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These stocks hit fresh 52-week high in trade today
Das says 67% of decline in forex reserves due to valuation changes
Reserve Bank Governor Shaktikanta Das on Friday said 67 per cent of the decline in the foreign exchange reserves since April was due to valuation changes arising from strengthening US dollar and higher American bond yields. The forex reserves, which stood at USD 606.475 billion as on April 2, have declined to USD 537.5 billion as on September 23. It was also the eighth straight week when the reserves declined.
We feel that the RBI may be nearing the end of the rate hike cycle in India and future rate hikes will have more to do with supporting the Indian currency and also to some extent the inflation trajectory. Both equity and bond markets have taken this in a positive stride and have rallied post the policy announcement.
– Sampath Reddy, Chief Investment Officer, Bajaj Allianz Life Insurance
Top Sensex contributors at this hour
Adani Green, Omaxe among top NSE gainers at this hour
Price as on 30 Sep, 2022 12:31 PM, Click on company names for their live prices.
NIFTY RECLAIMS 17,000
SENSEX RALLIES 600 POINTS, AT DAY’S HIGH
The RBI MPC increase of repo rate of 50 basis points, comes as no surprise to the market as the same was widely expected. The governors mention of doing away with forward guidance is a clear indication of the hawkish stance that the RBI is going to be adopting for the next few cycles, with policy responses evolving in response to changes in the external environment. While the country fundamentals seem to be strong and there is hope that they will continue to be strong, headwinds from the global environment have a bearing on growth for which policy responses will be provided, even if they are unconventional is what we heard the governor say. The markets are going to see some interesting times.
– Vivek iyer- Partner and leader , Financial services risk, Grant Thornton Bharat
Amidst challenging global monetary policy backdrop, RBI stays with a 3rd consecutive rate hike of 50 bps and keeps a tight vigil on domestic inflation. Continuation with “withdrawal of accommodation” signals more rate hikes to come. External factors holding well as of now but needs to be monitored closely. Re-assurance on ample systemic liquidity provides relief to the shorter segment. Overall, in line with market expectations as of now but we expect market volatility to remain high with fast evolving global backdrop.
– Vikas Garg– Head of Fixed Income, Invesco Mutual Fund
Motherson Sumi Wiring approves 2:5 bonus issue
Price as on 30 Sep, 2022 11:52 AM, Click on company names for their live prices.
David Steven McDaniel, Executive Director – Finance & Control and Chief Financial Officer, shall demit office effective from 1st March 2023. McDaniel will be taking up a new assignment with a Nestlé Affiliate
Price as on 30 Sep, 2022 11:36 AM, Click on company names for their live prices.
The MPC delivered 50bps hike in line with expectations. Clearly, the fast-evolving world order and consistent repricing of Fed’s outsized hikes are strong-arming the EMs. This painful adjustment has not spared the RBI either, which realised the net cost of a supposed soft signalling via shallow hike could be higher than a larger hike of 50bps. This exposes the instability inherent with the classic EM central bank trilemma: one cannot have a stable currency, unfettered capital flows, and independent monetary policy all at the same time. This conscious front-loading could give them some breather next year on shallow hikes ahead. With inflation likely to be largely in line with RBI’s estimates, this week’s 50bps hike will make the ex-post forward real repo rate positive, albeit still lower than the RBI’s estimated real neutral rate of 0.8-1%. At this point, we still think that the RBI would not go too restrictive and terminal rate could hover near the estimated real rates, implying not more than 100bps hikes ahead, including today’s decision. However, the extent of global disruption will remain key to the RBI’s reaction function ahead.
– Madhavi Arora, Lead Economist, Emkay Global
How long will RBI hike rates?
— Prasenjit Basu – Chief Economist, ICICI Securities
Heritage Foods to issue shares in ratio of 1:1 by rights issue basis; Rights issue size of Rs 23.2 crore
Price as on 30 Sep, 2022 11:23 AM, Click on company names for their live prices.
L&T Technology Services Limited announced that it is collaborating with Qualcomm Technologies, Inc. to deploy end-to-end solutions for the global 5G Private Network Industry utilizing their combined core expertise in the Hi-Tech & Telecommunication domain.
Price as on 30 Sep, 2022 11:19 AM, Click on company names for their live prices.
Bear swipe on Street brings out the bulls among promoters
The Adani Group and the Godrejs are among the promoters that have raised stakes in their companies recently, timing their open-market purchases with the broad-based equities downturn that hasn’t spared any pocket of the listed universe over the past month.
