Shares hit fresh intraday low; Asian markets mostly decline. 11February2022

 

The domestic equity benchmarks extended losses and hit fresh intraday low in morning trade. The Nifty was trading below the 17,350 mark. Weak global cues played the spoilsport. The higher-than-expected US inflation data raised fears of aggressive rate hikes by the US Federal Reserve.

The barometer index, the S&P BSE Sensex, was down 910.36 points or 1.54% to 58,015.67. The Nifty 50 index lost 263.60 points or 1.50% to 17,342.25.

In the broader market, the S&P BSE Mid-Cap index shed 1.40% while the S&P BSE Small-Cap index lost 1.26%.

The market breadth was weak. On the BSE, 761 shares rose and 1860 shares fell. A total of 86 shares were unchanged.

Results today:

Oil and Natural Gas Corporation (down 0.35%), Oil India (up 0.15%), Power Finance Corporation (down 0.81%), Apollo Hospitals Enterprises (down 1.79%), Ashok Leyland (down 1.54%), Cholamandalam Financial Holdings (down 0.23%), Divi's Laboratories (down 0.73%), Fortis Healthcare (down 1.42%), Glenmark Pharmaceuticals (down 2.06%), Globus Spirits (down 1.87%), Godrej Industries (down 0.95%), Honeywell Automation India (down 0.47%), Metropolis Healthcare (down 2.30%), Motherson Sumi Systems (down 2.38%), NHPC (down 0.10%), The New India Assurance Company (up 0.40%), Star Health and Allied Insurance Company (down 1.46%) and Voltas (down 3.94%) are some of the large firm slated to announce their financial results today.

Further, Akzo Nobel India (down 0.08%), Allcargo Logistics (up 0.64%), Anupam Rasayan India (up 0.44%), Fine Organic Industries (down 1.34%), HLE Glascoat (down 0.81%), Housing & Urban Development Corporation (down 0.25%), IDFC (down 0.25%), India Cements (down 2.11%), Indigo Paints (down 0.60%), ITI (down 0.35%), Kalpataru Power Transmission (down 1.30%), Mazagon Dock Shipbuilders (down 0.66%), MOIL (down 1.29%), Nazara Technologies (down 0.90%), Shree Renuka Sugars (down 1.70%), Sapphire Foods India (down 0.20%) and Sobha (down 1.34%) are some of the companies that will announce thier quarterly earnings today.

Stocks in Spotlight:

Cochin Shipyard declined 2.55% to Rs 332.40 after the company's consolidated net profit dropped 42.17% to Rs 129.38 crore on a 27.27% increase in revenue from operations to Rs 952.88 crore in Q3 December 2021 over Q3 December 2020.

Rashtriya Chemicals & Fertilizers (RCF) added 3.4% to Rs 80.45 after the company's consolidated net profit surged 45% to Rs 143.15 crore in Q3 FY22 from Rs 98.7 crore posted in Q3 FY21.

Trent rose 1.21% to Rs 1,088.60 after the company reported a 77.7% increase in consolidated net profit to Rs 113.78 crore on a 75.6% increase in revenue from operations to Rs 1,499 crore in Q3 FY22 over Q3 FY21.

Global Markets:

Asian stocks were trading mostly lower on Friday, tracking losses seen overnight on Wall Street after the release of a hotter-than-expected U.S. consumer inflation report.

Wall Street ended sharply lower on Thursday after US consumer prices data came in hotter than expected and subsequent comments from a Federal Reserve official raised fears the US central bank will hike rates aggressively to fight inflation.

St. Louis Federal Reserve Bank President James Bullard said the data had made him dramatically more hawkish. Bullard, a voting member of the Fed's rate-setting committee this year, reportedly said he now wanted a full percentage point of interest rate hikes by July 1.

On the data front, the consumer price index rose 0.6% from December, the Labor Department said, while in the 12 months through January, CPI jumped 7.5%, the biggest year-on-year gain since February 1982.

