Back
PremiumMarket Close Highlights : European shares opened just off record highs, as traders waited to see if US jobs data due later Friday would cement bets on Federal Reserve policy easing in the coming months.
Europe’s Stoxx 600 index inched 0.1% lower, having hit record peaks this week as the European Central Bank kicked off its policy easing cycle. While technology stocks gained, real estate and insurance stocks slipped, given the ECB’s signal that it would not rush to cut rates rapidly. Futures for US stocks held steady, while Bloomberg’s dollar gauge eased.
While traders were wary of placing big bets either way on Friday, global stocks are on track to snap a two-week losing stretch. Rate-cut expectations have escalated in the past week, encouraged by the slew of weaker-than-forecast US data, as well as rate cuts from the Bank of Canada and ECB. A Bloomberg gauge of global government bonds posted its longest rising streak since November.
Homin Lee, senior macro strategist at Lombard Odier said a recent run of softer US data, including jobless claims and labor costs, pointed to a “quiet rebalancing" in the economy that could indicate a slowdown in service sector inflation.
“That combination seems to have given bond investors more conviction on their trades. We will see if tonight’s employment report reinforces that," Lee said.
Friday’s report is expected to show the US added 180,000 jobs in May, slightly more than in A[ril, with the unemployment rate seen holding steady. Swap markets are pricing a full Fed rate cut by November, with a strong likelihood of one in September.
Earlier, China’s exports climbed more than expected in May, boosting hopes that the world’s second-biggest economy can maintain its momentum by relying on foreign markets even in the face of new tariff threats.
On commodities, oil prices headed for their third straight gain, as expectations waned that OPEC and its allies will allow the market to become oversupplied.
Sensex Today Live : Indian benchmark indices closed higher for the 3rd straight session, with the 30-stock BSE Sensex touching a fresh all-time high, on Friday, following RBI Governor Shaktikanta Das' announcement that the RBI MPC has decided to hold interest rates at 6.5% for the eighth time in a row. Das also announced the revised GDP growth projection for FY25 at 7.2%.
Prashant Pimple, CIO-Fixed Income, Baroda BNP Paribas Mutual Fund, said regarding the MPC decision: "The growth- inflation balance is moving favourably with growth projected at 7.20% for FY25 and inflation for the same period at 4.50%. We believe that higher GDP growth factors in tailwinds from lower interest rates."
Sensex, which had opened lower at 75,031.79, climbed in the afternoon session to touch its all-time high of 76,795.31 in intraday trades. At close, the Sensex was at 76,693.36, up 1,618.85 points, or 2.16%.
Similarly, Nifty, which had also opened flat at 22,821.85, climbed to an intraday high of 23,320.20, only 18 points short of its all-time high. At close, the Nifty 50 was at 23,290.15, up 468.75 points, or 2.05%.
Vinod Nair, Head of Research of Geojit Financial Services, said, "The anticipation of stability within the coalition government at the centre, coupled with the RBI's upward revision of its growth forecast for FY25 to 7.2%, fuelled a broad-based rally in the domestic market. The Indian market surpassed its previous record high set on exit-poll day and reached a fresh peak. Though the last mile towards the inflation target remains sticky, investors are expecting the MPC to be one step closer to the easing cycle."
All the 30 stocks on the BSE Sensex ended in the green, with Mahindra & Mahindra, Wipro, Tech Mahindra, Infosys and Tata Steel emerging as the top gainers for the day.
Meanwhile, only two stocks, SBI Life and Tata Consumer Products, out of the 50 on the Nifty 50 closed in the red, while Mahindra & Mahindra, Wipro, Tech Mahindra, Infosys, and Tata Steel, emerging as the top gainers.
The broader market also closed higher, with the BSE SmallCap gaining 2.18% and the BSE MidCap climbing 1.28% at close.
All the sectoral indices also ended in the green, with the IT index leading the pack (up 3.37%) followed by Auto, Oil & Gas, Metal and Realty indices, which were up more than 2% each.
