Share Market News Today | Sensex, Nifty, Share Prices Highlights: The benchmark domestic indices ended the week’s last trading session in the green following the RBI’s announcement to keep the key interest rates unchanged. The NSE Nifty 50 gained 0.55% to settle at 19,653.50, while the BSE Sensex added as much as 263.06 points to 65,995.63. The border indices settled in positive territory, with gains led by Midcap and Smallcap stocks. The Bank Nifty index added as much as 147.25 points, or 0.33%, to settle at 44,360.60. The other sectoral indices also settled broadly in green with the gains led by Realty and Financial Services and Pharma stocks. The Nifty realty index surged 3.8%, while Media slipped marginally by 0.02%.
RBI Governor Shaktikanta Das announced its fourth bi-monthly monetary policy today in which he said that the central bank has decided to keep the repo rate unchanged at 6.50% and adopted a stance of ‘withdrawal of accommodation. The RBI governor said, “After a detailed assessment of the evolving macroeconomic and financial developments and the outlook, RBI’s Monetary Policy Committee decided unanimously to keep the Policy Repo Rate unchanged at 6.5%.”
Live Updates 15:37 (IST) 6 Oct 2023 Markets at close
The NSE Nifty 50 gained 0.55% to settle at 19,653.50, while the BSE Sensex added as much as 263.06 points to 65,995.63.
15:11 (IST) 6 Oct 2023 Realty stocks soar
The Nifty Realty index surged over 3% following the RBI’s announcement to keep the key interest rates unchanged. The gains were led by Swan Energy, DLF and Godrej Properties, with their respective gains of 4.98%, 4.68% and 4.50%.
14:17 (IST) 6 Oct 2023 MPC to remain data dependent
“Monetary Policy Committee (MPC) kept rates and stance unchanged, hinting at a longish pause with a word of caution due to the state of the global economy. As previously pointed out MPC’s target inflation of 4% was explicitly mentioned yet again. MPC will remain data dependent and incremental actions by way of liquidity measures continue to be our base case. The 10-year bond is expected to settle slightly higher in the range of 7.15% to 7.35% following RBI’s hint of OMO sales as the next liquidity tool after ICRR,” said Radhavi Deshpande, President & Chief Investment Officer, Kotak Mahindra Life Insurance Company.
13:12 (IST) 6 Oct 2023 A brave stance
“RBI has not bucked under pressure to tinker with repo rate post the taken a brave stance despite the US Fed retaining a hawkish stance. RBI Governor sounded more cautious against rapid growth in unsecured loans in banks and NBFC. Also, it seems RBI would like to keep liquidity tight, so the benchmark yields may inch up further. However, the financial stocks have not reacted negatively as it retained the inflation forecast as of now.”
– Gaurav Dua, Head Capital Market Strategy at Sharekhan by BNP Paribas.
12:28 (IST) 6 Oct 2023 Banks to face face headwinds on margins
“RBI is expected to maintain the status quo on rates for longer and possibly consider rate cuts in H1FY25. All eyes will now be on the earnings season. Banks that have released their provisional numbers so far have sustained strong credit growth momentum. However, concerns around the quantum of margin compression continue to linger. Banks will continue to face headwinds on margins in this quarter as well, with some negative impact on NIMs owing to ICRR visible only during this quarter. Asset quality does not seem concerning at the moment, and lower credit costs would continue to support banks’ earnings,” said Naveen Kulkarni, Chief Investment Officer, Axis Securities PMS.
11:54 (IST) 6 Oct 2023 Top gainers on NSE
Bajaj Finserv, Titan, ITC, Bajaj Finance and Tata Consumer Products were the top gainers on the NSE Nifty 50 during the intra-day trade on Friday.
11:45 (IST) 6 Oct 2023 Realty stocks zoom
The Nifty Realty index gained 1.07% during the intra-day trade on Friday. The gains were led by Macrotech Developers and Sobha, with respective gains of 2.68% and 2.40%.
