Nifty closed above 11900 pts and Bank Nifty today gained 2.83% after the RBI policy outcome

 

Sensex, Nifty & Bank Nifty today:  Indian markets opened in a positive note as indicated by the SGX Nifty today. The Sensex and Nifty were trading flat while Bank Nifty today was trading marginally lower ahead of the RBI policy. The RBI MPC announced the outcome of the meeting at 10 am and kept all key rates unchanged and maintained the accommodative stance.

The market sentiments become positive after RBI signaled more easing ahead to support the economy that sees contracting 9.5% in FY21. The RBI has also stated that it will maintain comfortable liquidity conditions and conduct market operations in the form of outright and special open market operations (OMOs).

It will conduct on tap targeted long-term repo operations (TLTRO) with tenors of up to three years for a total amount of up to Rs one lakh crore at a floating rate linked to the policy repo rate. Indian market reacted very strongly after the announcement of the RBI policy and Bank Nifty today jumped above 3 percent.

On the global front, Asian markets closed mixed today. Traders took cautious approaches on the last day of the week due to US fiscal stimulus talk and US election uncertainty. The European markets are trading higher on the hopes of rosy earnings forecast by retailers and drugmakers. The US futures Dow and Nasdaq futures are also trading higher on the hopes of fiscal stimulus.

 

Sensex, Nifty, and Bank Nifty today on the spot levels

 

At close, Nifty gained 79.60 points or 0.68% and at 11914.20 while Sensex gained 326.82 points or 0.82% and closed at 40509.49 levels. The Bank Nifty today was volatile in the morning at the time of the RBI policy outcome. It made a solid gain of 655.45 points or 2.83% and ended at 23846.80 levels.

The Nifty midcap and smallcap 100 indices closed lower today. The Nifty midcap index fell 53.10 points or 0.31% and at 17093.25 levels. The smallcap index declined by 13.65 points or 0.23% and closed at 5876.60 levels.

The top five gainers in the Nifty index for the day are Wipro, ICICI Bank, Axis Bank, SBI, and HDFC bank. The top five losers in the Nifty index today are Grasim, Hindalco, UPL, Sun Pharma, and SBI Life Insurance. HDFC Bank, TCS, and HDFC are the most active stocks for the day in NSE today.

On a sectoral basis, Banking & Finance, Infrastructure, Power, IT & Software, and Metals closed in the green today. On the losing side, the Chemical, Healthcare, Real Estate, Insurance, and FMCG sectors closed in the red today.

 

 

Nifty and Bank Nifty today in futures

 

The  Nifty futures price opened at 11864.60, and it made a positive opening of 32.80 points today. It has touched an intraday high at 11949.95 and a day’s low at 11815.80

The Nifty futures price has given a movement of 134.15 points. In the end, it gained 116.2 points or 0.98% and closed at 11948 levels.

The Bank Nifty futures price opened at 23250.95 It made a positive opening of 66.25 points. It has touched an intraday high at 23965 and a day’s low at 23151

During the day, the Bank Nifty futures price has given a movement of 814 points. In the end, it gained 767.05 points or 3.31% and closed at 23951.75 levels.

 

Conclusions

Indian markets closed near the day’s high today. The positive global market cues and dovish RBI monetary policy helped the Nifty index to close above 11900 levels. Today buying was seen mainly in the large-cap banking stocks. The small and midcap indices were not participating in today’s rally.

The Indian market is looking positive for the next week at this moment. You can get last week’s detailed market reports and next week’s key factors on our website on Saturday and Sunday. 

 

You may also like to read, Trading Strategy: Bank Nifty futures ahead of RBI policy

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Happy weekend!!

Editor’s Desk