Nifty trades above 24,700; RBI keeps repo rate unchanged at 6.5%

The headline equity benchmarks traded near the flat line with some positive bias in the morning trade. The Nifty traded above the 24,700 level after hitting the day's low of 24,620.50 in the morning trade. Media shares extended losses for the second consecutive trading session.

The six-member Monetary Policy Committee (MPC) led by RBI Governor Shaktikanta Das decided to keep the benchmark repo rate unchanged at 6.5% for the eleventh straight meeting, and maintain the monetary policy stance Neutral. The central bank, however, slashed the Cash Reserve Ratio (CRR) by 50 basis points (bps) to 4%. CRR cut of 50 bps to lead to infusion of Rs 1.16 lakh crore into the system, says RBI Governor Shaktikanta Das.

 

Additionally, Governor Shaktikanta Das revised the GDP growth forecast for FY25, lowering it to 6.6% from the earlier projection of 7.2%.

At 10:29 IST, the barometer index, the S&P BSE Sensex rose 72.22 points or 0.09% to 81,838.08. The Nifty 50 index added 16.55 points or 0.07% to 24,724.95.

The broader market outperformed the frontline indices. The S&P BSE Mid-Cap index rose 0.26% and the S&P BSE Small-Cap index rallied 0.44%.

The market breadth was strong. On the BSE, 2,326 shares rose and 1,292 shares fell. A total of 180 shares were unchanged.

New Listing:

Shares of Suraksha Diagnostics were currently trading at Rs 433.20 at 10:25 IST on the BSE, representing a discount of 1.77% as compared with the issue price of Rs 441.

The scrip was listed at Rs 437, exhibiting a discount of 0.90% to the issue price.

So far, the stock has hit a high of 449 and a low of 426.65. On the BSE, over 2.50 lakh shares of the company were traded in the counter so far.

Buzzing Index:

The Nifty Media index slipped 1.15% to 2,059.95. The index fell 1.14% in two consecutive trading sessions.

PVR Inox (down 2.55%), Tips Music (down 1.77%), Dish TV India (down 1.22%), Zee Entertainment Enterprises (down 0.93%), Den Networks (down 0.2%) and Sun TV Network (down 0.12%) declined.

On the other hand, Nazara Technologies (up 1.57%), Hathway Cable & Datacom (up 0.78%) and Saregama India (up 0.34%) edged higher.

Stocks in Spotlight:

Cummins India rose 0.69%. The companys chief financial officer, Ajay Shriram Patil has resigned due to personal reasons, with effect from 9 January 2025.

Garden Reach Shipbuilder & Engineer (GRSE) added 1.70% after the company has signed contract for the construction and delivery of the second ship from a series of four additional 7,500 DWT multi-purpose vessels in Germany. In September, the company had secured an order for the construction and delivery of four additional multi-purpose vessels of 7,500 DWT each.

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