Sensex up 144pts, Nifty nears 17,600 as RBI pauses hike; realty stocks jump

CLOSING BELL: Shaktikanta Das said the move was only "a pause and not a pivot"

SI Reporter New Delhi

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2:03 PM

News Alert:: Mazagon Dock reports 31.6% jump in FY23 turnover; stock down 0.7%

Mazagon Dock Shipbuilders recorded a turnover of Rs 7,547 Crore approx. (provisional and unaudited) for the financial year ended on March 31, 2023 as against Rs 5733.28 crore in FY22. up 31.6 per cent.

1:57 PM

Market Check:: Sensex slips back into red, down over 250 pts from day's high

1:45 PM

EXPERT ON RBI POLICY: Pause seen as a big positive for market

In a very surprising move, the RBI kept the repo rate unchanged in today's meeting, against a market expectation of a 25bps hike. However, according to the RBI governor the pause is only for this meeting and MPC remains open to act depending on the data. We believe this is a big positive for the market, where the governor has shown unprecedented flexibility and is willing to act according to the situation rather than be rigid and simply data-driven.

Views expressed by Sushant Bhansali, CEO, Ambit Asset Management

1:35 PM

Sebi takes slew of measures to crack down on misleading investment ads

In a circular issued on Wednesday, Sebi prohibited the use of terms like ‘Best’, ‘No. 1’, ‘Top’, ‘leading’, and ‘one of the best amongst market leaders’, among others in any form of advertisement. READ MORE

1:29 PM

Avalon Tech IPO:: Issue subscribed up to 53% so far on last day; retail portion 62%

1:18 PM

Global Check:: Major Asian markets trade with a negative bias, down up to 1.4%

Source: Yahoo Finance

1:07 PM

RBI expansion of NDF access to help manage rupee volatility: Analysts

They were earlier permitted to transact in rupee NDF forex derivatives contracts with non-residents and with other eligible banks. READ MORE

12:58 PM

EXPERT ON RBI POLICY: Believe we are at the end of rate hike cycle

The RBI governor emphasized on the emerging financial stability risks in advance economies. Due to which there are evolving downside risk to the inflation, leading to RBI revising downward its inflation projection at 5.2% vs 5.3% for FY24 earlier. The RBI has revised upwards India’s GDP forecast to 6.5% vs 6.4% earlier on account of resilience of India’s economic activity. After the policy announcement, the bond yields have softened. The RBI maintains that next policy action will depend on the evolving growth and inflation dynamics in India. We believe that we are at the end of the rate hike cycle in India.

Views expressed by Sampath Reddy, Chief Investment Officer, Bajaj Allianz Life Insurance

12:54 PM

Broader markets outperform benchmark; India VIX eases 3%

12:44 PM

EXPERT COMMENT: Pause in rate hike cycle aimed to support economic growth

The Reserve Bank of India (RBI) has made a prudent decision to pause the rate hike, considering the uncertainty prevailing in the global financial market and the potential challenges that may arise for India's growth due to the lack of clarity on the El-Nino phenomenon. The RBI's decision to take a pause is aimed at supporting growth in the economy.

While the Governor of the RBI has indicated that the pause in the rate hike is applicable only for this meeting, the central bank remains highly vigilant about the growth in the economy and will assess the situation carefully before taking any future rate hikes. In these uncertain times, the RBI recognizes that another rate hike could potentially hamper the growth momentum of the economy.

Views expressed by Sunil Damania, Chief Investment Officer, MarketsMojo

12:38 PM