Rest of the sectodal indices were also up more than 1% each.
"The market will now look forward to the budget and how does the government pave the way for fiscal consolidation. We expect the macro fundamentals to remain strong with the government maintaining 5.10% of the fiscal deficit to GDP," said Pimple of Baroda BNP Paribas Mutual Fund.
Sensex Today Live : ALl the sectoral indices were green, with the IT index leading the pack (up 3.37%) followed by Auto, Oil & Gas, Metal and Realty indices, which were up more than 2% each.
Rest of the indices were all up more than 1% each.
Sensex Today Live : The broader market were higher, with the BSE SmallCap gaining 2.16% and the BSE MidCap climbing 1.20%.
Sensex Today Live : Only two stocks, SBI Life and Tata Consumer Products, out of the 50 on the Nifty 50 were trading in the red, while Mahindra & Mahindra, Wipro, Tech Mahindra, Infosys, and UltraTech Cement, were the top gainers.
Sensex Today Live : All the 30 stocks on the BSE Sensex were trading in the green, with Mahindra & Mahindra, Wipro, Tech Mahindra, Tata Steel, and Bajaj Finance, were the top gainers.
Sensex Today Live : Indian benchmark indices climbed after opening lower on Friday, with the 30-stock BSE Sensex touching a fresh all-time high, following RBI Governor Shaktikanta Das' announcement that the RBI MPC has decided to hold interest rates at 6.5% for the eighth time in a row.
Das also announced the revised GDP growth projection for FY25 at 7.2%.
At 3 pm, Sensex was up 1,705.40 points, or 2.27%, at 76,779.91 and Nifty was up 496.85 points, or 2.18%, at 23,318.25.
Sensex Today Live : G R Infraprojects today announced that its subsidiary GR Devinagar Kasganj Highway, has received an order declaring 6 June, 2024 as the record date for the four laning of a road between Devinagar Bypass to Kasganj Bypass in UP under the Bharatmala Pariyojana, from NHAI.
Sensex Today Live : In an expected move, the RBI-MPC kept the key policy rates unchanged, retaining the withdrawal of accommodation stance. 4 (as against 5 in the last policy) out of 6 MPC members voted for the above decisions.
The combination of higher GDP and inflation forecast still being higher than the targeted 4% indicate lack of any rush towards rate cuts. However, we feel fixed income markets would be functioning with a buy on dip mind-set reacting to favourable demand-supply dynamics, fiscal trajectory, liquidity as well as flows while remaining watchful on global developments. However, the gap between credit-deposit growth rate highlighted by RBI would keep the floor for the overall curve.
In our view, the three hypothesis for RBI’s decision making are summarised as below:
Inflation: Fall in core inflation in last few months has been an enabler, however food inflation remains a concern (CPI Inflation is projected at 4.5% for FY’25 assuming a normal monsoon);
Growth: India’s growth has remained strong (Real GDP projection for FY’25 is revised higher to 7.2% from 7.0% in the last policy); and
Globally: Economic growth remains resilient and central banks remain data dependent in fight against Inflation.
Given the three hypothesis, the MPC’s decision has been to retain status quo.
On Liquidity, RBI has mentioned that they would be actively deploying approximate mix of instruments to modulate frictional and durable liquidity.
The risks highlighted by RBI needs close monitoring. These include continuing geopolitical developments and high public debt in both Advanced and Emerging market economies which remains a concern which was highlighted in the last policy.
Sensex Today Live : Indian benchmark indices climbed after opening lower on Friday, following RBI Governor Shaktikanta Das' announcement that the RBI MPC has decided to hold interest rates at 6.5% for the eighth time in a row.
Das also announced the revised GDP growth projection for FY25 at 7.2%.
At 2 pm, Sensex was up 1,344.46 points, or 1.79%, at 76,418.97 and Nifty was up 375.45 points, or 1.65%, at 23,196.85.
