The equity benchmarks snapped their three day losing streak and settled with strong gains on Friday. Domestic sentiment got a boost after RBI left key policy rates unchanged. Positive global cues also supported buying. The Nifty ended below 17,800 mark after hitting the day's high of 17,842.75 mid-afternoon trade.
The barometer index, S&P BSE Sensex added 412.23 points or 0.7% at 59,447.18. The Nifty 50 index gained 144.8 points or 0.82% at 17,784.35. The 50-unit index fell 2.3% in the past three sessions.
Barring the Nifty IT index, all the sectoral indices on the NSE ended in the green. FMCG and metals shares rallied. IT stocks were under pressure ahead of Q4 earnings. TCS will announce Q4 results on Monday, 11 April 2022, and Infosys will announce Q4 results on Wednesday, 13 April 2022.
In broader market, the S&P BSE Mid-Cap index added 0.93% while the S&P BSE Small-Cap index rose 0.99%.
The market breadth was strong. On the BSE, shares 2,293 rose and 1,092 shares fell. A total of 124 shares were unchanged.
The NSE's India VIX, a gauge of market's expectation of volatility over the near term, slumped 6.89% to 17.6875.
Economy:
The Reserve Bank of India (RBI) kept the policy repo rate unchanged while maintaining its accommodative stance after the conclusion of the Monetary Policy Committee (MPC) meeting today, 8 April 2022.
RBI kept repo rate unchanged at 4%. Reverse repo rate stands at 3.35%. The Marginal Standing Facility (MSF) rate is at 4.25% The MPC has voted unanimously to maintain accommodative stance. For FY23, real GDP growth for is projected at 7.2% (down from 7.8% estimated in the previous policy) and CPI inflation is seen averaging 5.7% (up from 4.5% estimated in the previous policy).
Numbers to Track:
The yield on 10-year benchmark federal paper rose to 7.065% from its previous close of 7.109%.
In the foreign exchange market, the rupee was higher against the dollar. The partially convertible rupee was hovering at 75.9350, compared with its close of 76.03 during the previous trading session.
MCX Gold futures for 3 June 2022 settlement shed 0.08% to Rs 51,855.
The US Dollar index (DXY), which tracks the greenback's value against a basket of currencies, rose 0.08% to 99.83.
In the commodities market, Brent crude for May 2022 settlement rose 33 cents or 0.33% to $100.91 a barrel.
Global Markets:
Shares in Europe and Asia advanced on Friday to end a volatile trading week as investors assess the pace of the Federal Reserve's monetary tightening plans and news from Ukraine.
The U.S. Congress has voted to revoke Russia's trade status and ban oil and gas imports, along with banning all new investment in the country.
Stocks in Spotlight:
Ruchi Soya Industries surged 12.94% to Rs 924.85. Fresh shares of Ruchi Soya Industries allotted in the recently concluded follow-on public offer (FPO) were admitted to dealing today, 8 April 2022. A total of 6,61,53,846 shares of the company were admitted for trading on the bourses.
Hester Biosciences rose 3.09% after the company announced that it received approval for grant of Rs 60 crore to the company by Biotechnology Industry Research Assistance Council (BIRAC) to support COVID vaccine manufacturing.
Shares of Adani Green Energy surged 7.37%, Adani Enterprises rose 3.44% and Adani Transmission rose 3.41%. International Holding Company PJSC (IHC), the Abu Dhabi based conglomerate, will invest $2 billion (approximately Rs 15,400 crore) as primary capital in Adani Green Energy, Adani Transmission and Adani Enterprises, through the preferential allotment route.
Cholamandalam Investment and Finance Company surged 8.04% after the company's disbursements increased by 58% YoY to Rs 12,718 crore in Q4 FY22.
Disbursements in vehicle finance business was Rs 8,785 crore (up 43% YoY), disbursements of loan against property business was Rs 1,870 crore (up 57% YoY) and disbursements in home loans stood at Rs 549 crore (up 2% YoY) for Q4 of FY22.
For FY22, disbursements amounted to Rs 35,489 crore as against Rs 26,043 crore in FY21, which is a growth of 36% on a YoY basis. Collection efficiency on billing improved across all product segments and stood at 138% in Q4 FY22 as against 120% in Q4 FY21. This will result in strengthening the asset quality position of the company.
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