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At 09:30 IST, the barometer index, the S&P BSE Sensex, was up 250.86 points or 0.36% to 62,772.55. The Nifty 50 index added 81 points or 0.39% to 20,982.15.
In the broader market, the S&P BSE Mid-Cap index added 0.43% while the S&P BSE Small-Cap index gained 0.54%.
The market breadth was negative. On the BSE, 2,126 shares rose and 870 shares fell. A total of 109 shares were unchanged.
Buzzing Index:
The Nifty Bank index rose 0.40% to 47,058.90. The index has added 0.41% in two sessions.
Bank of Baroda (up 1.23%), HDFC Bank (up 1%), IndusInd Bank (up 0.67%), Axis Bank (up 0.4%) and IDFC First Bank (up 0.29%) were the top gainers.
Among the other gainers were Kotak Mahindra Bank (up 0.26%), Punjab National Bank (up 0.23%), Federal Bank (up 0.23%), ICICI Bank (up 0.15%).
On the other hand, AU Small Finance Bank (down 1%), State Bank of India (down 0.53%) and Bandhan Bank (down 0.19%) moved lower.
Stocks in Spotlight:
Zomato rose 0.53%. Japans SoftBank is likely to sell Zomato shares worth $135 million through a block deal, as per reports. The shares will be sold at a price of Rs 120.50 per share, as per reports.
Five Star Business Finance fell 2.04%. A clutch of investors, namely Peak XV Partners (formerly Sequoia Capital), TPG and Matrix Partners, are planning to sell part of their stake in the company through block deals, as per reports.
Container Corporation of India (CONCOR) added 0.90%. CONCOR and NTPC Vidyut Vyapar Nigam (NVVN) have signed a memorandum of understanding (MoU) to explore the possibility of setting up PV Solar renewable energy projects in CONCOR terminals.
Olectra Greentech added 1.63%. The company has received letter of award from Vasai Virar City Municipal Corporation, Mumbai for supply and maintenance of 40 electric buses. The Value of these 40 electric buses supply would be Rs 62.80 crore.
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Read MoreThe domestic equity benchmarks edged higher and hit the days high in morning trade. The Nifty traded near the 21,000 level. Metal stocks witnessed strong buying demand. Investor sentiment received a boost after the RBI maintains its repo rate at 6.50% and raised the GDP forecast for FY24 to 7%.
At 10:28 IST, the barometer index, the S&P BSE Sensex, was up 252.06 points or 0.36% to 69,773.75. The Nifty 50 index added 89.85 points or 0.43% to 20,991.
The Nifty 50 index had hit its record high level of 21,006.10 in trade today. The index took 61 sessions to gain 1,000 points & climb to 21,000 level from 20,000 level.
In the broader market, the S&P BSE Mid-Cap index added 0.30% while the S&P BSE Small-Cap index gained 0.45%.
The market breadth was strong. On the BSE, 2292 shares rose and 1148 shares fell. A total of 164 shares were unchanged.
RBI MPC Meet Outcome:
The Reserve Bank of Indias (RBI?s) Monetary Policy Committee (MPC) kept its benchmark repo rate unchanged at 6.50% for fifth consecutive day at the end of its two-day policy meeting. The committee has maintained its stance of ?Withdrawal of Accommodation?.
The Central Bank has raised its FY24 GDP growth forecast to 7% from 6.5% earlier. The retail inflation (CPI) forecast for FY24 has been kept unchanged at 5.4%
Buzzing Index:
The Nifty Metal index added 1.26% to 7,462.35. The index had declined 0.75% to end at 7,369.85 yesterday.
JSW Steel (up 3.22%), Hindustan Copper (up 3.09%), Welspun Corp (up 1.7%), Ratnamani Metals & Tubes (up 1.65%) and NMDC (up 1.55%) were the top gainers.
Among the other gainers were Vedanta (up 1.39%), Jindal Stainless (up 1.28%), Jindal Steel & Power (up 1.21%), Hindalco Industries (up 1.16%) and APL Apollo Tubes (up 0.89%).
On the other hand, National Aluminium Company (down 0.61%) and Hindustan Zinc (down 0.17%) turned lower.
