The key equity barometers hit fresh intraday high in mid-morning trade. The Nifty managed to hold tad above the 19,600 level. Realty stocks extended gains for second consecutive session.
The barometer index, the S&P BSE Sensex, was up 201.47 points or 0.31% to 65,833.04. The Nifty 50 index advanced 62.60 points or 0.32% to 19,608.35.
In the broader market, the S&P BSE Mid-Cap index rose 0.32% while the S&P BSE Small-Cap index gained 0.31%.
The market breadth was strong. On the BSE, 2163 shares rose and 1262 shares fell. A total of 172 shares were unchanged.
RBI MPC Meet Outcome:
The Reserve Bank of India's Monetary Policy Committee (MPC) at its meeting today (October 6, 2023) decided to Keep the policy repo rate under the liquidity adjustment facility (LAF) unchanged at 6.50%.
The standing deposit facility (SDF) rate remains unchanged at 6.25% and the marginal standing facility (MSF) rate and the Bank Rate at 6.75%.
The MPC also decided to remain focused on withdrawal of accommodation to ensure that inflation progressively aligns to the target, while supporting growth.
These decisions are in consonance with the objective of achieving the medium-term target for consumer price index (CPI) inflation of 4% within a band of +/- 2%, while supporting growth.
CPI inflation is maintained at 5.4% for 2023-24, with Q2 at 6.4%, Q3 at 5.6% and Q4 at 5.2%, with risks evenly balanced. CPI inflation for Q1:2024-25 is maintained at 5.2%. Inflation is expected to improve in the near term due to a correction in vegetable prices and the recent reduction in LPG prices. The future trajectory will depend on factors such as lower pulses area, falling reservoir levels, El Ni?o conditions, and volatile global energy and food prices.
Real GDP growth for 2023-24 is maintained at 6.5%, with Q2 at 6.5%, Q3 at 6.0%, and Q4 at 5.7%, with risks evenly balanced. Real GDP growth for Q1:2024-25 is maintained at 6.6%. Domestic demand is expected to be the key driver of growth in the near term, but global headwinds need to be monitored closely.
The next meeting of the MPC is scheduled during 6-8 December 2023.
Buzzing Index:
The Nifty Realty index added 0.82% to 574.65. The index has gained 1.12% in two sessions.
Godrej Properties (up 1.77%), Brigade Enterprises (up 1.46%), DLF (up 0.91%), Prestige Estates Projects (up 0.9%) and Macrotech Developers (up 0.55%) were the top index gainers.
Stocks in Spotlight:
Angel One advanced 2.15%. The stockbroker's its client base jumped 47.6% to 17.07 million in September 2023 as against 11.57 million in September 2022. On sequential basis, the company's client base rose by 4.4% month on month (MoM) from 16.36 million in August 2023.
FSN E-Commerce Ventures (Nykaa) added 2.21%. The company has witnessed strong momentum in Q2 FY24. At the consolidated level, for Q2 FY24, the company expects net sales value to grow in the mid-twenties and revenue to grow in the early twenties on YoY basis, both at levels similar to Q1 FY24. Overall, the H1 FY24 performance sets up well for the year with second half historically witnessing superior consumer demand.
Global markets:
Asian stocks are trading higher following much weaker-than-expected jobs data. China's markets remain closed for the weeklong holiday.
US stocks ended lower Thursday as investors looked toward key jobs data on Friday that could determine the next move for interest rates. Weekly initial jobless claims came in at 207,000 for the week ending September 30, up just 2,000 from the prior week's numbers.
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