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The benchmark equity indices traded higher after the RBI kept the repo and reverse repo rates unchanged and continued its ‘accommodative’ stance. At 10:26 IST, the barometer index, the S&P BSE Sensex, was up 433.93 points or 0.73% to 60,111.76. The Nifty 50 index added 139.50 points or 0.78% to 17,929.85. In the broader market, the S&P BSE Mid-Cap index rose 0.48% while the S&P BSE Small-Cap index gained 0.71%.
The market breadth was strong. On the BSE, 2292 shares rose and 668 shares fell. A total of 146 shares were unchanged.
RBI MPC Outcome:
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 October 2021.
The Nifty Bank index was up 0.54% at 37,957.25.
Among the private sector banks, Bandhan Bank (up 3.27%), RBL Bank (up 1.82%), Yes Bank (up 1.14%), HDFC Bank (up 0.60%), ICICI Bank (up 0.59%), Axis Bank (up 0.55%), IndusInd Bank (up 0.41%), Kotak Mahindra Bank (up 0.38%) and IDFC First Bank (up 0.21%) advanced.
Among the public sector banks, Punjab & Sind Bank (up 1.15%), Indian Overseas Bank (up 1.14%), Bank of Maharashtra (up 1.32%), Indian Bank (up 1%), Bank Of Baroda (up 0.89%), Central Bank of India (up 0.88%), UCO Bank (up 0.72%), Bank of India (up 0.62%), Canara Bank (up 0.43%) and SBI (up 0.42%) edged higher.
RBI kept repo rate unchanged at 4% and maintained an accommodative stance. Reverse repo rate stands at 3.35%.
RBI maintained the FY22 GDP growth forecast at 9.5%. This includes 7.9% in Q2, 6.8% in Q2 and 6.1% in Q4. For Q1 FY23, GDP growth has been pegged at 17.2%.
CPI inflation is seen at 5.3% for this fiscal. In Q2, it is seen at 5.1%, 4.5% in Q3 and 5.8% in Q4, with risks broadly balanced.
Stocks in Spotlight:
Oberoi Realty fell 1.24% to Rs 925. The company’s units booked in Q2 FY22 were at 200 as against 45 in Q2 FY21 and 39 in Q1 FY21. The booking value in Q2 FY22 was Rs 828.52 crore as compared with Rs 327.30 crore in Q2 FY21 and Rs 169.97 crore in Q1 FY21. The area booked in Q2 was at 4,43,716 square feet as against 1,30,236 square feet in Q2 FY21 and 92,128 square feet in Q1 FY21.
Zee Entertainment Enterprises added 0.32% to Rs 293.85. As per media reports, the National Company Law Appellate Tribunal (NCLAT) on Thursday completed the hearing on a petition filed by Zee Entertainment Enterprises (ZEEL) seeking more time to reply to Invesco’s demand for convening a shareholders’ meeting.
The NCLAT reportedly asked the National Company Law Tribunal (NCLT) to provide “reasonable and sufficient opportunity” to ZEEL to reply to a plea by Invesco seeking a meeting of the company’s shareholders. It said the NCLT committed an “error” by not granting reasonable time to ZEEL to reply to Invesco’s plea, media reports added.
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