Indian Market news: Nifty above 12100, Sensex was up 163 pts post-RBI Policy

 

Indian Market news: The benchmark indices opened in positive today ahead of RBI Monetary Policy and later it extended its early gains. The Bank Nifty was volatile in the morning in a tight range and Nifty was hovering around 12100. It was only after the RBI Monetary policy the market got a positive trend today.

 

Indian market news today:

The six-member monetary policy committee of RBI has decided to keep its repo rate unchanged, its a status quo policy. RBI has maintained its accommodative stance to support the economic growth and said there is policy space available for future actions. 

The Central Bank of India has raised its CPI inflation forecast for March quarter to 6.5% and the first half of FY21 to 5-5.4%. The FY21GDP growth estimated at 6% as against 6-6.5% forecasted earlier in Economic Survey on 31st January.

At close Nifty today gained 48.80 points or 0.41% and at 12137.95 while Sensex gained 163.37 points or 0.40% and at 41306.03. The Bank Nifty gained almost 1% today or 302.10 points and closed at 31,304.05. The Nifty PSU Bank gained the most was up above 2.5% today.

The Nifty midcap 100 index gained 130.50 points or 0.72%  and closed at 18246.20. Whereas the Nifty smallcap 100 index gained 35 points or 0.56% and closed at 6240.25.

 

Indian stock market gainers and losers news

The top gainers in the Nifty50 Stocks are IndusInd Bank, Eicher Motors, Zee Entertainment, SBI, and Bajaj Finance. The losers in the Nifty50 stocks are Tata Motors, Cipla, Infosys, Titan Company, and ITC.

In the Nifty midcap space, the gainers are Ajanta Pharma, Indiabulls Vent and the losers are Jubilant Food, Varun Beverages. In smallcap space, the gainers are Karur Vysya, Reliance Comm, and the losers are Dr. Lal Path Lab, Vakrangee.

Among the sectors, the gainers are Telecom, Retail, Insurance, Banking & Finance, Electricals, and Industrial Gas. The losing sectors for the day are IT & Software, FMCG, Footwear, Logistic and Real Estate.

FIIs are the seller and DIIs are buyers in the cash segment today. FIIs sold Rs 560.36 crores and DIIs bought Rs 304.01 crores in the cash market.

 

Stocks in the news 

Due to Q3 earnings:

Cadila Healthcare has reported very good Q3 numbers. The company has reported a 249% increase in profit on a sequential basis. Though on YoY basis its profit has come down but a sequential basis it meets street estimates. The share price of Cadila Healthcare has reacted positively after the news, it gained 0.53% and closed at Rs 273.10 per share.

DLf has reported Q3 result, its profit was up by 23.8% at Rs 413 crore as against Rs 333.7 crore. While revenue was down 39% at Rs 1341.9 crore against Rs 2219.3 crore on YoY basis. The share price of DLF has declined by 2.82% and closed at Rs 246.30 per share.

Eicher Motors reported a 6.42% YoY drop in consolidated Q3 net profit at Rs 498.70 crore as against Rs 532.95 crore in the same quarter last year. The company’s sales rose by 0.95% to Rs 2350.45 crore as compared with Rs 2328.25 crores in the last year

The company’s margin shrinks by 430 bps to 25%. The share price of Eicher Motors gained 4.64% and closed at Rs 20391.20 per share

 

Others stocks in the news 

The USFDA has approved the Abbreviated New Drug Application (ANDA) filed by Granules Pharma a wholly-owned foreign subsidiary of Granules India. The share price of Granules India gained 4.85% and closed at Rs 161.10 per share.

Dilip Buildcon has been declared an L-1 bidder by the NHAI for its tender floated for the project in Chattisgarh. The share price of Dilip Buildcon has gained 2.41% and closed at Rs 392.80 per share.

Minda Industries issues commercial papers worth Rs 15 crore with maturity on March 30, 2020, and CP worth Rs 30 with maturity on May 05, 2020. The share price of Minda Industries fell 3.24% and closed at Rs 390.15 per share.

The stock market investor Radhakrishan Damani led Avenue Supermart (D-Mart) Board of Directors has approved the launch of Rs 4000 crore Qualified Institutional Placement (QIP). The share price of Avenue Supermarts has gained 2.02% and closed at Rs 2294.35 per share.

SEBI bars two directors of Indiabulls Ventures from accessing the capital market for I year. The share price Indiabulls Ventures has gained 8.52% and closed at Rs 172.50  per share. 

HSBC has maintained a “buy” rating on Shriram Transport Finance Corporation and raised the target price from Rs 1450 to Rs 1500 per share. The share price of the Shriram Transport Finance Corporation has gained 7.57% and closed at Rs 1218.75 per share.

Adani Green Energy and Total Gas & Power Business Services SAS have entered into a binding agreement for investment approximately USD 510 million. The share price of Adani Green energy has gained 5% and closed at Rs 202.90 per share.

 

Crude and Rupee updates:

The Brent crude is trading 1.25% lower at 7 pm IST from the previous day’s close. It is currently trading at $ 54.62 per barrel. Indian rupee closed almost flat today, it closed at Rs 71.20 against the US dollar.

 

Conclusions:

The Indian stock market closed in a positive note today. The market may continue to trade in northwards direction tomorrow. As expected RBI has kept the repo rate unchanged and maintained the accommodative stance.

Coronavirus is the only threat as of now for further correction in the market otherwise the northward journey will continue for a few more days. Traders can follow our Nifty and Bank Nifty technical views and daily Indian market news.

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Editor’s desk