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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10:02 AM

RBI Policy LIVE: Global economy is facing renewed turbulence

9:57 AM

MARKET COMMENT: Dr. V K Vijayakumar, Chief Investment Strategist at Geojit Financial Services

The recent rally which has taken the Nifty around 600 points from the March lows has been driven by reasonable valuations and short covering. FIIs turning buyers (Rs 4261 crores during the last 4 trading sessions) also has been supportive. Global support for the rally will depend on the payrolls data from the US tomorrow. Already ISM services data has come below expectations. So it is possible that tomorrow’s payrolls data may indicate a slowing economy and this can prove to be positive from the market perspective. Today’s MPC decision is likely to be a dovish hike of 25bp. The RBI commentary and inflation projections have to be closely watched. Bank Nifty continues to exhibit strength.

9:54 AM

RBI set to raise rates 25 bps on elevated inflation, keep hawkish stance

Retail inflation rose 6.44% year-on-year in February, easing from 6.52% in January but has remained above the RBI's mandated target range of 2%-6% for 10 out of the last 12 readings. READ MORE

9:46 AM

Dalmia Bharat gains 3% as board approves setting up new distillery for Rs 400 crore

The board has approved setting up of a grain-based distillery at the Nigohi unit of the company with a capacity of 250 KLPD with a capital expenditure of Rs 400 crore, which is expected to be commissioned by September 2024.

This would be financed by debt and internal accruals. It has further approved capacity expansion at the Ramgarh Sugar unit from 6600 TCD to 7000 TCD at a capital expenditure of Rs 14 crore. The capital expenditure will be financed by internal accruals and it is expected to be commissioned by November 2023.