Benchmarks end with strong gains after RBI keeps rates unchanged. 10February2022

The domestic equity barometers ended with strong gains on Thursday. The Nifty closed above the 17,600 mark. Investors cheered the RBI's decision to keep the key policy rates unchanged. Shares rose across the board with metals, banks, financials and IT stocks gaining the most.

As per provisional clsoing data, the barometer index, the S&P BSE Sensex, advanced 460.06 points or 0.79% to 58,926.03. The Nifty 50 index gained 142.05 points or 0.81% to 17,605.85.

The broader market lagged the main indices. The S&P BSE Mid-Cap index added 0.30% while the S&P BSE Small-Cap index rose 0.04%.

The market breadth was almost even. On the BSE, 1,568 shares rose and 1,769 shares fell. A total of 111 shares were unchanged.

The Governor of the Reserve Bank of India Shaktikanta Das headed six-member Monetary Policy Committee (MPC) today announced the policy resolution. The 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 said the policy stance will remain accommodative as long as needed. The real GDP growth is projected at 7.8% for FY 2022-23. FY23 inflation target is reduced to 4.5%.

Buzzing Index:

The Nifty Metal index rose 1.23% to 6,058.50, extending gains for third day in a row. The index has added 3.94% in three sessions.

Jindal Steel & Power (up 5.97%), Ratnamani Metals Tubes (up 2.78%), NMDC (up 2.28%), Tata Steel (up 2.20%), Hindustan Copper (up 1.97%), Welspun Corp (up 2.03%), JSW Steel (up 1.17%) and National Aluminum Co. (up 0.96%) advanced.

Stocks in Spotlight:

Mahindra & Mahindra (M&M) rose 1.25% to Rs 851.10 . M&M reported 22% fall in standalone net profit before exceptional items to Rs 1,353 crore in Q3 FY22 as compared with Rs 1,745 crore in Q3 FY21. Revenue rose by 8% YoY to Rs 15,239 crore during the quarter. The company sold 1,18,174 vehicles in Q3 FY22, which is lower by 2% as against 1,21,133 vehicles sold in the same period last year. Tractor sales in Q3 FY22 amounted to 91,769 units (down 9% YoY).

Bharat Forge fell 2.58% to Rs 728.70. On a consolidated basis, the company reported net profit of Rs 421.19 crore in Q3 December 2021 as against net loss of Rs 209.20 crore in Q3 December 2020. Net sales jumped 38.97% to Rs 2,394.68 crore in Q3 December 2021 over Q3 December 2020.Page Industries slipped 3.51% to Rs 40905.05. The company reported a 13.6% rise in net profit to Rs 174.6 crore on a 28.3% jump in revenue from operations to Rs 1189.8 crore in Q3 FY22 over Q3 FY21.

Solara Active Pharma Sciences hit a lower circuit limit of 20% at Rs 775.05 after the company reported consolidated net loss of Rs 139.87 crore in Q3 FY22 as against net profit of Rs 65.80 crore in Q3 FY21. Net sales fell 76.48% to Rs 100.34 crore in Q3 FY22 over Q3 FY21.

MRF shed 0.87% to Rs 69790.25. On a consolidated basis, the tyre maker's net profit fell 71.30% to Rs 149.39 crore on 6% increase in net sales to Rs 4,920.13 crore in Q3 December 2021 over Q3 December 2020.

Tata Power Company rose 1.34% to Rs 241.15 after the company's consolidated net profit soared 73.3% to Rs 551.89 crore on a 43.6% jump in net sales to Rs 10,913.14 crore in Q3 FY22 over Q3 FY21.

ACC shed 0.24% to Rs 2304.55. The company's consolidated net profit slumped 40.6% to Rs 280.85 crore on a 1.8% increase in net sales to Rs 4,137.42 crore in Q4 December 2021 over Q4 December 2020.

