RBI Monetary Policy, Top gainers in Nifty  and  Share market news

 

RBI Policy, Market News  & Top Gainers/ losers in Nifty: The Indian market opened in positive today ahead of RBI Monetary policy meeting. Markets become volatile after the Reserve Bank of India (RBI) keeps the repo rate unchanged at 5.15% and maintained the accommodative stance. In the end, the benchmark indices closed in the red.

In the RBI policy meet the CPI inflation projection is revised upwards to 5.1-4.7% for H2 2019-20 and 4.03.8% for H1 2020-21. The real GDP growth for 2019-20 is revised downwards from 6.1% in the October policy to 5%.

In the end, Nifty fell 24.80 points and closed at 12018.40 while Sensex declined at 70.70 points and closed at 40779.59. The Bank Nifty was the most volatile today due to the RBI policy, it fell 266.30 points and closed at 31713.

The Nifty midcap 100 index was also down 30.25 points or 0.18% and closed at 16980.40. Whereas the Nifty smallcap index closed in green at 5751.85, it was up 9.90 points or 0.14%.

 

Top gainers in Nifty

 

The top gainers in Nifty50 stocks are Zee Ent, TCS, ITC, Larsen & Toubro, and Britannia. The five losers in the Nifty50 stocks today are JSW Steel, Coal India, Bharti Airtel, Tata Steel, and IndusInd Bank.

The top gainers in Nifty smallcap stocks are Jubilant life, Edlewisse and the losers are Jindal Steel and HUDCO. In smallcap space the gainers are Tata ELxsi, Equitas Holdings and the losers are GNFC, Godfrey Phillip. 

Among the sectors, the top gainers in Nifty today are IT & Software, Electricals, Footwear, Consumer Durables, Media, Logistic and Infrastructures. The losing sectors are Metal, Telecom, Insurance, Banks, Aviation and construction materials.

FIIs/ DIIs positions

The FIIs are the buyers today after four consecutive days of selling in the cash market. FIIs bought Rs 653.35 crores and DIIs sold Rs 410.49 crore in the cash segment.

 

Stocks in News

 

Two borrowing agencies of Housing & Urban Development Corporation (HUDCO) defaulted in repayment of their dues. The share price of HUDCO fell 6.05% and closed at Rs 38.05 per share.

Bharti Airtel board has approved to raise USD 3 billion via debt and equity. Despite the news share price of Bharti Airtel fell 3% in the early trade and closed at Rs 447.35 per share

Zydus Cadila has filed the NDA of Saroglitazar Mg in Non-alcoholic Steatohepatitis (NASH) with the Drug Controller General of India (DCGI). The share price of Zydus Cadila has fallen 0.26% and closed at Rs 1436.20 per share

CLSA and Goldman Sachs has given the buy rating on Reliance Industries. Goldman Sachs has raised the target from Rs 1635 to Rs 1850 whereas CLSA has raised from Rs 1710 to Rs 2010 for RIL. The share price of Reliance has fallen 012% despite the positive news and closed at Rs 1550.85 per share

Gayatri Energy Ventures Pvt Ltd (GEVPL) a subsidiary company of Gayatri Projects is going to sell its stake in Sembcrop Energy India Limited (SEIL). The share price of the Gayatri Project gained 1.86%  and closed at Rs 71.15 per share.

CLSA has given a buy rating on Lemon Tree Hotels and raised its target to Rs 80. The recommendations in because of its increased occupancy rate in Mumbai, Delhi, and Hyderabad. The share price of Lemon Tree Hotel gained 2.94% and closed at Rs 63.10 per share.

HDFC Asset Management said that it will use a greenshoe option for sale of an additional 0.86% stake via offer for sale (OFS). The share price of HDFC Asset Management Company declined 4.21% on the news and closed at Rs 3201.20  per share.

Crude Oil and Rupee Updates: 

Brent crude oil future price is trading higher ahead of OPEC meeting. The current Brent crude oil price at (7.30 pm IST) is trading at $63.60 almost 0.95% up. The Indian rupee has closed at Rs 71.27 against the US dollar.

 

Conclusions:

The Indian Stock Market today erased morning gains and closed in negative territory, but IT stocks are top gainers in Nifty. FIIs/FPIs are the buyers in the cash market today after selling consecutively for four days if it continues then this can change the market sentiment. 

The hope of signing phase one of the trade deal between the US and China is still alive after negative comments made by Donald Trump. This can also change the market sentiments both domestic as well as global markets. Traders can follow our Nifty and Bank Nifty views for tomorrow here

You may also like to read, 10 best stocks/shares to buy now for 2020

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