Sensex Today Live : Elgi Equipments today announced that its US-based subsidiary Elgi Compressors USA has postponed the divestment of its entire stake in its joint venture G3 Industrial Solutions LLC.
The company, in an exchange filing, said, "We hereby inform you that the divestment of entire stake held by the Company’s wholly owned subsidiary Elgi Compressors USA Inc (Elgi USA), in its Joint Venture G3 Industrial Solutions LLC, USA, to the joint venture partner/s was expected to be completed and closed by May 31, 2024. However, the date of closure is extended due to unavoidable circumstances".
"The Company will intimate the Stock Exchange(s) with necessary disclosure in accordance with SEBI Listing Regulations as soon as the transaction is consummated," it added.
Sensex Today Live : In a significant shift, Foreign Institutional Investors (FIIs) have withdrawn from the Indian stock market this year, resulting in net sales of ₹31,388 crore, as per the National Securities Depository Ltd data.
The trend was particularly noticeable in May, with outflows reaching ₹25,886 crore, coinciding with the Lok Sabha election results. This development marks a slowdown in the rate of FII inflows into the Indian equity market compared to previous years. (Read the full story here.)
Sensex Today Live : In its second policy announcement for FY2024–25, the Reserve Bank of India (RBI) has kept the benchmark interest rate (repo rate) unchanged at 6.5 percent, in line with market expectations. This marks the eighth consecutive time the RBI has maintained a steady repo rate, which has remained at 6.5 percent throughout FY24.
The decision to keep the repo rate steady was made by a 4:2 majority during the three-day Monetary Policy Committee (MPC) meeting, which started on June 5 and was chaired by RBI Governor Shaktikanta Das. The last rate hike by the RBI was in February 2023.
In addition to the unchanged repo rate, the MPC also decided to keep the standing deposit facility (SDF) and marginal standing facility (MSF) rates at 6.25 percent and 6.75 percent, respectively. The RBI reiterated its focus on the “withdrawal of accommodation" policy during the announcement. (Read the full story here.)
Sensex Today Live : Indian benchmark indices climbed after opening lower on Friday, following RBI Governor Shaktikanta Das' announcement that the RBI MPC has decided to hold interest rates at 6.5% for the eighth time in a row.
Das also announced the revised GDP growth projection for FY25 at 7.2%.
At 1 pm, Sensex was up 1,347.62 points, or 1.80%, at 76,422.13 and Nifty was up 385.85 points, or 1.69%, at 23,207.25.
Sensex Today Live : The potential third term of the National Democratic Alliance (NDA) coalition government may sideline unfinished technology policies and laws, including the Digital India Act (DIA), to address more urgent political matters. This shift in focus could be attributed to the increased political influence of independent parties within the NDA, potentially disrupting the wave of tech regulations introduced during the NDA’s second term. (Read the full story here.)
Sensex Today Live : All the sectoral indices were trading in the green, with the IT index leading the pack.
Further, barring PSU Bank and FMCG, all the other sectoral indices were trading more than 1% higher.
Sensex Today Live : The broader market was green, with the BSE MidCap gaining 0.68% and the BSE SmallCap climbing 1.69%.
Sensex Today Live : Only five stocks, SBI Life, Bajaj Auto, Tata Consumer Products, Britannia Industries, and Eicher Motors, out of the 50 on the Nifty 50 were trading in the red, while Wipro, Infosys, Tech Mahindra, LTIMindtree, and Bajaj Finance were the top gainers,
Sensex Today Live : All the stocks on the BSE Sensex were trading in the green, with Wipro, Infosys, Bajaj Finance, Tech Mahindra and Power Grid Corp., were leading the gains.
Sensex Today Live : Indian benchmark indices climbed after opening lower on Friday, following RBI Governor Shaktikanta Das' announcement that the RBI MPC has decided to hold interest rates at 6.5% for the eighth time in a row.
Das also announced the revised GDP growth projection for FY25 at 7.2%.
At 12 pm, Sensex was up 1,337.21 points, or 1.78%, at 76,411.72 and Nifty was up 354.20 points, or 1.55%, at 23,175.60.
