Sensex, Nifty Extend Gains For Fourth Day After MPC Keeps Rates Unchanged
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KEY HIGHLIGHTS
Sensex, Nifty Extend Gains For Fourth Day After MPC Keeps Rates Unchanged
Indian equities ended higher for the fourth consecutive trading session after the Monetary Policy Committee decided to keep interest rates unchanged as expected.
The S&P BSE Sensex rose 0.4 percent to close at 41,306.03 and the NSE Nifty 50 rose 0.4 percent to close at 12,137.95. The broader markets represented by the NSE Nifty 500 Index rose 0.53 percent.
The market breath was tilted in favour of buyers. About 1,021 stocks advanced and 756 shares declined on National Stock Exchange.
Eight out of 11 sectoral gauges compiled by the NSE ended lower, led by the NSE Nifty PSU Bank Index’s 2.83 percent gain. On the flipside, the NSE Nifty FMCG Index was the top sectoral loser, down 0.64 percent.
India’s Monetary Policy Committee decided to keep interest rates unchanged. Concluding its three-day meet, the committee voted to keep the repo rate unchanged at 5.15 percent.
The committee reiterated that its monetary policy stance remains 'accommodative' for as long as it is necessary to revive growth, but decided to maintain a status quo on policy rates amid elevated inflation.
The decision was in line with market expectations. All 36 economists polled by Bloomberg had forecast a status quo in rates. The recent spike in inflation would have given the committee a reason to pause.
Other Key Highlights:
- MPC keeps reverse repo rate unchanged at 4.9 percent
- MPC keeps monetary policy stance unchanged at accommodative
- MPC votes 6-0 to keep rates unchanged
Large Trade Alert: Asian Paints
About 23.5 lakh shares of Asian Paints changed hands in a large trade, Bloomberg data showed. Buyers and sellers were not known immediately.
Lupin Reports Loss Of Rs 835 Crore In Q3
Shares of Lupin fell as much as 2.3 percent to Rs 706 after announcing December quarter results.
Key Earnings Highlights (Q3, YoY)
- Revenue down 5 percent to Rs 3,769 crore (Estimate: Rs 4,278 crore)
- Net loss at Rs 835 crore versus loss of Rs 153 crore (Estimate: Rs 227-crore profit)
- Exceptional loss of Rs 289 crore.
- Ebitda down 37 percent to Rs 429 crore (Estimate: Rs 706 crore)
- Margin at 11.4 percent versus 17.2 percent (Estimate: 16.5 percent)
Sun Pharma Gains After Q3 Results
Shares of Sun Pharmaceutical Industries rose as much as 2.8 percent to Rs 438 after announcing December quarter results.
Key Earnings Highlights (Q3, YoY)
- Revenue up 5 percent to Rs 8,155 crore (Estimate: Rs 8,228 crore)
- Net profit down 27 percent to Rs 914 crore (Estimate: Rs 1,054 crore)
- Ebitda down 14 percent to Rs 1,842 crore (Estimate: Rs 2,153 crore)
- Margin at 22.6 percent versus 27.81 percent (Estimate: 21.2 percent)
Eicher Motors Gains After Q3 Results
Shares of Eicher Motors rose as much as 2.6 percent to Rs 19,988.05 after the company announced its December quarter results.
Key Earnings Highlights (Q3, YoY)
- Revenue up 1.2 percent to Rs 2,371 crore.
- Net profit down 6.3 percent to Rs 499 crore.
- Ebitda down 12.9 percent to Rs 592 crore.
- Margin at 24.96 percent versus 29 percent.
Market Check: Sensex, Nifty Off Day’s High
Indian equities gained, but traded off day’s high after the Monetary Policy Committee announced its decision on key interest rates.
The S&P BSE Sensex rose 0.28 percent to 41,262 and the NSE Nifty 50 rose 0.26 percent to 12,121. The 30-stock index and the 50-share gauge had advanced as much as 0.64 percent and 0.59 percent respectively, earlier.
India’s Monetary Policy Committee decided to keep interest rates unchanged. Concluding its three-day meet, the committee voted to keep the repo rate unchanged at 5.15 percent.
The committee reiterated that its monetary policy stance remains 'accommodative' for as long as it is necessary to revive growth, but decided to maintain a status quo on policy rates amid elevated inflation.
The decision was in line with market expectations. All 36 economists polled by Bloomberg had forecast a status quo in rates. The recent spike in inflation would have given the committee a reason to pause.
Other Key Highlights:
- MPC keeps reverse repo rate unchanged at 4.9 percent
- MPC keeps monetary policy stance unchanged at accommodative
- MPC votes 6-0 to keep rates unchanged
