Markets cheer RBI`s policy decision; Nifty above 17500

The domestic equity barometers reversed losses in morning trade after the RBI kept the policy repo rate unchanged after its latest monetary policy decision. The Nifty was trading above the 17,500 mark.

At 10:26 IST, the barometer index, the S&P BSE Sensex, was up 259.72 points or 0.44% to 58,725.69. The Nifty 50 index added 63.50 points or 0.36% to 17,527.30.

In the broader market, the S&P BSE Mid-Cap index gained 0.07% while the S&P BSE Small-Cap index lost 0.10%.

The market breadth was positive. On the BSE, 1451 shares rose and 1601 shares fell. A total of 117 shares were unchanged.

Reserve Bank Governor Shaktikanta Das headed six-member Monetary Policy Committee (MPC) today announced the policy resolution. 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 said the policy stance will remain "accommodative" as long as needed. The real GDP growth is projected at 7.8% for FY 2022-23. FY23 inflation target is reduced to 4.5%.

The yield on India`s 10-year benchmark federal paper was currently at 6.763% compared with its previous closing of 6.798%.

Buzzing Segment:

The Nifty Bank index was up 0.49% at 38,797.60. State Bank of India (up 0.81%), Kotak Mahindra Bank (up 0.81%), HDFC Bank (up 0.78%), Axis Bank (up 0.6%), RBL Bank (up 0.41%) and IndusInd Bank (up 0.39%) advanced.

ICICI Bank (down 0.07%), AU Small Finance Bank (down 0.08%), Bandhan Bank (down 0.09%), IDFC First Bank (down 0.11%), Punjab National Bank (down 0.24%) and Federal Bank (down 0.24%) declined.

Stocks in Spotlight:

Petronet LNG shed 0.05% to Rs 217.90. The company recorded a 31.5% increase in consolidated net profit to Rs 1,159.46 crore in Q3 FY22 from Rs 882 crore posted in Q3 FY21. Consolidated net revenue from operations surged nearly 72% to Rs 12,597.22 crore in Q3 FY22 over Q3 FY21.

Berger Paints India slipped 0.52% to Rs 718.80. The company reported an 8% fall in consolidated net profit to Rs 252.7 crore in Q3 FY22 from Rs 274.8 crore posted in Q3 FY21. Consolidated revenue from operations grew by 20.4% to Rs 2,550.77 crore in Q3 FY22 as against Rs 2,118 crore registered in Q3 FY21.

Results Today:

Mahindra & Mahindra (down 0.74%), Hindalco Industries (up 0.09%), Hero MotoCorp (down 0.43%), Hindustan Aeronautics (down 0.43%), Zomato (down 0.64%), Bharat Forge (down 0.82%), Tata Chemicals (up 0.14%), ABB India (up 0.54%), Amara Raja Batteries (down 0.21%), Page Industries (down 0.42%), Cummins India (down 1.06%), Computer Age Management Services (down 0.93%), General Insurance Corporation of India (up 2.62%), Krishna Institute of Medical Sciences (up 1.88%), IRB Infrastructure Developers (down 2.33%), Indian Railway Finance Corporation (up 0.22%), Gujarat State Petronet (up 0.98%), Dr Lal PathLabs (down 1.29%), Piramal Enterprises (down 0.12%), Quess Corp (down 11.73%), Carborundum Universal (down 1.07%), Alembic Pharmaceuticals (down 0.20%), MRF (down 0.21%), Elgi Equipments (down 2.19%), GR Infraprojects (up 0.28%), SJVN (up 0.16%), Sundram Fasteners (up 0.01%), Sun TV Network (up 0.98%), Trent (down 0.16%) and Whirlpool Of India (down 0.27%) will announce their quarterly earnings today.

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