Sensex Today Live : Bajaj Finance today announced that its board of directors has approved the sale of equity shares worth a total of ₹3,000 crore, in the upcoming IPO of its wholly owned subsidiary Bajaj Housing Finance Limited.
The sale will be done as an offer for sale during the IPO, the company said in an exchange filing.
"As expected, the RBI has kept the policy rate unchanged at 6.5% by eight consecutive times with a majority vote of 4:2. The MPC has continued with the stance of withdrawal of accommodation. The FY25 CPI inflation forecasted at 4.5%, whereas the GDP growth revised upward to 7.2% versus 7.0% estimated earlier. The food inflation remains higher which is likely to cool off with normal monsoon. We expect the accommodative stance post the full budget announcement on July 24. Additionally the food inflation will be key monitorable."
--Ajit Kumar Kabi, Research Analyst - BFSI, LKP Securities
Sensex Today Live : The IT index was trading higher by 2.94%, driven by Wipro, Persistent Systems and Coforge shares.
Sensex Today Live : Tata Consultancy Services today announced the launch of TCS AI WisdomNextTM, a platform that aggregates multiple generative artificial intelligence (GenAI) services into a single interface and enables organizations to rapidly adopt next-gen technologies at scale, lower costs and within regulatory frameworks.
The platform is designed to develop and launch business solutions, allowing for real-time experimentation across vendor, internal, and open-source LLM models, the company said in an exchange filing.
Sensex Today Live : Indian benchmark indices climbed after opening lower on Friday, after RBI Governor Shaktikanta Das announced that the RBI MPC has decided to hold interest rates at 6.5% for the eighth time in a row.
Das also announced the revised GDP growth projection for FY25 at 7.2%.
At 11 am, Sensex was up 765.53 points, or 1.02%, at 75,839.53 and Nifty was up 227.30 points, or 1%, at 23,048.70.
Sensex Today Live : Barring FMCG, all other sectoral indices were in the green. The IT index had gained 2.68%, followed by the Media, Consumer Durables and Metal indices.
Sensex Today Live : The broader market was in the green, with the BSE SmallCap gaining 1.50% and BSE MidCap was up 0.62%.
Sensex Today Live : 12 of the 50 stocks on the Nifty 50 were trading lower. SBI Life, Bajaj Auto, IndusInd Bank, ITC and Coal India were the top drags, while Wipro, LTIMindtree, Tech Mahindra, Infosys and Bajaj Finance were the top gainers.
Sensex Today Live : Nine out of the 30 stocks on the BSE Sensex were trading in the red. IndusInd Bank, ITC, Hindustan Unilever, Kotak Mahindra Bank, and Larsen & Toubro, were the top losers, while Wipro, Tech Mahindra, Infosys, Bajaj Finance, and Tata Steel, were the top gainers.
Sensex Today Live : Q1 at 4.9%
Q2 at 3.8%
Q3 at 4.6%
Q4 at 4.5
Sensex Today Live : Q1 at 7.2%
Q2 at 7.2%
Q3 at 7.3%
Q4 at 7.2%
Sensex Today Live : RBI Governer Shaktikanta Das, says inflation is easing globally but the final leg may be tough
Sensex Today Live : RBI Governer Shaktikanta Das, says food inflation remains a worry
Sensex Today Live : RBI Governer Shaktikanta Das, says MPC decided to continue with the stance of 'WIthdrawal of accomodation'
Sensex Today Live : RBI Governer Shaktikanta Das, says MPC decided by a majority of 4:2 to hold interest rates at 6.5%
Sensex Today Live : RBI Governer Shaktikanta Das, says Indian econmy exhibiting strong fundamentals
Sensex Today Live : Indian benchmark indices climbed after opening lower on Friday, ahead of key interest rate announcement and commentary on inflation by the RBI Governor after the two-day RBI MPC meeting.