SKF India fell 1.43% to Rs 3550. The company reported a 30.7% decline in consolidated net profit to Rs 88.79 crore in Q3 FY22 from Rs 128.11 crore posted in Q3 FY21. Net sales grew by 18.1% to Rs 966.98 crore in Q3 FY22 from Rs 818.7 crore registered in Q3 FY21.

Larsen & Toubro rose 0.51% to Rs 1898.65 after the company's hydrocarbon business secured two offshore projects from prestigious overseas client. The company classified it as a 'significant' contract, meaning that the order value is between Rs 1,000 crore and Rs 2,500 crore. The scope of work comprises engineering, procurement, construction, installation and commissioning for the expansion of a marine terminal.

Petronet LNG advacned 0.76% to Rs 219.65. The company recorded a 31.5% increase in consolidated net profit to Rs 1,159.46 crore in Q3 FY22 from Rs 882 crore posted in Q3 FY21. Consolidated net revenue from operations surged nearly 72% to Rs 12,597.22 crore in Q3 FY22 over Q3 FY21.

Berger Paints India rose 0.46% to Rs 725.90. The company reported an 8% fall in consolidated net profit to Rs 252.7 crore in Q3 FY22 from Rs 274.8 crore posted in Q3 FY21. Consolidated revenue from operations grew by 20.4% to Rs 2,550.77 crore in Q3 FY22 as against Rs 2,118 crore registered in Q3 FY21.

Power Grid Corporation of India rose 1.29% to Rs 212. The company reported consolidated net profit of Rs 3,292.97 crore in Q3FY22 against Rs 3,367.71 crore in Q3FY21. Total income rose to Rs 10723.61 crore from Rs 10359.48 crore YoY.

FSN E-Commerce Ventures slumped 7.56% to Rs 1710. The company reported 58% fall in consolidated net profit to Rs 29 crore on 36% rise in revenue from operations to Rs 1098.40 crore in Q3FY22 over in Q3FY21.

Global Markets:

Shares in Europe and Asia mostly advanced on Thursday as investors await the release of U.S. consumer inflation data.

Meanwhile, investors await the release of U.S. consumer inflation data on Thursday for clues on how the Federal Reserve could react to the rising price pressures.

Barometers hit day's high; IT stocks in demand.

The domestic equity barometers extended gains and hit fresh intraday high in mid-afternoon trade. The Nifty marched towards the 17,650 mark. Investors cheered the RBI's decision to keep the key policy rates unchanged.

The barometer index, the S&P BSE Sensex, was up 570.96 points or 0.98% to 59,036.93. The Nifty 50 index gained 163.75 points or 0.94% at 17,627.55.

The broader market lagged the main indices. The S&P BSE Mid-Cap index added 0.42% while the S&P BSE Small-Cap index rose 0.20%.

The market breadth was almost even. On the BSE, 1,611 shares rose and 1,690 shares fell. A total of 107 shares were unchanged.

Buzzing Index:

The Nifty IT index rose 0.99% to 35,329.80. The index has added 2.34% in two sessions.

Mphasis (up 2.63%), L&T Technology Services (up 2.49%), Infosys (up 1.56%), Tech Mahindra (up 0.97%), MindTree (up 0.72%), HCL Tech (up 0.61%), TCS (up 0.51%) and Wipro (up 0.45%) advanced.

Stocks in Spotlight:

Mahindra & Mahindra (M&M) rose 1.10% to Rs 849.85. M&M reported 22% fall in standalone net profit before exceptional items to Rs 1,353 crore in Q3 FY22 as compared with Rs 1,745 crore in Q3 FY21. Revenue rose by 8% YoY to Rs 15,239 crore during the quarter. The company sold 1,18,174 vehicles in Q3 FY22, which is lower by 2% as against 1,21,133 vehicles sold in the same period last year. Tractor sales in Q3 FY22 amounted to 91,769 units (down 9% YoY).

