Share Market HIGHLIGHTS: Sharp U-turn on D-Street! Sensex ends 454 pts off day's high, Nifty sinks below 18,650
Share Market LIVE Updates: Indian benchmark indices – NSE Nifty50 and BSE Sensex – started Thursday’s session with mild gains amid largely muted moves across other major markets across the globe. Investors are keenly watching the Reserve Bank of India’s (RBI) monetary policy committee to announce its outcome for domestic cues scheduled around 10:00 am on June 8, 2023.
“We may see choppiness due to the outcome of the MPC’s policy meet and scheduled weekly expiry on Thursday,” Ajit Mishra, SVP - Technical Research, Religare Broking said, reiterating a positive view and suggest focusing on identifying opportunities from the leading sectors.
Siddhartha Khemka, Head - Retail Research, Motilal Oswal Financial Services expects the northbound journey to continue in the index on back better than expected macro data and supportive global cues.
Catch minute-by-minute updates of all the action in the Indian share market today, market commentary and analysis, the views of Zee Business Managing Editor Anil Singhvi and other experts, stocks to buy and trade recommendations only on Zeebiz.com's blog:
Share Market LIVE Updates: Indian benchmark indices – NSE Nifty50 and BSE Sensex – started Thursday’s session with mild gains amid largely muted moves across other major markets across the globe. Investors are keenly watching the Reserve Bank of India’s (RBI) monetary policy committee to announce its outcome for domestic cues scheduled around 10:00 am on June 8, 2023.
“We may see choppiness due to the outcome of the MPC’s policy meet and scheduled weekly expiry on Thursday,” Ajit Mishra, SVP - Technical Research, Religare Broking said, reiterating a positive view and suggest focusing on identifying opportunities from the leading sectors.
Siddhartha Khemka, Head - Retail Research, Motilal Oswal Financial Services expects the northbound journey to continue in the index on back better than expected macro data and supportive global cues.
Catch minute-by-minute updates of all the action in the Indian share market today, market commentary and analysis, the views of Zee Business Managing Editor Anil Singhvi and other experts, stocks to buy and trade recommendations only on Zeebiz.com's blog:
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Share Market HIGHLIGHTS | Nifty slips 92 pts to end at 18,635, Sensex settles at 62,845 post
Nifty 50
NSE's Nifty ended at 18,634.55, down 92 points, or 0.49 per cent.
Source: NSE
Sensex
The S&P BSE Sensex settled at 62,848.64, down 294 points or 0.47 per cent.
Source: BSE
Share Market HIGHLIGHTS | Grasim, Kotak Bank, Sun Pharma emerge top losers in 50-scrip blue-chip basket
Grasim, Kotak Bank, Sun Pharma and Tata Consumer Products are among the top losers, down nearly 3-2 per cent. On the other hand, NTPC, JSW Steel, ONGC and Power Grid emerge are among the top gainers in the Nifty basket, trading with gains of around 3-1 per cent.
Source: NSE
Share Market Today LIVE | L&T Finance announces Rs2/share payout; stock edges lower
L&T Finance shares on Thursday edge lower. The stock quotes Rs 62,887.57, down by Rs 255.39 or 0.40 per cent after the board announced a final dividend of Rs 2 per equity share of a face value Rs 10 per share for the financial year 2022-23. Read more
Nifty Today LIVE | Kotak Bank, HUL, TCS among top draggers
Kotak Bank, HUL, TCS and Axis Bank are among the top draggers in Nifty baskets at this hour. On the contrary, HDFC Bank, HDFC, Larsen and Toubro and NTPC are the top movers.
Here's a look at the heatmap in the 50-scrip universe by weight:
Source: NSE
RBI MPC Meeting LIVE | What experts make of RBI's status quo
The Monetary Policy Committee (MPC) of the Reserve Bank of India (RBI) on Thursday decided to maintain status quo and keep key interest rates unchanged for second time in a row, maintaining the benchmark policy rate at 6.5 per cent as inflation moderates.
Here are views from different experts as to what they make of June bi-monthly policy of the central bank:
Anitha Rangan, Economist, Equirus:
Overall, it appears that in the current favourable balance of growth inflation dynamics with external sector being manageable, RBI does not want to disturb the balance and using the calm as the “elbow room” to maintain pause. RBI perhaps is buying time and push the hike as far as possible.