11:42 (IST) 6 Oct 2023 RBI’s decision sees positive response from market, attention shift towards global market dynamics
“The RBI’s decision to maintain the status quo in its policy has been received positively by the market, despite growing concerns about rising inflation on a global scale. Nevertheless, the impact of this decision is expected to be limited, as the market’s attention is anticipated to shift towards global market dynamics, notably the dollar index and US bond yields. Technically speaking, Nifty has managed to surpass the 50-day moving average (DMA), suggesting potential for a further recovery towards the 20-DMA level of 19,800. However, a significant bullish momentum is projected to materialize only upon breaching the 19,800 mark,” said Santosh Meena, Head of Research, Swastika Investmart.
11:39 (IST) 6 Oct 2023 Policy in line with expectations; traders eye US Jobs data
“A completely in line with expectations policy is neutral from the market perspective. Not only the policy rates but the growth and inflation targets for FY24 remain unchanged. More than this status-quo statement from the MPC, tonight’s job numbers from the US will determine the market trend in the near-term. Rate sensitives like banks will start discounting the positive Q2 results expected in the coming days. The warning from the governor that the central bank will resort to OMOs to absorb excess liquidity if necessary has pushed the 10-year bond yields up marginally,” said V K Vijayakumar, Chief Investment Strategist at Geojit Financial Services.
11:06 (IST) 6 Oct 2023 Encouraging for equity, debt markets in medium-term
“A rate cut in the next 12 months is exceedingly unlikely. On the plus side, the governor expressed strong confidence that India will maintain strong growth and that inflation will continue to fall, albeit slowly. These forecasts are encouraging for both the equity and debt markets in the medium term. However, the strong possibility of the RBI remaining on hold for an extended period of time, as well as the continuance of liquidity tightening, is bad for interest-sensitive industries,” said Sujan Hajra, Chief Economist & Executive Director, Anand Rathi Shares and Stock Brokers.
10:56 (IST) 6 Oct 2023 Growth remains resilient, Core inflation remains under check
“The RBI’s decision to pause along with retaining the withdrawal of accommodation stance was in line with expectations. Importantly, the RBI has explicitly highlighted the need to use OMO sales to modulate liquidity. This will weigh down bond markets’ sentiments. Concerns on food inflation were highlighted which can impart upside to headline inflation. We believe that inflation risks remain on the upside given weather related impact as well as commodity prices. Global monetary conditions will also weigh on RBI’s policy decisions. The good part is that growth remains resilient and core inflation remains under check. We maintain our call for a prolonged pause on repo rate at 6.5% well into FY2025 while liquidity over the medium term will be aimed at being close to neutral,” said Suvodeep Rakshit, Senior Economist, Kotak Institutional Equities.
10:54 (IST) 6 Oct 2023 Interests rates to remain elevated for extended period
“On a positive note, interest rates haven’t increased as anticipated, however, they are expected to remain elevated for an extended period. This will have an implication on rate-sensitive sectors like banking, auto, core industries, and heavy-weighted balance sheet companies. The elevated global bond yields and appreciation of the US dollar will affect the domestic economy and capital flows. However, it should not have a deep overhang effect on the economy but rather a mixed bias in the short term. The inclusion of government securities in the global bond index and moderation in inflation, like food & international commodity prices, will support INR and domestic corporate profit even in a volatile global currency market.”
– Vinod Nair, Head of Research at Geojit Financial Services.
10:53 (IST) 6 Oct 2023 RBI overlooked data
“The RBI had overlooked data in the early aftermath of COVID since the aim was to stimulate the economy & engineer a turn-around. Since changing its stance last year, the RBI has been data-driven. According to the RBI’s inflation prediction for Q3 & this FY, today’s policy outcome is not surprising. We expect the RBI to retain the status quo unless we see a durable drop in inflation and if steady economic activity continues,” said Shantanu Bhargava, Managing Director, Head of Discretionary Investment Services, Waterfield Advisors.
10:41 (IST) 6 Oct 2023 RBI keeps GDP growth forecast for FY24 at 6.5%
-Q2FY24 GDP growth forecast unchanged at 6.5%
-Q3FY24 GDP forecast at 6.0%
-Q4FY24 GDP growth forecast unchanged at 5.7%
10:36 (IST) 6 Oct 2023 PSU Bank stocks shine
The PSU Bank index in the green in response to the RBI MPC’s decision to maintain the key interest rates unchanged. The gains were led by Union Bank of India with 1.28% and Canara Bank with 1.21%.