BEML shed 0.35% to Rs 1857.40. The company's consolidated net profit soared 183.73% to Rs 78.51 crore on a 55.59% jump in net sales to Rs 1,133.09 crore in Q3 FY22 over Q3 FY21.

Numbers to Track:

The yield on 10-year benchmark federal paper was currently trading at 6.719% as compared with its previous closing of 6.798%.

In the foreign exchange market, the rupee edged lower against the dollar. The partially convertible rupee was hovering at 74.9850, compared with its close of 74.8400 during the previous trading session.

MCX Gold futures for 4 February 2022 settlement added 0.05% to Rs 48,683.

In the commodities market, Brent crude for April 2022 settlement added 27 cents or 0.29% to $91.82 a barrel.

Global Markets:

Shares in Europe and Asia advanced on Thursday as investors await the release of U.S. consumer inflation data.

Meanwhile, investors await the release of U.S. consumer inflation data on Thursday for clues on how the Federal Reserve could react to the rising price pressures.

Benchmarks trade with strong gains; realty stocks in demand. 10 February 2022

 

The key equity barometers traded with strong gains in mid-morning trade after the RBI kept the policy repo rate unchanged. The Nifty was trading above the 17,550 mark. Realty stocks advanced for the second day in a row.

The barometer index, the S&P BSE Sensex, was up 386.09 points or 0.66% to 58,852.06. The Nifty 50 index added 118.75 points or 0.68% to 17,582.55.

In the broader market, the S&P BSE Mid-Cap index gained 0.35% while the S&P BSE Small-Cap index was trading flat.

The market breadth was positive. On the BSE, 1556 shares rose and 1626 shares fell. A total of 115 shares were unchanged.

Reserve Bank Governor Shaktikanta Das headed six-member Monetary Policy Committee (MPC) today announced the policy resolution. 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 said the policy stance will remain accommodative as long as needed. The real GDP growth is projected at 7.8% for FY 2022-23. FY23 inflation target is reduced to 4.5%.

Buzzing Segment:

The Nifty Realty index rose 1.03% to 471.80. The index has added 1.63% in two sessions.

Indiabulls Real Estate (up 2.09%), Macrotech Developers (up 2.08%), Sobha Developers (up 1.43%), Sunteck Realty (up 1.67%), DLF (up 1.29%), Godrej Properties (up 1.21%), Oberoi Realty (up 1.09%) and Brigade Enterprises (up 0.75%) advanced.

Stocks in Spotlight:

ACC added 0.10% to Rs 2312.30. The company's consolidated net profit slumped 40.6% to Rs 280.85 crore on a 1.8% increase in net sales to Rs 4,137.42 crore in Q4 December 2021 over Q4 December 2020. Sales volume of cement declined by 2.85% YoY to 7.49 million tonnes in Q4 December 2021. Sales volume of ready mix concrete remained flat at 0.73 million cubic metres during Q4 December 2021.

SKF India fell 1.70% to Rs 3540.35. The company reported a 30.7% decline in consolidated net profit to Rs 88.79 crore in Q3 FY22 from Rs 128.11 crore posted in Q3 FY21. Net sales grew by 18.1% to Rs 966.98 crore in Q3 FY22 from Rs 818.7 crore registered in Q3 FY21.

Larsen & Toubro rose 0.73% to Rs 1,902.65 after the company's hydrocarbon business secured two offshore projects from prestigious overseas client. The company classified it as a 'significant' contract, meaning that the order value is between Rs 1,000 crore and Rs 2,500 crore. The scope of work comprises engineering, procurement, construction, installation and commissioning for the expansion of a marine terminal.

Global Markets:

Asian stocks were trading higher on Thursday as investors await the release of U.S. consumer inflation data.

U.S. stocks rose on Wednesday as tech shares led a broad rally, clawing back some of their losses after a rough start to the year.

Meanwhile, investors await the release of U.S. consumer inflation data expected Thursday for clues on how the Federal Reserve could react to the rising price pressures.

