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Nifty crosses 21,000 mark as RBI keeps rates unchanged; metal stocks advance

Published on Dec 08, 2023 10:31

The domestic equity benchmarks edged higher and hit the day`s high in morning trade. The Nifty traded near the 21,000 level. Metal stocks witnessed strong buying demand. Investor sentiment received a boost after the RBI maintains its repo rate at 6.50% and raised the GDP forecast for FY24 to 7%.

At 10:28 IST, the barometer index, the S&P BSE Sensex, was up 252.06 points or 0.36% to 69,773.75. The Nifty 50 index added 89.85 points or 0.43% to 20,991.

The Nifty 50 index had hit its record high level of 21,006.10 in trade today. The index took 61 sessions to gain 1,000 points & climb to 21,000 level from 20,000 level.

In the broader market, the S&P BSE Mid-Cap index added 0.30% while the S&P BSE Small-Cap index gained 0.45%.

The market breadth was strong. On the BSE, 2292 shares rose and 1148 shares fell. A total of 164 shares were unchanged.

RBI MPC Meet Outcome:

The Reserve Bank of India`s (RBI�s) Monetary Policy Committee (MPC) kept its benchmark repo rate unchanged at 6.50% for fifth consecutive day at the end of its two-day policy meeting. The committee has maintained its stance of �Withdrawal of Accommodation�.

The Central Bank has raised its FY24 GDP growth forecast to 7% from 6.5% earlier. The retail inflation (CPI) forecast for FY24 has been kept unchanged at 5.4%

Buzzing Index:

The Nifty Metal index added 1.26% to 7,462.35. The index had declined 0.75% to end at 7,369.85 yesterday.

JSW Steel (up 3.22%), Hindustan Copper (up 3.09%), Welspun Corp (up 1.7%), Ratnamani Metals & Tubes (up 1.65%) and NMDC (up 1.55%) were the top gainers.

Among the other gainers were Vedanta (up 1.39%), Jindal Stainless (up 1.28%), Jindal Steel & Power (up 1.21%), Hindalco Industries (up 1.16%) and APL Apollo Tubes (up 0.89%).

On the other hand, National Aluminium Company (down 0.61%) and Hindustan Zinc (down 0.17%) turned lower.

Stocks in Spotlight:

IIFL Securities jumped 8.56%. The Securities Appellate Tribunal has set aside SEBI`s order prohibiting the company from onboarding new clients for two years and reduced the monetary penalty from Rs 1 crore to Rs 20 lakh.

Bharat Forge rose 0.73%. The company`s unit, Kalyani Strategic Systems, proposed to acquire a majority stake in Zorya Mashproekt India. ZMI is engaged in the development of indigenous capabilities for build-ups, repairs and overhauls of all types of gas-turbine engines.

IRB Infrastructure Developers advanced 3.56%. The company logged November toll collection at Rs 437 crore against Rs 366 crore in the same period last year.

TVS Electronics was up 0.20%. The company received an order from the office of the Commissioner of Customs on Dec. 6 to pay Rs 35.58 crore. It is the process of filing an appeal before the Customs Excise & Service Tax Appellate Tribunal, Chennai.

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