Stocks in Spotlight:
IIFL Securities jumped 8.56%. The Securities Appellate Tribunal has set aside SEBIs order prohibiting the company from onboarding new clients for two years and reduced the monetary penalty from Rs 1 crore to Rs 20 lakh.
Bharat Forge rose 0.73%. The companys unit, Kalyani Strategic Systems, proposed to acquire a majority stake in Zorya Mashproekt India. ZMI is engaged in the development of indigenous capabilities for build-ups, repairs and overhauls of all types of gas-turbine engines.
IRB Infrastructure Developers advanced 3.56%. The company logged November toll collection at Rs 437 crore against Rs 366 crore in the same period last year.
TVS Electronics was up 0.20%. The company received an order from the office of the Commissioner of Customs on Dec. 6 to pay Rs 35.58 crore. It is the process of filing an appeal before the Customs Excise & Service Tax Appellate Tribunal, Chennai.
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Read MoreThe domestic equity barometers came off the days high as profit taking emerged at higher levels in mid-morning trade. The Nifty managed to hold above the 20,950 level. IT shares witnessed across the board buying.
At 11:31 IST, the barometer index, the S&P BSE Sensex, was up 244.66 points or 0.35% to 69,766.35. The Nifty 50 index added 75.80 points or 0.36% to 20,976.95.
In the broader market, the S&P BSE Mid-Cap index lost 0.09% while the S&P BSE Small-Cap index gained 0.06%.
The market breadth was negative. On the BSE, 1968 shares rose and 1599 shares fell. A total of 161 shares were unchanged.
RBI MPC Meet Outcome:
The Reserve Bank of India?s (RBI) Monetary Policy Committee (MPC) today, 8 December 2023, announced its decision 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%.
All members of the MPC unanimously voted to keep the policy repo rate unchanged. 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.
The real GDP growth for 2023-24 is projected at 7% with Q3 at 6.5%; and Q4 at 6%. Real GDP growth for Q1:2024-25 is projected at 6.7%; Q2 at 6.5%; and Q3 at 6.4%. The risks are evenly balanced.
CPI inflation is projected at 5.4% for 2023-24, with Q3 at 5.6%; and Q4 at 5.2%. Assuming a normal monsoon next year, CPI inflation for Q1:2024-25 is projected at 5.2%; Q2 at 4%; and Q3 at 4.7%. The risks are evenly balanced.
Buzzing Index:
The Nifty IT index rose 0.82% to 33,230.80. The index had lost 0.18% to end at 32,961.60 yesterday
HCL Technologies (up 1.68%), LTIMindtree (up 1.52%), Coforge (up 1.32%), Mphasis (up 0.93%), Infosys (up 0.58%), Persistent Systems (up 0.29%) and Wipro (up 0.14%) advanced.
On the other hand, L&T Technology Services (down 0.46%), Tata Consultancy Services (down 0.15%) and Tech Mahindra (down 0.03%) edged lower.
Global Markets:
Asian stocks are trading mixed as Japan?s third-quarter GDP was revised downward in a surprise move.
Japan?s third-quarter GDP was revised downward to a 0.7% fall quarter-on-quarter, a sharper slide compared with the 0.5% decline estimated earlier.
The yen was the best-performing Asian currency this week, up over 2% after BOJ Governor Kazuo Ueda signaled that the central bank was considering an eventual move away from negative interest rates. The yen rose 0.2% to 143.88 against the dollar on Friday.
Ueda?s comments, made during an address on Thursday, sparked a sharp reversal in bets for more weakness in the yen, while reinforcing expectations that the BOJ will end its negative rate regime in 2024. This helped the yen strengthen past data showing that Japan?s economy shrank more than initially estimated in the third quarter.
US stocks ended higher on Thursday ahead of Friday?s all-important jobs report. The Nasdaq ended sharply higher after Alphabet and Advanced Micro Devices sparked a megacap rally on fresh optimism about artificial intelligence.
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Read MoreThe key equity barometers traded with decent gains in early afternoon trade. The Nifty managed to hold above the 20,950 mark. Media shares extended gains for the third consecutive trading session.