SAIL, Aurobindo Pharma, Indiabulls Housing, Petronet LNG Q3 Result. 10 february 2022

 Indiabulls Housing Q3 PAT falls 8% YoY to Rs 303 cr. 

Consolidated profit before tax declined 3% to Rs 424.09 crore in Q3 FY22 over Q3 FY21. Operating profit before provisions and contingencies declined 17.8% to Rs 497.93 crore in Q3 FY22 from Rs 605.58 crore posted in the same quarter last year.

On the asset quality front, the housing finance company's gross non-performing assets (NPAs) stood at Rs 2,350 crore as on Q3 FY22 as against Rs 2,074 crore as on Q2 FY22 and Rs 2,268 crore as on Q1 FY22.

The ratio of gross NPAs to gross advances stood at 3.18% as on Q3 FY22 as against 2.69% as on Q2 FY22 and 2.86% as on Q1 FY22. Indiabulls said marginal increase in NPA is technical in nature and will get rolled back over the next two to three quarters.

Total provisions stood at Rs 2,774 crore which is at 4.5% of loan book, which is 3.1x times of the regulatory requirement and 118% of Gross NPAs.

The NBFC total loan book as at the end of Q3 FY22 stood at Rs 60,979 crore as compared to Rs 64,062 crore posted in Q2 FY22.

Going forward, Indiabulls expects strong capital adequacy, low gearing, high liquidity and robust provisioning to provide strong balance sheet foundation for growth from FY23.

Indiabulls Housing Finance is a housing finance company, regulated by the National Housing Bank (NHB). The company offers competitively priced home loans in the affordable housing segment.

Shares of Indiabulls Housing Finance were trading 0.22% lower at Rs 206.25 on BSE in morning trade.

Aurobindo Pharma Q3 PAT tumbles 80% YoY to Rs 604 cr.

Consolidated profit before tax (PBT) dropped 80.2% to Rs 793.78 crore in Q3 FY22 from Rs 4,005.40 crore in Q3 FY21. EBITDA (before forex and other income) skid 20.6% to Rs 1,016.30 crore in Q3 FY22 as compared to Rs 1,280.70 crore in Q3 FY21. EBITDA margin stood at 16.9% in Q3 December 2021 from 21.1% in Q3 December 2020.

Research & Development (R&D) spend stood at Rs 393 crore, which was 6.6% of revenues. The pharmaceutical company received final approval for 4 ANDAs including 1 injectable product from the US-based drug regulator, USFDA.

On a consolidated basis, total formulations fell 12.1% to Rs 4,992.20 crore in Q3 December 2021 as against Rs 5,682.40 crore in Q3 December 2020. Formulation revenue for continuing operations for the quarter, accounted for 83.1% of total revenues.

Total Active Pharmaceutical Ingredients (API) grew 48% to Rs 1,010 crore in Q3 FY22 over Rs 682.50 crore in Q3 FY21. In Q3 FY22, API business contributed 16.8% to the consolidated revenues. The company filed 2 DMFs with USFDA during the quarter. Gross sales slipped 5.7% to Rs 6,002.20 crore in Q3 FY22 as against Rs 6,364.90 crore in Q3 FY21.

Commenting on the Q3 performance, K. Nithyananda Reddy, the vice-chairman and managing director (MD) of the company, said, The quarter's performance was impacted by high input and freight costs, that weighed on profitability. However, our business was resilient in delivering steady revenues, led by API business benefitting from improved demand for our key products. We made progress in optimizing our working capital during the quarter that has strengthened our balance sheet further. We remain committed to resolve the regulatory issues affecting some of our facilities and are continuing to make steady progress in our complex generic product development plans. As a company, we are focused on executing on our key growth drivers to drive sustained improvement in profitability and enhance stakeholder value.

