RBI retains FY22 GDP growth forecast at 10.5%
The Reserve Bank of India (RBI) has retained India’s FY22 GDP growth at 10.5 percent. Announcing the first bi-monthly monetary policy for FY22, RBO Governor Shaktikanta Das said that the central bank sees India’s real GDP growth at 22.6 percent in Q1FY22, 8.3 percent in Q2FY22, 5.4 percent in Q3FY22, and 6.2 percent in Q4FY22. Read here.
Barbeque Nation Hospitality lists with 2% discount at Rs 489.85 per share on NSE
Barbeque Nation Hospitality made a tepid debut on the exchanges Wednesday as the shares got listed at Rs 489.85 apiece on the NSE, a 2.03 percent discount to the issue price of Rs 500. The stock got listed at Rs 492 on the BSE, a discount of 1.6 percent to the issue price.
Titan continued to witness strong business momentum in Q4. Co recorded strong revenue for Q4 after seeing best-ever rev in Q3 pic.twitter.com/w9YbmIOJvE
— CNBC-TV18 (@CNBCTV18Live) April 7, 2021
Buzzing | Shares of Reliance Industries and Bharti Airtel gained after Reliance Jio Infocomm signed an agreement with Bharti Airtel to acquire a portion of spectrum in 800 MHz band for Andhra Pradesh, Delhi and Mumbai circles at an aggregate value of Rs 1,497 crore.
Equitas Small Finance Bank | The bank’s loan growth rate in Q4FY21 slows down, deposit momentum continues to remain strong. Deposits were at Rs 16,391 crroe, up 51.9 percent, YoY & 3.34 percent, QoQ. CASA was at Rs 5613 crore, up 154.2 percent, YoY and 41.5 percent, QOQ; CASA ratio was at 34.24% versus 20.47% YoY and versus 25.01% QoQ; Advances at Rs 17,896 crore, up 16.5 percent, YoY & 2.9 percent QoQ; Disbursals at Rs 2,535 crore, up 5.4 percent, YoY and 3 percent, QoQ.
Market Opens | The Indian benchmark indices opened with minor gains Wednesday amid mixed global cues. The Sensex opened 75.7 points, or 0.15 percent higher at 49,277.09, while the Nifty opened at 14,716.45, up 32.95 points, or 0.22 percent. Banking stocks fell ahead of the RBI monetary policy announcement. Broader markets gained with Nifty Midcap100 and Nifty Smallcap100 trading 0.5 percent higher each. Metals, pharma, FMCG and Auto indices traded in the green.
Market Watch: VK Sharma of HDFC Securities
– Buy 3,700 Call option on Divi’s Laboratories at Rs 124 with a stop loss of Rs 90 and a target of Rs 200.
– Buy 900 Call option on Max Financial Services Ltd at Rs 36 with a stop loss of Rs 30 and a target of Rs 48.
– Buy 4,600 Call option on Naukri at Rs 166 with a stop loss of Rs 130 and a target of Rs 240.
– Buy 820 Call option on Tata Chemicals at Rs 30 with a stop loss of Rs 25 and a target of Rs 40.
Siddhartha Khemka, Head – Retail Research, Motilal Oswal Financial Services:
Going ahead, Indian markets are likely to track global cues including progress of President Joe Biden’s new infrastructure proposal along with the earnings season which would kick start from next week and would keep markets volatile. Concerns over the fast spreading 2nd wave of Covid in India continues to remain. Economic activities might take a hit due to partial lockdowns and markets might react accordingly in coming weeks.
Overall markets are likely to remain in a consolidative mode for some time awaiting for fresh positive triggers. Hence, investors would do well by gradually accumulating good quality companies on any declines in the market.
Gold eases from two-week high as economic recovery hopes grow
Gold prices inched lower on Wednesday, retreating from a two-week high hit in the previous session, as a raft of strong US data boosted hopes of a quick economic recovery. Spot gold was down 0.2 percent to $1,739.46 per ounce. Gold futures slipped 0.1 percent to $1,740.90 per ounce.