The dominant theme in economic and market discussions these days is India’s resilience and outperformance in a weakening global economy and bearish equity markets. The RBI governor’s comments today is a reaffirmation of this ‘India resilient’ theme. It was this positive commentary on India’s growth impulses and projection of 7% GDP growth with 6.7% inflation for FY 23 that has come as a positive even while the policy announcements relating to rates were on totally expected lines. The Governor’s confident statement that CAD can be financed comfortably even with crude at $100 for the rest of the year is reassuring. In brief the positive commentary is market positive.
– Dr. V K Vijayakumar, Chief Investment Strategist at Geojit Financial Services
Indian central bank has raised repo rates by 50 bps along expected lines. As the governor has noted, global economy is in turmoil and India needs to be watchful both on the external account as well as in terms of the domestic fiscal situation. We expect the rbi to remain prudent in terms of balancing between growth and inflation.
– Sameer Kaul – MD & CEO, TrustPlutus Wealth
SENSEX UP 300 POINTS, AT DAY’S HIGH POST POLICY MEET
LIVE | RBI GOVERNOR SAYS
- To float discussion paper on banks’ expected loss provision
- To introduce framework for stressed assets securitisation
- To regulate offline payment aggregators
Market interventions continues to be judicious
– RBI Governor
Realty stocks trade mixed as RBI hikes rate by 50 bps
Price as on 30 Sep, 2022 10:29 AM, Click on company names for their live prices.
LIVE | RBI GOVERNOR SAYS
- Rupee is a freely floating currency
- RBI doesn’t have fixed exchange rate in mind
- RBI intervenes to adjust volatility in market
- Intervention in FX market based on evolving situation
- Forward guidance may destabilize capital markets
LIVE | RBI GOVERNOR ON RUPEE
- Rupee has fallen 7.4% vs dollar from April
- Rupee has depreciated in an orderly manner
- Indian rupee has fared much better than several other currencies
Merchandise exports have been affected due to external factors
– RBI Das
Recent correction in global crude oil prices if sustained may provide relief to inflation
– RBI Governor
LIVE | RBI GOVERNOR SAYS
- High-frequency data for Q2 indicates economic activities remain resilient
- Private consumption picking up
Sensex extends gains, jumps 250 points on RBI’s inflation guidance
RBI Das: FY23 CPI inflation retained at 6.7%
- Geopolitical tensions affecting domestic inflation
LIVE | RBI Das: FY23 real GDP growth seen at 7% from 7.2% earlier
Auto index in the red; Tata Motors worst performer
Price as on 30 Sep, 2022 10:16 AM, Click on company names for their live prices.
RBI to remain focussed on withdrawal of accommodation
RBI to remain focussed on withdrawal of accommodation #RBIPolicy #InterestRates #RBI #MPC https://t.co/QLW2F2j1I5 https://t.co/PGxc4PyjVa
— ETMarkets (@ETMarkets) 1664512921000
LIVE | RBI GOVERNOR SAYS
- Inflation persists at alarmingly high levels
- Inflation trajectory remains clouded
WATCH | Shaktikanta Das’ address
LIVE | Watch @RBI Governor Shaktikanta Das announce MPC decision @DasShaktikanta #RBIPolicy #InterestRates #RBI… https://t.co/yDTddmsydP
— ET NOW (@ETNOWlive) 1664512306000
Market volatile as RBI policy underway
Sensex rises 100 points as RBI hikes rates along expected lines
RBI hikes repo rate by 50 bps to 5.90%
- SDF rate stands adjusted to 5.65%
- RBI to remain focussed on withdrawal of accommodation
- RBI voted 5:1 in favour of rate hike
LIVE | RBI GOVERNOR SAYS
- Global economy in the eye of a new storm
- Indian economy continues to remain resilient
- India has sustained the shocks of pandemic, Ukraine conflict
World has been confronted with one crisis after another
– Shaktikanta Das, RBI Governor
RBI MPC POLICY DECISION KICKS OFF
Sensex turns mildly positive ahead of rate hike decision
Meghmani Finechem commissions additional 106,000 TPA capacity of caustic soda at Dahej plant
Price as on 30 Sep, 2022 09:55 AM, Click on company names for their live prices.
Market View | Dr. V K Vijayakumar, Chief Investment Strategist at Geojit Financial Services
Read More: sensex today: Stock Market LIVE Updates: Sensex at day’s high, up 950 points on RBI