Shares of Aurobindo Pharma rallied 3.86% to Rs 680.55 on BSE. Hyderabad-based Aurobindo Pharma develops, manufactures and distributes generic pharmaceuticals, branded specialty pharmaceuticals and active pharmaceutical ingredients.

Petronet LNG Q3 PAT rises 31% YoY to Rs 1,159 cr.

Consolidated net revenue from operations surged nearly 72% to Rs 12,597.22 crore in Q3 FY22 over Q3 FY21. Profit before tax came at Rs 1,548.66 crore in Q3 FY22, rising 31.7% from Rs 1175 crore posted in the corresponding period last year.

Petronet LNG was formed as a joint venture by the Government of India to import LNG and set up LNG terminals in the country, involving India's leading oil and natural gas industry players like GAIL (India), Oil & Natural Gas Corporation (ONGC), Indian Oil Corporation (IOCL) and Bharat Petroleum Corporation (BPCL). Each company held 12.50% stake in Petronet as on 31 December 2021.

Shares of Petronet LNG rose 0.37% to Rs 218.8 on BSE. The result was announced after market hours yesterday, 9 February 2022.

SAIL Q3 PAT rises 4% YoY to Rs 1,529 cr.

On a standalone basis, Steel Authority of India (SAIL)'s net profit rose 12.46% to Rs 1,443.10 crore on 27.29% increase in net sales to Rs 25,245.92 crore in Q3 December 2021 over Q3 December 2020. EBITDA fell 30.88% year-on-year to Rs 3659 crore in Q3 December 2021.

Borrowings stood at Rs 19,128 crore for 31 December 2021, down 15% sequentially.

For the quarter under review, SAIL's hot metal production stood at 4.9 million tonne (up 1.83% YoY); its crude steel production was at 4.5 million tonne (up 3.73% YoY) and the saleable steel production was at 4.4 million tonne (up 5.10% YoY).

SAIL said it has delivered one of its best physical performances during the quarter as well as nine months ending 31st December 2021. However, the same is not reflected in the financial performance of Q3 FY'22 due to various factors beyond the control of the company which primarily include unprecedented increase in the prices of imported and indigenous coking coal. With the overall positive outlook in the economy and the announcements in the Union Budget for increasing the infrastructure spending, the performance is likely to improve in the coming quarters. The company said its focus remains to lower its borrowings and this is reflected in the reduction of about 15% over Q2.

During the quarter, the company implemented revised salaries and wages, effective 1 April 2020, after the expiry of long-term wage agreements with employees on 31 December 2016, the filing said. The employees benefit expenses charged to the statement of profit and loss (net off provision for wage revision) for the quarter stood at Rs 46.97 crore.

Another Rs 425.74 crore was charged to the statement of profit and loss on account of revised actuarial valuation of employees-related liabilities owing to implementation of wage revision.

Accordingly an amount of Rs 363.92 crore has been charged under exceptional item in the statement of profit and loss for the quarter ended 31st December 2021.

SAIL is one of the largest steel-making companies in India and one of the Maharatnas of the country's Central Public Sector Enterprises. It produces iron and steel at five integrated plants and three special steel plants, located principally in the eastern and central regions of India and situated close to domestic sources of raw materials. SAIL manufactures and sells a broad range of steel products.

Shares of SAIL were up 0.82% at Rs 104.45.

Indices log gains ahead of RBI's interest rate decision. 10February2022

  

The key equity indices traded with modest gains in early trade on buying demand in index pivotals. The Nifty hovered above the 17,500 mark. Investors are awaiting the outcome of the RBI meeting.

The barometer index, the S&P BSE Sensex, was up 99.14 points or 0.17% to 58,565.11. The Nifty 50 index added 40 points or 0.23% to 17,503.80.

ONGC (up 2.41%), Tata Motors (up 1.55%), JSW Steel (up 1.36%), Infosys (up 1.01%) and HDFC (up 0.62%) were the top index gainers.

