“At the close of the stock market, the Reserve Bank of India’s decision to pause on interest rate hikes led to the Sensex rising by 144 points and the Nifty reaching near 17,600. Bajaj Finance and Adani Enterprises both saw gains of 3%.”
- The recent decision to pause interest rate hikes has had a positive effect on bond yields and the stock market.
- A plausible peaking of the interest rate could have a positive impact on the financial markets, as seen in today’s drop in yield and marginal upside of the domestic stock market.
- The continuation of this trend throughout the year will depend on a consistent fall in inflation, which is forecasted to stay elevated above the FY24 target.
- The high gap between current and target inflation means that the RBI will have to hold rates high for a long time, which will limit the upside potential for the financial markets.
- In closing trade, Dhani Services Ltd., Vakrangee Ltd., and Indian Energy Exchange Ltd. were the top gainers, while Vedanta Ltd., Orient Electric Ltd., and Avenue Supermarts Ltd. were among the top losers.
Top Gainers
| Security Code | Security Name | Group | LTP | Chg | % Chg |
|---|---|---|---|---|---|
| 500034 | BAJFINANCE | A | 5,903.40 | 137.75 | 2.39 |
| 532187 | INDUSINDBK | A | 1,085.05 | 19.50 | 1.83 |
| 500112 | SBIN | A | 531.00 | 8.20 | 1.57 |
| 532978 | BAJAJFINSV | A | 1,297.20 | 17.85 | 1.40 |
| 524715 | SUNPHARMA | A | 1,004.10 | 7.35 | 0.74 |
| 500510 | LT | A | 2,270.55 | 13.55 | 0.60 |
| 500520 | M&M | A | 1,162.50 | 6.85 | 0.59 |
| 532174 | ICICIBANK | A | 889.35 | 4.95 | 0.56 |
| 500570 | TATAMOTORS | A | 428.75 | 2.35 | 0.55 |
| 500180 | HDFCBANK | A | 1,662.70 | 8.60 | 0.52 |
| 500325 | RELIANCE | A | 2,336.00 | 10.50 | 0.45 |
Source: BSEINDIA
Top Looser
| Security Code | Security Name | Group | LTP | Chg | % Chg |
|---|---|---|---|---|---|
| 532281 | HCL TECH | A | 1,099.35 | -11.65 | -1.05 |
| 532755 | TECHM | A | 1,092.05 | -11.35 | -1.03 |
| 500790 | NESTLEIND | A | 19,661.30 | -138.30 | -0.70 |
| 500114 | TITAN | A | 2,560.20 | -12.50 | -0.49 |
| 500209 | INFY | A | 1,418.45 | -4.90 | -0.34 |
| 507685 | WIPRO | A | 368.45 | -1.25 | -0.34 |
| 532898 | POWERGRID | A | 225.10 | -0.55 | -0.24 |
| 532540 | TCS | A | 3,230.90 | -5.90 | -0.18 |
