Market WRAP: Nifty closes at 17,100; Sensex soars over 1,000 points post-RBI meet

Rohit Kale
/ Categories: Trending, Mkt Commentary
Market WRAP: Nifty closes at 17,100; Sensex soars over 1,000 points post-RBI meet

India VIX crashed over 6 per cent on such a positive day.   

Market update at 3.30 PM: RBI meeting proved to be a relief for the bulls as strong short-covering was witnessed in the broader market. Nifty jumped 1.64 per cent to close at 17,000 while Sensex soared 1,015 points. Nifty Midcap and Nifty Smallcap jumped 1.60 per cent each.   

All the sectors closed higher with financials, energy, and metals being the top performers. India VIX crashed over 6 per cent on such a positive day.   

Hindalco, Bharti Airtel, and IndusInd Bank emerged as the top gainers while Asian Paints, Shree Cement & Coal India were the top losers from Nifty 50 stocks.   

RBI remains committed to fighting inflation and bringing it down to the target level of 4 per cent. Meanwhile, the global cues shall be monitored closely by the market participants.  

 

Market update at 2.20 PM: Indices continued the stellar run on Friday as Nifty jumped 2.18 per cent and approached the 17,200 mark. Sensex has soared by a massive 1,300 points while strong buying is seen across the mid-cap & small-cap space.   

All the sectoral indices are in green while India VIX has crashed over 7 per cent

 

Market update at 12.30 PM: Indices are witnessing a magnificent short-covering rally on Friday as Nifty jumped 1.50 per cent to trade above the 17,000 level. Sensex has surged 820 points while Nifty Midcap and Nifty Smallcap climbed 0.81 per cent & 0.91 per cent, respectively.  

Financials, energy & metals are the top performers among the sectors while IT and FMCG are weak.  

Hindalco, HDFC, HDFC Bank & ONGC are the top gainers from Nifty 50 stocks while Shree Cement, HUL, and Asian Paints are weak.  

 

Market update at 10.45 AM: As expected, RBI MPC increased the repo rate by 50 basis points, taking the tally to 190 basis points in the past four MPC meets. The central bank commits to fight the soaring inflation and bring it down to its targeted levels. In his speech, RBI Governor said that the upcoming policy decisions will be based on the incoming economic data as well as the global economic situation. 

With this, the inflation is projected at 6.7 per cent for this fiscal year. Talking about the rupee, the governor said that the rupee has fared well against other currencies and depreciated in an orderly manner. RBI’s interventions in the forex market are based on a continuous assessment to curb volatility. 

Currently, NSE Nifty 50 has surged 0.90 per cent and is approaching 17,000 levels. Sensex jumped over 500 points while the mid-cap & small-cap indices have also witnessed some strength. 

 

Market update at 10.10 AM: RBI has hiked the repo rate by 50 basis points. Real GDP is projected at 7 per cent for the second half of this fiscal year. Nifty and Sensex are currently trading flat while India VIX has slipped nearly 2 per cent.  

 

Market update at 9.25 AM: Indices have opened lower amid bad global cues. Nifty has slipped below the 16,800 level and is down by 0.20 per cent. Sensex has lost 150 points while stock-specific action is seen across mid-cap as well as small-cap stocks. 

IT, banks, and realty have witnessed profit booking while metals are higher today. 

 

Pre-market update: The US indices closed negatively for yet another day as rising interest rates, coupled with a weakening economy, weighed investors' sentiments. Nasdaq slipped 2.84 per cent while Dow Jones tanked 458 points. The European markets also closed lower amid weak global cues. Meanwhile, SGX Nifty indicates a loss of 30 points for Nifty. All eyes would be on RBI MPC outcome, which is scheduled at 10 am on Friday. The apex bank is widely expected to increase the repo rate by 50 basis points. The other key economic updates and commentaries would be in focus. Brent crude hovers at lower levels of USD 85-87 per barrel amidst weakening demand. In the last trading session, the FIIs sold to the tune of Rs 3,599 crore while the DIIs bought equity worth Rs 3,161 crore. Nifty is likely to open below the 16,800 level while intraday volatility is expected to persist. 

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