Coal India (down 1.51%), Asian Paints (down 0.94%), Maruti Suzuki (down 0.85%), SBI Life (down 0.59%) and India Oil Corp (down 0.58%) were the top index losers.

In the broader market, the S&P BSE Mid-Cap index shed 0.14% while the S&P BSE Small-Cap index lost 0.26%.

The market breadth was negative. On the BSE, 1216 shares rose and 1387 shares fell. A total of 98 shares were unchanged.

The Reserve Bank of India (RBI)'s rate-setting Monetary Policy Committee (MPC) meeting commenced on 8 February 2022 and the outcome would be announced today, 10 February 2022. The RBI may hold its repo rate steady but an increase in the reverse repo rate is expected as part of a process to reduce the surplus liquidity poured into the markets earlier during the pandemic, as per reports.

Stocks in Spotlight:

Power Grid Corporation of India rose 1.94% to Rs 213.35. The company reported consolidated net profit of Rs 3,292.97 crore in Q3FY22 against Rs 3,367.71 crore in Q3FY21. Total income rose to Rs 10723.61 crore from Rs 10359.48 crore YoY.

ACC lost 0.60% to Rs 2296.25. The company reported consolidated net profit of Rs 281 crore in Q4FY21 as against Rs 472 crore in Q4FY20. Net sales rose to Rs 4137 crore from Rs 4066 crore YoY.

Tata Power shed 0.15% to Rs 237.60. The company reported 74% rise in consolidated net profit to Rs 552 crore on 42% rise in revenue to Rs 11015 crore in Q3FY22 over in Q3FY21.

FSN E-Commerce Ventures slumped 4.56% to Rs 1765.45. The company reported 58% fall in consolidated net profit to Rs 29 crore on 36% rise in revenue from operations to Rs 1098.40 crore in Q3FY22 over in Q3FY21.

Global Markets:

Asian stocks are trading mixed on Thursday as investors await the release of U.S. consumer inflation data.

U.S. stocks rose on Wednesday as tech shares led a broad rally, clawing back some of their losses after a rough start to the year.

Meanwhile, investors await the release of U.S. consumer inflation data expected Thursday for clues on how the Federal Reserve could react to the rising price pressures.

आरबीआई के नीतिगत नतीजों पर निगाहें | 10February2022

SGX Nifty:

Trading of Nifty 50 index futures on the Singapore stock exchange indicates that the Nifty could rise 37 points at the opening bell.

The Reserve Bank of India (RBI)'s rate-setting Monetary Policy Committee (MPC) meeting commenced on 8 February 2022 and the outcome would be announced today, 10 February 2022. The RBI may hold its repo rate steady but an increase in the reverse repo rate is expected as part of a process to reduce the surplus liquidity poured into the markets earlier during the pandemic, as per reports.

On the political front, developments in the upcoming assembly polls in Uttar Pradesh, Uttarakhand, Goa, Punjab, and Manipur will be closely watched. Polls in all the five states will be held from today, 10 February 2022 till 7 March 2022 in seven phases. The counting of votes and the result will be declared on March 10.

Global markets:

Overseas, Asian stocks are trading mixed on Thursday as investors await the release of U.S. consumer inflation data.

U.S. stocks rose on Wednesday as tech shares led a broad rally, clawing back some of their losses after a rough start to the year.

Meanwhile, investors await the release of U.S. consumer inflation data expected Thursday for clues on how the Federal Reserve could react to the rising price pressures.

Domestic markets:

Back home, the benchmarks indices settled with robust gains on Wednesday, tracking strong global cues. The barometer index, the S&P BSE Sensex, advanced 657.39 points or 1.14% to 58,465.97. The Nifty 50 index added 197.05 points or 1.14% to 17,463.80.

Foreign portfolio investors (FPIs) sold shares worth Rs 892.64 crore, while domestic institutional investors (DIIs), were net buyers to the tune of Rs 1,793.35 crore in the Indian equity market on 9 February, provisional data showed.