Stock Market Highlights: Sensex Ends 1,016 Points Higher After Rbi Policy; Maruti, Sbi Up 3%

Stock Market Highlights: Indian equity benchmarks Sensex and Nifty50 extended gains to a second straight day on Wednesday amid broad-based gains, after the RBI kept key interest rates on hold and decided to stay ‘accommodative’.

Shibani Sircar Kurian, Senior Executive VP and Head-Equity Research at Kotak Mahindra AMC, believes the market has once again become fairly bottom-up in terms of stock picking.

“In this sector, we are focusing on players that are the most profitable from a cost perspective and have the ability to manage costs better than others.

For the Nifty, 17,400-17,340 levels would act as key intraday support and 17,575-17,620 could act as strong resistance zone for day traders,” he said.

The Nifty needs to break and sustain above 17,530 for a rally towards 17,900 and if the rally sustains for a couple of days, more upsides to 18,100 are likely,” he said.

Shah sees support for the Nifty at 17,250-17,280 levels.

So if they were to launch that, make it affordable and use their magic to use distribution in Tier II and III cities as well, hybrids make much more sense till the charging infrastructure in India starts coming of age,” he said.

I think the stock is a bit excited given the potential this newsflow has but I would definitely believe it’s constructive and wait for buying into it once the timelines are announced,” he added.

“Bitcoin, the largest cryptocurrency by market capitalisation, hovered around the $51,000 mark, keeping the market in a rangebound consolidation.

Continuing its aggressive acquisition spree, Byju’s on Wednesday said it has acquired Austria-headquartered GeoGebra.

RBI keeps the door ajar, but would probably be more patient on inflation being slightly on the higher side than growth on the faltering side.

Indian equity benchmarks Sensex and Nifty50 extended gains during afternoon trading on Wednesday’s session after RBI kept key rates unchanged.

At the interbank foreign exchange, the rupee opened strong at 75.38 but could not hold on to the gains and slipped 5 paise to quote 75.49 against the American dollar in early deals.

However, the decision may be influenced by the Fed stance as the MPC ensures not to “rock the boat.” There are some central banks across the globe that have already stepped up and pulled the plug on liquidity.

The offer received bids for 1.7 crore equity shares as against the IPO size of 2.9 crore equity shares.

The shares of FSN E-Commerce Ventures declined as much as 5 percent to Rs 2,028, but later recouped much of the losses.

Reserve Bank of India Governor Shaktikanta Das on Friday announced that no approval will be required for banks to infuse capital in their branches and overseas arms. “At present, banks incorporated in India can infuse capital in their overseas branches and subsidiaries; retain profits in these centres; and repatriate/ transfer profits therefrom with prior approval of the RBI.

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