sensex today: Stock Market Live Updates: Sensex rises nearly 100 points as RBI hikes rate

Sensex Today Live: Indian shares had a muted open on Wednesday, ahead of a widely expected interest rate hike by the Reserve Bank of India, though investors will focus on the outlook the central bank provides on its fight against domestic inflation.

The Nifty 50 index was down 0.04% at 18,635.50, as of 9:16 a.m IST, and the S&P BSE Sensex fell 0.03% to 62,606.41.

The RBI is widely expected to raise rates by a smaller 35 basis points (bps), after three back-to-back 50-bps moves to tame stubbornly high inflation. The decision is due at 10:00 a.m. IST.

Investors will focus on the central bank’s outlook on growth and prices for direction as inflation in Asia’s third-largest economy continues to stay above its 2-6% tolerance band, including in October when it hit a three-month low of 6.77%.

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RBI DAS SAYS

RBI remains in liquidity absorption mode
Market must wean away from liquidity surplus overhang

RBI GOVERNOR DAS SAYS

Rupee movement vs dollar less disruptive
Rupee should be allowed to find its level
Terminal rate for US Fed is anyone’s guess

All money markets to function from 9 am to 5 pm: RBI Governor

Our actions will be nimble, in best interest of economy

– Shaktikanta Das, RBI Governor

Most bank stocks rise as RBI policy decision in line with view

Price as on 07 Dec, 2022 10:23 AM, Click on company names for their live prices.

Problems of inflation not over, battle against inflation to continue

– Shaktikanta Das, RBI Governor

RBI MPC Decision | FY23 CPI inflation seen at 6.7%

RBI MPC Decision | FY23 GDP growth revised to 6.8% from 7% earlier

RBI DAS ON INFLATION

CPI inflation to remain above upper tolerance band
Core inflation exhibiting stickiness

RBI DAS SAYS

Inflation to stay above target in Apr-June
Calibrated action needed to anchor inflation expectation
System liquidity in surplus
Overall monetary and liquidity conditions are accommodative
Economy to gain strength in October

Sensex trades in the green as RBI decides to hike rate by 35 bps

To remain focussed on withdrawal of accommodation; MPC stance retained by 4:2 majority

– RBI Governor, Shaktikanta Das

RBI hikes repo rate by 35 bps to 6.25%

RBI MPC voted 5:1 in favour of rate hike

RBI Governor Das says

Global eco still marred by profound shocks, uncertainity
Mixed signals emanating from geopolitical situation, financial market volatility

RBI Money Policy kicks off

L&T Construction secures orders worth more than Rs 7000 crore for its Minerals and Metals Business .

Price as on 07 Dec, 2022 09:58 AM, Click on company names for their live prices.

Having broken past a key resistance of 81.9 that had stood for a month, the prospects of a new high needs to be considered. This brings 84.8 into the picture, assuming that 83.26 will be cleared. Alternatively, we may see the present run of upsides ending at 82.8, which calls for the downside marker to be placed at 82.32.

– Anand James – Chief Market Strategist at Geojit Financial Services

Siemens has emerged as the lowest bidder for a project for manufacturing 1,200 electric locomotive of 9000 HP (horse power) worth over Rs 20,000 crore at Dahod in Gujarat. Indian Railways had floated the tender for manufacturing and maintenance of 9,000 HP electric locomotives at Dahod in April this year.

Price as on 07 Dec, 2022 09:40 AM, Click on company names for their live prices.

Dabur plans to enter feminine care market under ‘Fem’ brand

Price as on 07 Dec, 2022 09:39 AM, Click on company names for their live prices.

Sector Watch | IT pack falls the most

The near-term cues have turned negative once again with weakness in the mother market, the US. Talks of longer-than-expected recession have again surfaced and negative comments from influential voices like that of Jamie Dimon are impacting sentiments. In such a scenario there are no positive triggers that can take the market much higher from here. Since India’s growth resilience looks impressive the market is unlikely to dip sharply. Buying will emerge on declines. Leading PSB banks have potential to move up further and valuations are still attractive. Investors can buy high quality stocks in capital goods and cement at current levels.

– Dr. V K Vijayakumar, Chief Investment Strategist at Geojit Financial Services

Opening Bell: Sensex flat ahead of RBI rate decision; Nifty tests 18,650; Siemens jumps 5%, 5Paisa 4%

RBI likely to stay the course with 50 bps rate hike

With India’s annual inflation remaining sticky, the Reserve Bank of India is likely to raise its key repo rate by another 50 basis points to 6.4% on Wednesday, to decisively demonstrate its inflation-fighting credibility. While retail inflation slowed to a three-month low of 6.77% in October, it has remained above the RBI’s 2-6% tolerance band since January. India’s economy is growing robustly and firms are raising prices charged at the sharpest rate in about five-and-a-half years, suggesting the RBI is unlikely to scale back its rate hikes.

Source: Reuters

Pre-open session: Sensex sheds over 100 points, Nifty below 18,600

Asian stocks rally sputters as growth fears resurface

Asia’s stock markets wobbled lower on Wednesday as reality bit on hopes for a soft economic landing in the United States, and investors curbed their enthusiasm about China’s reopening.

SGX Nifty signals a negative start

Nifty futures on the Singapore Exchange traded 28.5 points, or 0.15 per cent, lower at 18,724, signaling that Dalal Street was headed for a negative start on Wednesday.

Tech View: Nifty charts hint at upside bounce in the offing

Headline equity index Nifty on Tuesday formed a small positive candle on the charts as it ended higher than the opening figure. Analysts said Nifty’s consolidation move at the lows raises hopes for an upside bounce soon in the market.

Tokyo stocks open lower extending Wall Street losses

Tokyo stocks opened lower on Wednesday, tracking falls on Wall Street, where expressions of worry about a possible recession by leading bank executives added to investor unease. The benchmark Nikkei 225 index was down 0.57 percent, or 159.73 points, at 27,726.14 in early trade, while the broader Topix index declined 0.44 percent, or 8.64 points, to 1,941.58.

S&P posts 4th straight decline as recession talk weighs on Wall Street

Wall Street ended lower on Tuesday, with the S&P 500 extending its losing streak to four sessions, as skittish investors fretted over Federal Reserve rate hikes and further talk of a looming recession.

Oil opens mixed as economic fears pressure prices

Oil prices were mixed in early Asian trade on Wednesday after falling to their lowest settlement levels this year as economic uncertainty and the prospect of higher interest rates pressured prices.

Rupee dives 65 paise to over 1-month low of 82.5 against dollar

The rupee declined by 65 paise to close at over one-month low of 82.50 against the US dollar on Tuesday due to heavy selling pressure in domestic equities and rising crude prices in the overseas markets.

Sensex, Nifty on Tuesday

A slew of factors including RBI’s monetary policy outcome tomorrow, a weak Indian rupee and renewed concerns over policy tightening by the Fed pushed Sensex 208 points lower on Tuesday while Nifty ended below the 18,650-mark. Barring PSU banks and FMCG stocks, selling was seen across sectors.

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