Nifty trades below 17,650; RBI keeps repo rate unchanged
Published on Apr 08, 2022 10:38
Benchmark indices traded near the flat line with a bout of volatility in morning trade. RBI kept repo rate unchanged at 4% while maintaining accommodative stance. The Nifty hovered below 17,650 level
At 10:36 IST, the S&P BSE Sensex fell 90.38 points or 0.15% at 58,944.15. The Nifty 50 index fell 10.85 points or 0.06% at 17,628.80.
The broader market traded higher with gains. The S&P BSE Mid-Cap index rose 0.59% while the S&P BSE Small-Cap index rallied 0.69%.
The market breadth was strong. On the BSE, shares 2,129 rose and 963 shares fell. A total of 135 shares were unchanged
RBI MPC meet 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 April 2022.
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 has voted unanimously to maintain accommodative stance. For FY23, real GDP growth for is projected at 7.2% (down from 7.8% estimated in the previous policy) and CPI inflation is seen averaging 5.7% (up from 4.5% estimated in the previous policy).
Banking stocks were trading lower post RBI announcement. The Nifty Bank index was down 0.20% at 37,480.90. Meanwhile, the Nifty 50 index was down 0.15% at 17,613.90.
HDFC Bank (down 0.87%), SBI (down 0.31%), Bank of Baroda (down 0.30%), IDFC First Bank (down 0.24%), ICICI Bank (down 0.17%) and Kotak Mahindra Bank (down 0.13%) declined.
Stocks in Spotlight:
JSW Ispat Special Products advanced 2.96% to Rs 38.20 after the company`s crude steel production improved by 17% to 0.17 million tonnes in Q4 FY22 from 0.14 million tonnes in Q3 FY22. The company`s crude steel production for Q4 FY22 is higher by 11% as compared with 0.15 million tonnes produced in Q4 FY21. JSW Ispat`s crude steel production increased by 53% to 0.58 million tonnes in FY22 from 0.38 million tonnes in FY21.
Simplex Infrastructure was locked in an upper circuit of 5% at Rs 63.25 on BSE. The board of the company will consider a proposal to raise funds on Tuesday, 12 April 2022. The board will consider raising funds through preferential issue of eligible securities to investors, the company said.
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