Sensex gains 89 pts, Nifty holds 17,350 as RBI hikes repo rate by 50 bps

CLOSING BELL: While an in-line repo rate hike of 50 basis points gave ammunition to the bulls, bears tried to drag the indices as inflation projections were maintained for fiscal 2022-23 (FY23)

12:14 PM

RBI Press Conference LIVE | Will do two-way operation on liquidity

>> Want to ensure adequate liquidity
 

>> Banks will try to mobilise savings, deposits in their own way
 

12:14 PM

RBI Guv: Banks to raise efforts; credit offtake to continue

Impact of rate hikes will be passed onto consumers, trend to continue 

Banks cannot depend on the central bank for resources, they have to mobilise additional resources to support credit offtake 

12:13 PM

Ultratech Cement, ICICI Bank boost Sensex over 250 points

12:10 PM

RBI Press Conference LIVE | Inflation remains above 6% for 3 quarters of FY23

> With that kind of inflation trajectory, MPC needs to act
 

> Decisions based on domestic situation

12:09 PM

RBI Guv: 50 bps rate hike the new normal now globally

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12:08 PM

RBI Presser | Inflation still at unacceptable high levels, says RBI guv

12:08 PM

Inflation in Netherlands above 10% for first time since 1975: CBS

Inflation in the Netherlands rose to 10.3 per cent in July, exceeding the 10 per cent mark for the first time since September 1975, the Central Bureau of Statistics (CBS) announced. Read here

12:00 PM

Expert take | Nilesh Shah on RBI monetary policy

The RBI’s hike of 50 bps in repo rate is front-loaded to ensure that easing inflation comes below RBI's upper band of 6% by 4QFY23.

Since growth is becoming broad-based & private capex is showing signs of revival, the RBI has front-loaded repo rate hike to control inflation.

Interestingly, the RBI has kept the Indian economy flying high (7.2 % GDP growth in FY23) through turbulent weather.

The RBI has clearly differentiated itself vis-a-vis many other central banks, which are looking to hard land their economy (recession in FY23) to bring down inflation.

Views by Nilesh Shah, Group President & MD, Kotak Mahindra Asset Management Company.

11:54 AM

Logistic stocks in tandem with market mood; CCI gains 1%

11:50 AM

HDFC Ltd secures $1.1 bn syndicated social loan for affordable housing

This transaction is the largest social loan globally, the first social external commercial borrowing (ECB) loan out of India and the largest ECB loan deal from a HFC or private NBFC in India. Read more

11:43 AM

Market reacts: Auto stocks weaken, Nifty Auto index down 0.4%

11:35 AM

Expert comment: Repo rate hike should support rupee, equity markets

Overall RBI has done extremely well in managing the tightrope walk between growth, inflation and capital outflow.

The hike should support INR which is hovering around 80/USD. It is also likely to positively impact equity markets in the short term since it will ease pressure on capital outflow. Bond markets are under pressure globally, which is likely to be the case in 2022 in India.

 

Views by: Mohit Ralhan, Global CEO and Managing Partner at TIW Capital Group 

11:27 AM

Expert take | Bond markets to now focus on incremental G-sec supply

RBI MPC voted unanimously to hike repo rate by 50 bps to 5.4% - taking it to pre-pandemic levels. RBI MPC is line with our expectations.

Inflation seems to be at the forefront of the move as they maintained CPI forecasts intact at 6.7% for FY 23.

To us, this means we are not done with rate hiking cycle yet and we could brace for continued northward journey in rates.

Withdrawal of accommodative stance has been maintained. We see this as a “no dovish” undertone policy contrary to markets expecting a dovish stance.

Bond markets would now focus on incremental g-sec supply and take cues from global bond yields going forward. Staggered investment approach in fixed income stays.

Views by Lakshmi Iyer, Chief Investment Officer (Debt) & Head Products, Kotak Mahindra Asset Management Company.

11:19 AM

Rate sensitive shares trade firm as RBI hikes repo rate by 50 bps to 5.4%

Nifty Bank, Nifty Financial Services, Nifty PSU Bank, Nifty Private Bank and Nifty Realty indices gained up to 1%. Read here

11:12 AM

Expert take | Amid inflation heat, bias remains in favour of higher rates

As expected RBI has hiked the repo rate by 50 bps keeping it in line with what other central banks have done. Till inflation is brought under control, we believe the bias remains in favour of higher rates.

 

Views by Sameer Kaul – MD & CEO, TrustPlutus Wealth