep repo rate unchanged at 4%

Money Policy Live: Conflict in Europe has potential to derail global economy, governor says

  • India reassured by strong buffers, including large foreign exchange reserves
  • Facing new but colossal challenges
  • Agile and timely RBI actions
  • Extreme volatility characterizes commodity and capital markets

WATCH: Ruchi Soya FPO shares debut on D-Street

Live Market Updates: See the most active stocks on NSE early in the trade

Price as of April 08, 2022 09:41Click on company names for their live prices.

How can the current MPC result impact Street?

Current monetary policy is unlikely to have a significant impact on the market, even in the event of a surprise rate hike. This would be interpreted by the market indicating positively that the RBI is not behind the curve. The real concern for the market going forward would be aggressive rate hikes and quantitative tightening from the Fed expected over the next 12 months.

The MPC will certainly raise inflation targets for FY23 and flag inflation issues. This will have a short-term negative sentimental impact on rate-sensitive people. Segments such as telecommunications, IT, pharmaceuticals and metals, which are unlikely to be affected by higher inflation, are in a safe zone. Crude’s softening to around $100 is a positive while FII turning sellers again will provide ammunition for the bears.

— Dr. VK Vijayakumar, Chief Investment Strategist at Geojit Financial Services

Block deal in Bandhan Bank; 3% share swaps

  • Media suggests HDFC is likely a seller
  • HDFC had to reduce its stake to less than 5% in light of the recent merger
Block deal in Bandhan Bank;  3% share swaps

Ahead of board meeting, these Adani Group shares are trading higher

Price as of April 08, 2022 09:22Click on company names for their live prices.

Live Market Updates: Except for Real Estate, all sectors are trading in the green in the opening session on NSE

Live Market Updates: Except for Real Estate, all sectors are trading in the green in the opening session on NSE

Sensex Heatmap: 24 out of 30 stocks are trading higher

Main winners: Tata Steel, Ultratech, PowerGrid

Main losers: M&M, IndusInd Bank, TechM

Sensex Heatmap: 24 out of 30 stocks are trading higher

OPENING BELL: Sensex rises 200 points, Nifty above 17,700; Ruchi Soya jumps 5%, Adani Green 4%

OPENING BELL: Sensex rises 200 points, Nifty above 17,700;  Ruchi Soya jumps 5%, Adani Green 4%

Pre-open session: Sensex gains 255 points, Nifty above 17,650

SGX Nifty reports mute boot

Nifty futures on the Singapore Stock Exchange traded 16 points, or 0.09%, at 17,754.50, signaling that Dalal Street was heading for a flat start on Thursday.

Asian markets open lower

Asian stocks opened on the toe Friday morning, extending a selloff this week fueled by concerns over the Federal Reserve’s plans to aggressively tighten monetary policy to fight inflation. The MSCI Asia-Pacific ex-Japan equity index fell 0.13%. The Japanese Nikkei fell 0.44%; The South Korean Kospi fell 0.33%; Australia’s ASX 200 gained 0.55%, China’s Shanghai fell 0.06% and Hong Kong’s Hang Seng plunged 0.77%.

Tech View: A Clever Weakness May Linger

Nifty50 on Thursday fell for the third session in a row. It formed a small bearish candle on the daily chart and a lower high-low for the third session. The index could continue with its weakness if it falls below the 17,600 level, analysts said. In such a case, the 17,400 level is likely, they said. A reasonable negative candle formed on the daily chart with a minor upper shadow, said Nagaraj Shetti of HDFC Securities, who said the pattern indicated continued market weakness.

Dollar inches up to new two-year high

The dollar extended its tightening on Friday, hitting a new near two-year high against a basket of peers and a one-month high against the euro, buoyed by the prospect of a more aggressive pace of interest rate hikes. interest of the Federal Reserve. The dollar index hit 99.904 at the start of Asian trade, its best level since May 2020.

U.S. stocks rise

The S&P 500 ended higher on Thursday, with Pfizer and Tesla fueling a late-session rally as investors watched the war in Ukraine and a potentially more aggressive Federal Reserve. The Dow Jones Industrial Average rose 0.25% to end at 34,583.57 points, while the S&P 500 gained 0.43% to 4,500.21. The Nasdaq Composite climbed 0.06% to 13,897.30.

The rupee falls from 19 paise to 76.03 against the dollar

The rupee fell 19 paise to close at 75.95 (tentative) against the US dollar on Thursday as the US Federal Reserve’s hawkish stance affected investor sentiment in global markets and supported the US currency. A negative trend in domestic stocks and high oil prices amid the Russia-Ukraine conflict added to the woes, traders said.

Sensex, Nifty on Thursday

Down for the third straight session, Sensex fell more than 575 points on Thursday, following heavy losses in index heavyweight twins HDFC, TCS and Reliance Industries amid a sell-off in stock markets global. The 30-stock gauge fell 575.46 points or 0.97% to settle at 59,034.95. During the day, it plunged 633.06 points or 1.06% to 58,977.35. The broader Nifty-50 also fell 168.10 points or 0.94% to close at 17,639.55.

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