IMF revises India’s FY22 GDP forecast to 12.5%
The International Monetary Fund (IMF) in its latest World Economic Outlook update for April 2021, has revised India’s GDP growth forecast. The IMF now expects India’s economy to grow by 12.5 percent in FY22, 100 basis points higher than its last forecast in January. It expects India’s GDP growth at 6.9 percent in FY23, about 10 basis points higher than the previous forecast. According to IMF, India’s economy contracted by 8 percent in FY21. However, over the medium term, India’s growth rate is expected to stabilise around 6.5 percent by FY27, IMF said. Read more.
Oil prices rise on stronger economic outlook, US stockpile draw
Oil prices edged higher on Wednesday on the prospects for stronger global economic growth amid increased COVID-19 vaccinations and a report that crude inventories in the United States, the world’s biggest fuel consumer, fell. Brent crude futures for June rose by 34 cents, or 0.5 percent, to USD 63.08 a barrel by 0123 GMT while US West Texas Intermediate crude for May was up 32 cents, or 0.5 percent, to USD 59.65.
”Optimism on the global economic outlook boosted sentiment in the crude oil market,” analysts from ANZ bank wrote in a note on Wednesday. Prices were buoyed as data on Tuesday showed US job openings rose to a two-year high in February while hiring picked up. This followed earlier data showing US services activity touching a record high in March and China’s service sector showing the sharpest increase in sales in three months. More here
Macrotech Developers raises Rs 740 crore from anchor investors ahead of IPO
Realty major Macrotech Developers Ltd, erstwhile Lodha Developers, on Tuesday raised Rs 740 crore from anchor investors, ahead of its initial public offer (IPO) that will hit the capital market on Wednesday. Mumbai-based Macrotech has raised Rs 740 crore from 14 anchor investors, the company said in a regulatory filing. The company informed that it has allocated 1.52 crore shares at Rs 486 per scrip to anchor investors. The price band was fixed at Rs 483-486 per share. As many as 12 foreign portfolio investors participated in the anchor. The FPIs are Capital Group; Nomura; Ivanhoe Cambridge, real estate arm of CDPQ; Wellington Asset Management; Abu Dhabi Investment Authority, Abu Dhabi’s sovereign fund; Platinum Asset Management, Marshall Wace, Brookfield Asset Management, Segantii, York, Oxbow and Discovery. More here
#RBIPolicy Poll | The MPC of @RBI is set to announce its policy decision at 10 am today amid rising #COVID cases and elevated inflation. MPC is expected to maintain status quo in this policy & the focus will shift towards RBI’s stance on liquidity management and forward guidance pic.twitter.com/UWzXFh6gH4
— CNBC-TV18 (@CNBCTV18Live) April 7, 2021
First up, here is quick catchup of what happened in the markets on Tuesday
The Indian benchmark indices ended with minor gains on Tuesday amid volatility dragged by selling in banks, financials and IT stocks. Metal, Pharma, and Realty indices rose over 1 percent each and banking stocks underperformed. The Sensex ended 42 points higher at 49,201, and the Nifty ended 45 points higher at 14,683. The broader market indices outperformed benchmark indices to end nearly 1 percent higher. On the Nifty50, Power Grid, Grasim, Eicher Motors, Axis Bank, Ultra Cement were the top losers, and Adani Ports, Tata Consumer, Asian Paints, JSW Steel, and SBI Life were the top gainers.
Welcome to CNBC-TV18’s Market Live Blog
Good morning, readers! I am Pranati Deva from the market’s desk of CNBC-TV18. Welcome to our market blog, where we provide rolling live news coverage of the latest events in the stock market, business and economy. We will also get you instant reactions and guests from our stellar lineup of TV guests and in-house editors, researchers, and reporters. If you are an investor, here is wishing you a great trading day. Good luck!