At 12:30 IST, the barometer index, the S&P BSE Sensex, was up 233.77 points or 0.34% to 69,755.46. The Nifty 50 index added 53.75 points or 0.26% to 20,954.90.
The broader market underperformed. The S&P BSE Mid-Cap index lost 0.06% while the S&P BSE Small-Cap index shed 0.04%.
The market breadth was positive. On the BSE, 1,914 shares rose and 1,718 shares fell. A total of 147 shares were unchanged.
RBI MPC Meet Outcome:
The Reserve Bank of India?s (RBI) Monetary Policy Committee (MPC) today, 8 December 2023, announced its decision 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%.
All members of the MPC unanimously voted to keep the policy repo rate unchanged. 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.
The real GDP growth for 2023-24 is projected at 7% with Q3 at 6.5%; and Q4 at 6%. Real GDP growth for Q1:2024-25 is projected at 6.7%; Q2 at 6.5%; and Q3 at 6.4%. The risks are evenly balanced.
CPI inflation is projected at 5.4% for 2023-24, with Q3 at 5.6%; and Q4 at 5.2%. Assuming a normal monsoon next year, CPI inflation for Q1:2024-25 is projected at 5.2%; Q2 at 4%; and Q3 at 4.7%. The risks are evenly balanced.
Derivatives:
The NSEs India VIX, a gauge of the markets expectation of volatility over the near term, declined 1.38% to 12.50. The Nifty 28 December 2023 futures were trading at 21,038, at a premium of 127.55 points as compared with the spot at 20,910.45.
The Nifty option chain for the 28 December 2023 expiry showed maximum Call OI of 35.3 lakh contracts at the 21,000 strike price. Maximum Put OI of 40.8 lakh contracts were seen at 20,000 strike price.
Buzzing Index:
The Nifty Media index added 1.01% to 2,419.30. The index rallied 4.11% in three trading sessions.
Nazara Technologies (up 3.62%), Zee Entertainment Enterprises (up 2.93%), Saregama India (up 1.59%), Dish TV India (up 1.04%) and PVR Inox (up 0.32%) edged higher.
On the other hand, Network 18 Media & Investments (down 3.47%), TV18 Broadcast (down 1.91%) and D B Corp (down 0.66%) declined.
Stocks in Spotlight:
Titagarh Rail Systems advanced 2.12% after its board approved the opening of qualified institutional placement (QIP) of equity shares with the floor price of Rs 976.10 per share.
Knowledge Marine & Engineering Works dropped 4.31%. The company announced that it has received an order from Visakhapatnam Port Authority aggregating to Rs 3.45 crore. The said order includes supply, manning, operation, and maintenance of 1 No Pilot Launch with a Steel hull on hire basis. The contract is for a period of three years and is set to commence from 24 March 2024.
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Read MoreAt 13:30 IST, the barometer index, the S&P BSE Sensex, was up 49.61 points or 0.07% to 69,571.30. The Nifty 50 index lost 8.15 points or 0.04% to 20,893.
The broader market underperformed. The S&P BSE Mid-Cap index lost 0.66% while the S&P BSE Small-Cap index shed 0.70%.
The market breadth was negative. On the BSE, 1,556 shares rose and 2,122 shares fell. A total of 146 shares were unchanged.
Gainers & Losers:
HCL Technologies (up 2.29%), JSW Steel (up 2.25%), LTIMindtree (up 2.13%), Larsen & Toubro (L&T) (up 1.44%) and HDFC Bank (up 1.22%) were major Nifty gainers.
Adani Ports and Special Economic Zone (down 3.53%), Adani Enterprises (down 3.09%), Oil & Natural Gas Corporation (ONGC) (down 1.86%), Divi?s Laboratories (down 1.65%) and Hero MotoCorp (down 1.48%) were major Nifty losers.
RBI MPC Meet Outcome:
The Reserve Bank of India?s (RBI) Monetary Policy Committee (MPC) today, 8 December 2023, announced its decision 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%.
All members of the MPC unanimously voted to keep the policy repo rate unchanged. 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.
The real GDP growth for 2023-24 is projected at 7% with Q3 at 6.5%; and Q4 at 6%. Real GDP growth for Q1:2024-25 is projected at 6.7%; Q2 at 6.5%; and Q3 at 6.4%. The risks are evenly balanced.