10:16 (IST) 6 Oct 2023 RBI maintains status quo
The RBI Monetary Policy Committee has kept the key policy repo rate unchanged at 6.5% for the fourth time in a row.
10:11 (IST) 6 Oct 2023 CPI inflation in August
India’s retail inflation in the month of August slowed to 6.83%, 61 basis points lower in comparison to the 15-month high of 7.44% in July.
10:09 (IST) 6 Oct 2023 Valiant Laboratories lists at Rs 162
The shares of Valiant Laboratories debuted at the NSE at Rs 162.15, a 16% premium over its issue price of Rs 140.
09:41 (IST) 6 Oct 2023 RBI Monetary Policy October 2023
The Reserve Bank of India (RBI) will declare its fourth bi-monthly monetary policy today. The three-day meeting, headed by Governor Shaktikanta Das began on October 4 and the announcements are due on Friday. Overall, the central bank, according to experts, is expected to keep the repo rate unchanged at 6.5% and maintain a hawkish pause, given the borrowing cost, which started rising in May last year, has stabilised.
09:20 (IST) 6 Oct 2023 Markets at open
The NSE Nifty 50 opened at 19,621.20, up 0.38%, while the BSE Sensex opened at 65,867.54, up 235.97 points.
09:02 (IST) 6 Oct 2023 Bank Nifty Outlook
“Bank Nifty bulls displayed resilience before the RBI policy announcement by maintaining support in the 44,000-43,800 range. Immediate resistance on the upside lies at the 44,400-44,500 zone. A breakthrough here could trigger short-covering, potentially driving the index towards the 45,000 mark, which currently has the highest open interest on the call side. The RBI policy decision may influence the near-term direction of the index,” said Kunal Shah, Senior Technical & Derivative analyst at LKP Securities.
09:01 (IST) 6 Oct 2023 Technical View
“On the daily charts we can observe that Nifty has formed a Morning Star pattern which bullish implications. The recent correction has halted around the 20-week moving average (19,320) and now we expect a relief rally over the next few trading sessions. On the upside we expect the pullback till 19,780 – 19,800 which coincides with the 50% Fibonacci retracement level and the 20-day moving average. In terms of levels, 19,460 – 19,480 is the crucial support zone while 19,670 – 19,700 shall act as an immediate hurdle zone,” said Jatin Gedia – Technical Research Analyst at Sharekhan by BNP Paribas.
08:47 (IST) 6 Oct 2023 Market Outlook
“Despite sluggish US market close in overnight trades, sharp gains in the Asian pack would aid sentiment in local market trades. However, one may see sharp volatile moves just hours before the monetary policy announcement. It will be business as usual if RBI maintains status quo on policy rates, but any tinkering with the rates could trigger sharp gyration in the market. Falling crude oil prices below to $83 a barrel would bolster the sentiment, no end to FII selling of local shares would continue to keep investors on the edge. The Bank Nifty will be in focus today as the immediate support is seen at 43,600 mark,” said Prashanth Tapse, Senior VP (Research), Mehta Equities.
08:32 (IST) 6 Oct 2023 Stocks to watch
TCS, Tata Motors, Larsen & Toubro, BHEL, Sun Pharma and Valiant Laboratories are among the top stocks to watch during Friday’s trading session.
08:22 (IST) 6 Oct 2023 F&O Ban
The NSE has added Punjab National Bank, Indiabulls Housing Finance, Delta Corp, and Manappuram Finance to its F&O ban list for October 6, 2023.
08:22 (IST) 6 Oct 2023 FII, DII Data
Foreign institutional investors (FII) offloaded shares worth net Rs 1,864.20 crore, while domestic institutional investors (DII) added shares worth net Rs 521.41 crore on October 5, 2023, according to the provisional data available on the NSE.
08:18 (IST) 6 Oct 2023 Wall Street
Wall Street ended slightly lower on Thursday as investors awaited Friday’s monthly jobs report and further possible clues on the outlook for interest rates. The tech-heavy Nasdaq Composite fell 16.18 points, or 0.12%, to 13,219.83. The Dow Jones Industrial Average slipped 9.98 points, or 0.03%, to 33,119.57, while the S&P 500 fell 5.56 points, or 0.13%, to 4,258.19.