Indices trade with small losses; metal stocks shine

8 Apr 2022 , 11:33 AM

Equity indices traded sideways with a bout of volatility in mid morning. RBI kept repo rate unchanged at 4% while maintaining accommodative stance. The Nifty hovered below 17,650 level

At 11:30 IST, the S&P BSE Sensex fell 102.11 points or 0.17% at 58,932.15. The Nifty 50 index fell 7.8 points or 0.04% at 17,631.80.

The broader market traded higher with gains. The S&P BSE Mid-Cap index rose 0.64% while the S&P BSE Small-Cap index rallied 0.68%.

The market breadth was strong. On the BSE, shares 2,128 rose and 1067 shares fell. A total of 131 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).

Buzzing Index:

The Nifty Metal index gained 1.32% to 6,705.9, resuming its uptrend after a days pause.

Coal India (up 1.97%), JSW Steel (up 1.76%), Vedanta (up 1.45%), Steel Authority of India (up 1.33%) and Hindalco Industries (up 1.18%) were the top gainers. Among the other gainers were NMDC (up 1.17%) and Tata Steel (up 0.83%).

Global Markets:

Select Asian markets were trading higher on Friday after a comeback on Wall Street as investors continued to digest the Feds plans to fight inflation.

US stocks rebounded on Thursday, following back-to-back losing sessions, as investors reassessed the Federal Reserves latest plans to tighten monetary policy and combat rising inflation.

Investors on Thursday continued to monitor the Ukraine-Russia war, as Ukraine asks NATO for more weapons and the EU and U.S. weigh a ban on Russian coal. Meanwhile, the U.S. Senate passed a bill banning Russian oil and gas imports.

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