CPI inflation is projected at 5.4% for 2023-24, with Q3 at 5.6%; and Q4 at 5.2%. Assuming a normal monsoon next year, CPI inflation for Q1:2024-25 is projected at 5.2%; Q2 at 4%; and Q3 at 4.7%. The risks are evenly balanced.
Stocks in Spotlight:
IRB Infrastructure Developers rose 1.74%. The company logged November toll collection at Rs 437 crore against Rs 366 crore in the same period last year.
Knowledge Marine & Engineering Works dropped 3.30%. The company announced that it has received an order from Visakhapatnam Port Authority aggregating to Rs 3.45 crore. The said order includes supply, manning, operation, and maintenance of 1 No Pilot Launch with a Steel hull on hire basis. The contract is for a period of three years and is set to commence from 24 March 2024.
Olectra Greentech shed 0.13%. The company has received letter of award from Vasai Virar City Municipal Corporation, Mumbai for supply and maintenance of 40 electric buses. The Value of these 40 electric buses supply would be Rs 62.80 crore.
Titagarh Rail Systems advanced 2.12% after its board approved the opening of qualified institutional placement (QIP) of equity shares with the floor price of Rs 976.10 per share.
Global Markets:
European shares advanced while Asian stocks traded mixed as Japan?s third-quarter GDP was revised downward in a surprise move.
Japan?s third-quarter GDP was revised downward to a 0.7% fall quarter-on-quarter, a sharper slide compared with the 0.5% decline estimated earlier.
The yen was the best-performing Asian currency this week, up over 2% after BOJ Governor Kazuo Ueda signaled that the central bank was considering an eventual move away from negative interest rates. The yen rose 0.2% to 143.88 against the dollar on Friday.
Ueda?s comments, made during an address on Thursday, sparked a sharp reversal in bets for more weakness in the yen, while reinforcing expectations that the BOJ will end its negative rate regime in 2024. This helped the yen strengthen past data showing that Japan?s economy shrank more than initially estimated in the third quarter.
US stocks ended higher on Thursday ahead of Friday?s all-important jobs report. The Nasdaq ended sharply higher after Alphabet and Advanced Micro Devices sparked a megacap rally on fresh optimism about artificial intelligence.
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Read MoreThe domestic equity indices traded with limited gains in mid-afternoon trade. The Nifty traded above the 20,900 level. Pharma shares came under significant selling pressure.
At 14:37 IST, the barometer index, the S&P BSE Sensex, was up 162.08 points or 0.23% to 69,683.77. The Nifty 50 index added 18.75 points or 0.09% to 20,919.90.
In the broader market, the S&P BSE Mid-Cap index fell 0.48% while the S&P BSE Small-Cap index declined 0.56%.
The market breadth was negative. On the BSE, 1589 shares rose, and 2122 shares fell. A total of 142 shares were unchanged.
Buzzing Index:
The Nifty Pharma index fell 1.24% to 16,091.55. The index had gained 0.77% to end at 16,294.20 yesterday.
Zydus Lifesciences (down 3.56%), Glenmark Pharmaceuticals (down 3.42%), Torrent Pharmaceuticals (down 2.28%), Alkem Laboratories (down 2.25%) and Granules India (down 2.1%) were the top losers.
Among the other losers were Laurus Labs (down 1.74%), Biocon (down 1.67%), Divis Laboratories (down 1.49%), Aurobindo Pharma (down 1.44%) and Abbott India (down 1.28%).
Stocks in Spotlight:
Tejas Networks rose 0.37%. The company said that its subsidiary Saankhya Labs has received a Provisional Purchase order worth Rs 96.42 crore from NewSpace India (NSIL). The order is for supply, installation and commissioning of two-way MSS Terminals (Xponders) for vessel communication and support system in Marine Fishing Vessels for monitoring, control and surveillance (MCS) along the coastal states of India.
Bharat Forge added 0.80%. The company said that its wholly owned subsidiary Kalyani Strategic Systems (KSSL) has signed a share subscription agreement for acquiring a majority stake in Zorya Mashproekt India (ZMI). The proposed acquisition will be made by Kalyani Strategic Systems with an objective to create indigenous capabilities for design, manufacturing, maintenance repair and overhaul including spare support for all types of gas turbines.