At 10 am, Sensex was up 525.47 points, or 0.70%, at 75,599.98 and Nifty was up 126.90 points, or 0.56%, at 22,948.30.
Sensex Today Live : The company has approved the allotment of 15,026 secured non-convertible debentures amounting to ₹150 crores at a coupon rate of 10.92% per annum.
Sensex Today Live : The company has resolved its long-standing legal dispute with Indian Oil Corporation (IOCL) over the Panipat Naphtha Cracker Project (EPCC-12A Project). As per the settlement terms, IOCL will pay Welspun Enterprises ₹23.67 crore, including a principal of ₹15.96 crore and interest of ₹7.41 crore. The settlement amount must be paid in full by 14 June.
Sensex Today Live : The company commissioned an intermediate plant for backward integration of a fungicide that was primarily being imported.
Sensex Today Live : The company successfully delivered its Zen Anti‐Drone System to the Army Air Defense College in Gopalpur, Odisha.
Sensex Today Live : The bank is set to discuss a capital raising plan on 11 June, which may include rights issue, private placements, QIPs, or preferential allotment.
Sensex Today Live : The company proposed the acquisition of a 19.89% stake in O2 Renewable Energy XVI.
Sensex Today Live : Rail Vikas Nigam has been awarded a ₹495 crore contract by the National Thermal Power Corporation (NTPC). The contract pertains to the execution of balance civil and HM works at the Barrage Complex, including part of the Head Race Tunnel (HRT) package for the Rammam Hydro Electric Project Stage-III. The project, which has a capacity of 3x40 MW, is expected to be completed in 66 months.
Sensex Today Live : The company has entered into a term sheet with HKC Corporation to form a joint venture (JV) arrangement for manufacturing of Liquid Crystal Modules (LCM), thin film transistor liquid crystal display modules (TFT-LCD Modules), assembly of end products like smartphones, TVs, monitors and auto displays and selling HKC branded end products in India.
Sensex Today Live : The company and its associate IRB Infrastructure Trust announced a strong year-on-year toll revenue growth of 30% for May 2024. The combined toll collections for the month amounted to ₹536 crore, significantly higher than the ₹411 crore collected in May 2023.
Sensex Today Live : Tata Chemicals Europe, a subsidiary of Tata Chemicals, has been fined £1.1 million by the Chester Crown Court in the UK. The fine pertains to a safety incident that occurred in 2016, which led to the injury and subsequent unexpected death of a contractor.
Sensex Today Live : The company has secured a $500-million contract from a top US communication service provider. The IT major will offer managed services for certain products and industry-specific solutions over five years.
Sensex Today Live : Indian benchmark indices opened in the red on Friday, ahead of key announcements after the two-day RBI MPC meeting.
At opening bell, Sensex was down 79.65 points, or 0.11%, at 74,994.86 and Nifty was down 17.20 points, or 0.08%, at 22,804.20.
Sensex Today Live : Indian benchmark indices were muted at pre-open on Friday, ahead of the announcement following RBI MPC's two day meeting and amidst muted signals from global peers.
Sensex was down 47.23 points, or 0.06%, at 75,027.28 and Nifty was up 0.45 points at 22,821.85 during pre-open.
Sensex Today Live : "This Friday morning, GIFT Nifty consolidates at 22,920, following an 11% drop in India VIX to 16.85. The European Central Bank's rate cut, the first since 2019, shifts global policy focus to the Federal Reserve. Investors await the RBI MPC's outcome at 10:00 AM and key events like the US jobs report and PM Modi's swearing-in ceremony after the NDA's Lok Sabha win.
Technically, Nifty looks positive above 22,500, with crucial support at 21,957 and the 200 DMA at 21,128. Preferred trades include buying Nifty and Bank Nifty on dips, and bullish positions on stocks like GAIL, BIOCON, and NTPC. Suzlon is a buy at CMP 49, with targets up to 75 and a stop at 31 over 18-24 months."
--Prashanth Tapse, Senior VP (Research), Mehta Equities