Atul Banshal, Director-Finance, Omaxe:
We maintain our expectation that the RBI will opt for a policy rate reduction in the next review meeting, providing a much-needed impetus to various sectors, including real estate, and fostering economic growth. Read more
Share Market Today LIVE | TechM, Hero MotoCorp, NTPC, Siemens among analysts' top picks
In conversation with Zee Business Managing Editor Anil Singhvi, market experts Rakesh Bansal, Kunal Saraogi, Sumeet Bagadia, Mehul Kothari, Vikas Sethi and Tata Communications share their top recommendations for the day in this special segment, Pick of the Day.
On the top analysts' 'buy' list are stocks such as HDFC AMC, JSPL, Siemens, Tech Mahindra, Hero MotoCorp and Tata Communications. Read more
RBI MPC Meeting LIVE | The worst seems to be over, says BankBazaar's Adhil Shetty on home loans
BankBazaar's Adhil Shetty CEO said, "The worst seems to be over. Interest rates are stabilising. Inflation permitting, we may see rates drop before the end of 2023. If you’re on a repo-linked loan, your rate should automatically reset after any repo rate change within a quarter. The lowest rates being offered in the home loan market today are 8.40 to 8.50 for eligible borrowers. If you’re paying a significantly higher rate, consider a refinance."
"If you’re able to shave 50 basis points or more off your rate, it could lead to significant savings over the long term. When you think about your home loan rate, also think of it in terms of the premium you pay over the repo. For example, at 8.50 per cent, the premium over the repo is 2 per cent. Prime borrowers with good credit histories and strong income credentials can borrow at the lowest premium while others will have to pay higher," he added.
Share Market LIVE Updates: What after RBI MPC policy?
Santosh Meena, Head of Research, Swastika Investmart Ltd.
- The RBI governor's less hawkish tone acknowledged moderating inflation but highlighted uncertainty around the monsoon. The market had already factored in this policy, maintaining its bullish momentum.
- The governor's comment suggests a prolonged pause, pleasing the market. The focus now shifts to global markets, upcoming US data, and Fed policy. The RBI policy is likely a non-event for the market.
- Technically, Nifty is trying to head towards its all-time high of 18888, where 18660 will be immediate support; below this, we can expect profit booking, where 18450 and 18180 will be the next support levels.
Share Market LIVE Updates: Market Expert Ajay Bagga on RBI policy outcome
Reacting to RBI’s monetary policy outcome, market veteran Ajay Bagga believes the MPC may go for a rate cut in the latter half of the year around October-November – which is mainly a festival season.
The RBI Governor Shaktikanta Das was of view that the inflation may have moderated below 6 per cent, however, it is still above the 4 per cent mark. Hence, Bagga believes unless this inflation doesn’t fall below the said level, unlikely that the RBI may go for a rate cut. Read More
Share Market LIVE Updates: Rupee opens lower
The rupee depreciated 7 paise to 82.59 against the US dollar in early trade on Thursday, ahead of the Reserve Bank of India's monetary policy decision. At the interbank foreign exchange, the domestic unit opened at 82.59, registering a decline of 7 paise over its last close. On Wednesday, the rupee settled at 82.52 against the dollar.
Share Market LIVE Updates: RBI keeps repo rate unchanged
The Reserve Bank of India's (RBI) monetary policy committee has kept the key interest rates unchanged amid softening inflation, Governor Shaktikanta Das said in his address on Thursday, June 8, 2023. Read More
Share Market LIVE Updates: Stocks of the day - Anil Singhvi recommendation
Buy PayTM with a stop loss at Rs 710 for targets of Rs 740, Rs 747 and Rs 755; strong growth momentum, Huge cash balance, BofA raises target to Rs 885
Buy Tata Communication; strong guidance on investor day, revenue to double in 4 years, strong growth expected in data business
Share Market LIVE Updates: Stocks of the day - Anil Singhvi recommendation
Buy PayTM with a stop loss at Rs 710 for targets of Rs 740, Rs 747 and Rs 755; strong growth momentum, Huge cash balance, BofA raises target to Rs 885
Buy Tata Communication; strong guidance on investor day, revenue to double in 4 years, strong growth expected in data business
Share Market LIVE Updates: RBI Policy Expectations | Ajay Bagga expects continued pause in key rate today
Market expert Ajay Bagga also expects no change in the Committee's projections on India's GDP in today's policy. Here's what else he predicts:
RBI MPC:
1. Rate stance:Continued Pause
2. GDP:retain
3. Inflation:going down,but Monsoon concern..retain
4. Liquidity:will intervene as needed, enough for now
5. Policy stance:Defacto Neutral but may continue as "withdrawal of accomodation" given lagged effects still to come.— Ajay Bagga (@Ajay_Bagga) June 8, 2023