Numbers to Track:
The yield on Indias 10-year benchmark federal paper rose 0.22% to 7.252 as compared with previous close 7.236.
In the foreign exchange market, the rupee edged lower against the dollar. The partially convertible rupee was hovering at 83.3725, compared with its close of 83.3650 during the previous trading session.
MCX Gold futures for 5 February 2024 settlement rose 0.05% to Rs 62,498.
The US Dollar index (DXY), which tracks the greenbacks value against a basket of currencies, was up 0.11% to 103.65.
The United States 10-year bond yield advanced 1.25% to 4.177.
In the commodities market, Brent crude for February 2024 settlement gained $1.73 or 2.34% to $75.78 a barrel.
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Read MoreThe stock market registered strong gains today as the Nifty briefly surpassed the 21,000-mark following the announcement by the Reserve Bank of India (RBI) to maintain the repo rate at 6.5% for the fifth consecutive time, aligning with market expectations. This decision, coupled with favorable global market, bolstered investor sentiment. RBI raised its GDP growth forecast for FY24 to 7% from 6.5%, which infused further optimism. Investors showed interest in IT, private banks, and financial services stocks, while FMCG and pharma shares witnessed correction.
The S&P BSE Sensex jumped 303.91 points or 0.44% to 69,825.60. The Nifty 50 index added 68.25 points or 0.33% to 20,969.40.
The Sensex clocked an all-time high of 69,893.80 while the Nifty hit record high of 21,006.10 in today?s session. Further, the Nifty Bank index also registered its fresh record high of 47,303.65.
Infosys (up 1.67%), HDFC Bank (up 1.38%) and ICICI Bank (up 1.16%) boosted the indices.
The broader market underperformed the headline indices. The S&P BSE Mid-Cap index fell 0.16% while the S&P BSE Small-Cap index slipped 0.44%.
The market breadth was negative. On the BSE, 1,679 shares rose, and 2,077 shares fell. A total of 124 shares were unchanged.
RBI MPC Meet Outcome:
The Reserve Bank of India?s (RBI) Monetary Policy Committee (MPC) today, 8 December 2023, announced its decision 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%.
All members of the MPC unanimously voted to keep the policy repo rate unchanged. 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.
The real GDP growth for 2023-24 is projected at 7% with Q3 at 6.5%; and Q4 at 6%. Real GDP growth for Q1:2024-25 is projected at 6.7%; Q2 at 6.5%; and Q3 at 6.4%. The risks are evenly balanced.
CPI inflation is projected at 5.4% for 2023-24, with Q3 at 5.6%; and Q4 at 5.2%. Assuming a normal monsoon next year, CPI inflation for Q1:2024-25 is projected at 5.2%; Q2 at 4%; and Q3 at 4.7%. The risks are evenly balanced.
Numbers to Track:
The yield on Indias 10-year benchmark federal paper rose 0.39% to 7.264 as compared with previous close 7.236.
In the foreign exchange market, the rupee edged lower against the dollar. The partially convertible rupee was hovering at 83.3850, compared with its close of 83.3650 during the previous trading session.
MCX Gold futures for 5 February 2024 settlement added 0.02% to Rs 62,480.
The US Dollar index (DXY), which tracks the greenbacks value against a basket of currencies, was up 0.18% to 103.72.
The United States 10-year bond yield advanced 1.27% to 4.182.
In the commodities market, Brent crude for February 2024 settlement gained $1.21 or 1.63% to $75.26 a barrel.
Global Markets:
Shares in Europe and Asia advanced on Friday as Japans third-quarter GDP was revised downward in a surprise move.
Japans third-quarter GDP was revised downward to a 0.7% fall quarter-on-quarter, a sharper decline compared to the previously estimated 0.5% drop.
The yen emerged as the top-performing Asian currency this week, rising over 2% after BoJ Governor Kazuo Ueda hinted at a potential shift away from negative interest rates. This announcement led to a 0.2% rise in the yen to 143.88 against the dollar on Friday.
