sensex today: Stock Market Live Updates: Sensex rises nearly 100 points as RBI hikes rate in line with expectations; Nifty above 18,650
The Nifty 50 index was down 0.04% at 18,635.50, as of 9:16 a.m IST, and the S&P BSE Sensex fell 0.03% to 62,606.41.
The RBI is widely expected to raise rates by a smaller 35 basis points (bps), after three back-to-back 50-bps moves to tame stubbornly high inflation. The decision is due at 10:00 a.m. IST.
Investors will focus on the central bank’s outlook on growth and prices for direction as inflation in Asia’s third-largest economy continues to stay above its 2-6% tolerance band, including in October when it hit a three-month low of 6.77%.
!1 New UpdateClick here for latest updates
The RBI policy stayed very aware of the global slowdown and its spillovers while acknowledging the resilience of the Indian economy. The rate hike was as expected at 35 bps. The RBI reduced the growth forecast in light of geopolitical tensions and doubled down on its commitment to reducing inflation. While many were expecting the 35 bps hike to be the last hike in the cycle, the commentary by the governor does not hint about the same, which is interesting, but as the growth projections have been cut going forward, there will be more scrutiny on rate hikes. The governor remains confident about the rupee being stable even though he wants the currency to find its own equilibrium price without intervention.
– Sonam Srivastava, Founder at Wright Research
RBI, much in line with market expectations, has increased the interest rates by 35 basis points, keeping its stance on “withdrawal of accommodation”, given the continuing global uncertainty with continued impact on food security and energy security. Given the second-order effects of exchange rates on inflation, we expect continued intervention in the exchange rate market by RBI, to keep the exchange rates within a band.
– Vivek Iyer- Partner and leader , Financial services risk, Grant Thornton Bharat
Even though the RBI is in absorption mode, we’re ready to conduct LAF operations that inject liquidity as may be needed. We’ll look for a durable sign of a turn in the liquidity cycle, said RBI Guv.
RBI DAS SAYS
- RBI remains in liquidity absorption mode
- Market must wean away from liquidity surplus overhang
RBI GOVERNOR DAS SAYS
- Rupee movement vs dollar less disruptive
- Rupee should be allowed to find its level
- Terminal rate for US Fed is anyone’s guess
All money markets to function from 9 am to 5 pm: RBI Governor
Our actions will be nimble, in best interest of economy
– Shaktikanta Das, RBI Governor
Most bank stocks rise as RBI policy decision in line with view
Price as on 07 Dec, 2022 10:23 AM, Click on company names for their live prices.
Problems of inflation not over, battle against inflation to continue
– Shaktikanta Das, RBI Governor
RBI MPC Decision | FY23 CPI inflation seen at 6.7%
RBI MPC Decision | FY23 GDP growth revised to 6.8% from 7% earlier
RBI DAS ON INFLATION
- CPI inflation to remain above upper tolerance band
- Core inflation exhibiting stickiness
RBI DAS SAYS
- Inflation to stay above target in Apr-June
- Calibrated action needed to anchor inflation expectation
- System liquidity in surplus
- Overall monetary and liquidity conditions are accommodative
- Economy to gain strength in October
Sensex trades in the green as RBI decides to hike rate by 35 bps
To remain focussed on withdrawal of accommodation; MPC stance retained by 4:2 majority
– RBI Governor, Shaktikanta Das
RBI hikes repo rate by 35 bps to 6.25%
- RBI MPC voted 5:1 in favour of rate hike
RBI Governor Das says
- Global eco still marred by profound shocks, uncertainity
- Mixed signals emanating from geopolitical situation, financial market volatility
RBI Money Policy kicks off
L&T Construction secures orders worth more than Rs 7000 crore for its Minerals and Metals Business .
Price as on 07 Dec, 2022 09:58 AM, Click on company names for their live prices.
Having broken past a key resistance of 81.9 that had stood for a month, the prospects of a new high needs to be considered. This brings 84.8 into the picture, assuming that 83.26 will be cleared. Alternatively, we may see the present run of upsides ending at 82.8, which calls for the downside marker to be placed at 82.32.
– Anand James – Chief Market Strategist at Geojit Financial Services
Siemens has emerged as the lowest bidder for a project for manufacturing 1,200 electric locomotive of 9000 HP (horse power) worth over Rs 20,000 crore at Dahod in Gujarat. Indian Railways had floated the tender for manufacturing and maintenance of 9,000 HP electric locomotives at Dahod in April this year.
Price as on 07 Dec, 2022 09:40 AM, Click on company names for their live prices.
Dabur plans to enter feminine care market under ‘Fem’ brand
Price as on 07 Dec, 2022 09:39 AM, Click on company names for their live prices.
Sector Watch | IT pack falls the most
The near-term cues have turned negative once again with weakness in the mother market, the US. Talks of longer-than-expected recession have again surfaced and negative comments from influential voices like that of Jamie Dimon are impacting sentiments. In such a scenario there are no positive triggers that can take the market much higher from here. Since India’s growth resilience looks impressive the market is unlikely to dip sharply. Buying will emerge on declines. Leading PSB banks have potential to move up further and valuations are still attractive. Investors can buy high quality stocks in capital goods and cement at current levels.
– Dr. V K Vijayakumar, Chief Investment Strategist at Geojit Financial Services
Opening Bell: Sensex flat ahead of RBI rate decision; Nifty tests 18,650; Siemens jumps 5%, 5Paisa 4%
RBI likely to stay the course with 50 bps rate hike
Pre-open session: Sensex sheds over 100 points, Nifty below 18,600
Asian stocks rally sputters as growth fears resurface
Asia’s stock markets wobbled lower on Wednesday as reality bit on hopes for a soft economic landing in the United States, and investors curbed their enthusiasm about China’s reopening.
SGX Nifty signals a negative start
Nifty futures on the Singapore Exchange traded 28.5 points, or 0.15 per cent, lower at 18,724, signaling that Dalal Street was headed for a negative start on Wednesday.
Tech View: Nifty charts hint at upside bounce in the offing
Headline equity index Nifty on Tuesday formed a small positive candle on the charts as it ended higher than the opening figure. Analysts said Nifty’s consolidation move at the lows raises hopes for an upside bounce soon in the market.
Tokyo stocks open lower extending Wall Street losses
Tokyo stocks opened lower on Wednesday, tracking falls on Wall Street, where expressions of worry about a possible recession by leading bank executives added to investor unease. The benchmark Nikkei 225 index was down 0.57 percent, or 159.73 points, at 27,726.14 in early trade, while the broader Topix index declined 0.44 percent, or 8.64 points, to 1,941.58.
S&P posts 4th straight decline as recession talk weighs on Wall Street
Wall Street ended lower on Tuesday, with the S&P 500 extending its losing streak to four sessions, as skittish investors fretted over Federal Reserve rate hikes and further talk of a looming recession.
Oil opens mixed as economic fears pressure prices
Oil prices were mixed in early Asian trade on Wednesday after falling to their lowest settlement levels this year as economic uncertainty and the prospect of higher interest rates pressured prices.
Rupee dives 65 paise to over 1-month low of 82.5 against dollar
The rupee declined by 65 paise to close at over one-month low of 82.50 against the US dollar on Tuesday due to heavy selling pressure in domestic equities and rising crude prices in the overseas markets.
Sensex, Nifty on Tuesday
A slew of factors including RBI’s monetary policy outcome tomorrow, a weak Indian rupee and renewed concerns over policy tightening by the Fed pushed Sensex 208 points lower on Tuesday while Nifty ended below the 18,650-mark. Barring PSU banks and FMCG stocks, selling was seen across sectors.