Sensex falls 216 pts, Nifty below 18,600 on RBI's moderately hawkish policy

CLOSING BELL: The central bank increased repo rate by 35 basis points and lowered GDP growth forecast for FY23 to 6.8 per cent as it remained cautious of a sticky core inflation amid global turmoil

10:02 AM

ALERT :: RBI governor Shaktikanta Das begins delivering policy statement

9:55 AM

RBI POLICY VIEW: Moderate hike likely amid growth concerns

We are expecting only a moderate rate hike this time as the domestic situation warrants some serious measures to sustain growth.

Though the Q2 GDP numbers are in line with RBI’s expectations, rating agencies and institutions are revising India’s growth rate downwards, given the global headwinds.

Now, the priorities are changing, and the immediate focus should be on maintaining the growth momentum. Current inflationary pressures are largely imported, and we shouldn’t worry much about it.

As far as food price is concerned, the domestic supply side is intact and a good Rabi harvest will further strengthen the rural economy. So, the demand for retail loans may remain robust.

However, the repo rate touching the 6.2 percentage levels in a period of eight months is a bit tricky and, going forward, it will affect consumer sentiments.

Views by Aditya Damani, Founder and CEO of Credit Fair.

 

9:52 AM

RBI POLICY VIEW: Home finance industry unlikely to see immediate impact

There is a sign of inflation cooling off as CPI-based inflation in October is at its three-month low of 6.7%.

This is still higher than the RBI's tolerance limit of 4-6%. We expect a moderate rate hike of 25-35 basis points this time around.

Since the housing loan demand, especially the affordable sector, is not very sensitive to the interest rate fluctuation, it won’t immediately affect the home finance business.

RBI's directional approach will be closely monitored by the industry, which is waiting for long-term signals. In order to bring about stability in the market, we look forward to a clear indication.

Views by Ravi Subramanian, MD & CEO of Shriram Housing Finance.

9:47 AM

SECTOR CHECK: PSB index top winner; Central Bank jumps 7%

9:34 AM

MARKET CHECK :: Top gainers on the BSE at this hour

9:34 AM

MARKET CHECK :: Top losers on the BSE at this hour

9:32 AM

Bikaji Foods rises over 3.5% post healthy Q2 nos

The company reported a healthy 42.7 per cent growth in Q2FY23 standalone net profit at Rs 43.39 crore as against Rs 30.41 crore in Q2FY22. Total income was up 31.9 per cent at Rs 575.89 crore from Rs 436.62 crore in the same period.

9:31 AM

IDBI Bank mildly higher as govt allows consortium of foreign funds to own over 51% in lender

The government on Tuesday said it will allow a consortium of foreign funds and investment companies to own over 51 per cent in IDBI Bank, clarifying that foreign ownership criteria was for new private banks and were not applicable on existing ones. This comes ahead of the December 16 deadline for potential bidders to submit expressions of interest (EoIs) for picking up majority stake in the private sector lender.

9:29 AM

Siemens emerges as lowest bidder for 9000 HP Electric Locomotives; stock surges over 5%

9:27 AM

HDFC AMC gains over 3%; Abrdn Investment Managers to reportedly sell entire stake

The company’s promoter, abrdn Investment Management, will sell its entire 10.2 per cent stake in the company and cease to be a co-sponsor of HDFC Mutual Fund. In August, abrdn had divested 5.58 per cent stake in HDFC AMC for over Rs 2,300 crore through an open market transaction.

9:24 AM

BSE SmallCap Heatmap :: Top gainers and losers in the small-cap space

9:23 AM

BSE MidCap Heatmap :: Top gainers and losers in the mid-cap space

9:22 AM

Broader indices outperform benchmarks; Mid-, small-cap indices gain up to 0.2%

9:21 AM

Sector check :: Auto, IT extend decline, PSU banks rally

9:20 AM

Sensex Heatmap :: 8 stocks manage to eke out gains in early trade; L&T, Asian Paints lead