Uedas statements during a Thursday address caused a significant shift in expectations, indicating reduced anticipation of yen weakening and reinforcing beliefs that the BOJ will eliminate its negative rate policy in 2024. These developments contributed to the yens strengthening, despite data showing a larger-than-expected contraction in Japans economy during the third quarter.
US stocks ended higher on Thursday ahead of Friday?s all-important jobs report. The Nasdaq ended sharply higher after Alphabet and Advanced Micro Devices sparked a megacap rally on fresh optimism about artificial intelligence.
Stocks in Spotlight:
Indian Renewable Energy Development Agency (IREDA) rose 10.36% to Rs 70.85. The stock hit a record high of Rs 73.67 today.
The scrip entered the stock exchanges on 29 November 2023. It was listed at Rs 50, exhibiting a premium of 56.25% over the issue price of Rs 32. On that day, it settled at Rs 59.99, a premium of 87.47% over the issue price.
IRB Infrastructure Developers rallied 3.67% after the company?s toll collection jumped 19.43% to Rs 437.05 crore in November 2023 from Rs 365.96 crore in November 2022.
Titagarh Rail Systems advanced 1.98% after its board approved the opening of qualified institutional placement (QIP) of equity shares with the floor price of Rs 976.10 per share.
Olectra Greentech shed 0.17%. The company has received letter of award from Vasai Virar City Municipal Corporation, Mumbai for supply and maintenance of 40 electric buses. The Value of these 40 electric buses supply would be Rs 62.80 crore.
Sanghi Industries fell 1.03%. The company informed that its board has appointed Sukuru Ramarao as chief executive officer (CEO) and Sanjay Kumar Khajanchi as chief financial officer (CFO) of the company with effect from 7 December.
Bharat Forge rose 1.04%. The company said that its wholly owned subsidiary Kalyani Strategic Systems (KSSL) has signed a share subscription agreement for acquiring a majority stake in Zorya Mashproekt India (ZMI). KSSL will subscribe to 5,00,000 equity shares of face value Rs 10 each of ZMI at fair value. The cash acquisition will be completed by 31 December 2023.
Shriram Finance advanced 0.04%. The company said that it has executed a master agreement with Small Industries Development Bank of India (SIDBI) for co-lending of loans to MSME borrowers under the scheme of co-lending by way of back-to-back assignments of loans/ loan portfolios
Knowledge Marine & Engineering Works dropped 4.87%. The company announced that it has received an order from Visakhapatnam Port Authority aggregating to Rs 3.45 crore. The said order includes supply, manning, operation, and maintenance of 1 No Pilot Launch with a Steel hull on hire basis. The contract is for a period of three years and is set to commence from 24 March 2024.
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GIFT Nifty:
Trading of Nifty 50 index futures on the GIFT Nifty indicates that the Nifty could fall 9 points at the opening bell.
The six-member Monetary Policy Committee of the Reserve Bank of India (RBI) commenced its meeting on 6 December 2023. RBI Governor Shaktikanta Das is scheduled to announce the MPC decision on the final day of the meeting. The Reserve Bank of Indias (RBIs) MPC is likely to opt for another rate pause on Friday, 8 December 2023, as per reports.
Global markets:
Overseas, Asian stocks are trading mixed as Japan?s third-quarter GDP was revised downward in a surprise move, while investors also awaited India?s central bank rate decision. Japan?s third-quarter GDP was revised downward to a 0.7% fall quarter-on-quarter, a sharper slide compared with the 0.5% decline estimated earlier.
US stocks ended higher on Thursday ahead of Friday?s all-important jobs report. The Nasdaq ended sharply higher after Alphabet and Advanced Micro Devices sparked a megacap rally on fresh optimism about artificial intelligence.
Domestic markets:
Back home, the benchmark indices took a breather on Thursday, after a seven-day winning streak. The barometer index, the S&P BSE Sensex declined 132.04 points or 0.19% to 69,521.69. The Nifty 50 index lost 36.55 points or 0.17% to 20,901.15.
Foreign portfolio investors (FPIs) sold shares worth Rs 1,564.03 crore, while domestic institutional investors (DIIs), were net sellers to the tune of Rs 9.66 crore in the Indian equity market on 7 December, provisional data showed.
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