Sensex Surges 575 Points as RBI Keeps Key Rates Unchanged

Thu, 5 Apr Closing

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After opening the day in green, share markets in India witnessed positive trading activity throughout the day and ended the day on a strong note. Gains were seen across most sectors with stocks in the metal sector and stocks in the bank sector, leading the losses.

At the closing bell, the BSE Sensex stood higher by 577 points (up 1.8%) and the NSE Nifty closed up by 197 points (up 1.9%). The BSE Mid Cap index ended the day up 1.8%, while the BSE Small Cap index ended the day up by 1.9 %.

Asian stock markets finished mixed. As of the most recent closing prices, the Hang Seng was down by 2.2% and the Shanghai Composite was down by 0.2%. The Nikkei 225 was up by 1.5%. Meanwhile, European markets, were trading on a positive note. The FTSE 100 was up by 1.3%, The DAX, was down by 1.8% while the CAC 40 was up by 1.7%.

The rupee was trading at Rs 65.01 against the US$ in the afternoon session. Oil prices were trading at US$ 63.21 at the time of writing.

In news about the economy, The Reserve Bank of India (RBI), through its monetary policy committee (MPC), kept its policy rates on hold for the fourth straight meeting on Thursday and retained its neutral stance even as inflationary pressures have eased more than expected.

The RBI kept its policy repo rate unchanged at 6%, its lowest since November 2010, the reverse repo rate also remained unchanged at 5.75%.

The MPC voted 5-1 at the meeting to keep the policy rate on hold at 6 per cent and to retain its neutral monetary policy stance Chart

India's Policy Rates Compared to Asian Economies

The RBI's monetary statement in February had projected quarterly average inflation in the range of 5.1-5.6% for April-September. Now it expects inflation to be about 4.7-5.1% for the same period.

The RBI also projected economic growth of 7.4% for the current fiscal year that began on April 1.

While inflation fears have eased in the short-term, the RBI sounded cautious and opted to wait for more data instead of giving a clear indication of its policy path.

Rate cut or not, we do not attempt to predict how and when macroeconomic developments will unfold. Instead, we focus on the fundamentals and the underlying business strength of companies. The ValuePro team is always on the lookout for all-weather stocks whose fortunes are not tied to economic cycles.

Moving on to news from . ended the day on an encouraging note as the auto major Suzuki grabbed 50% market share in the passenger vehicles segment for the first time in 2017-18.

Maruti, India's biggest car maker, also sold more than 1.5 million units for the first time in its over-three decade history. At 1.65 million, Maruti's sales were 14% more than the year before, and almost twice the pace of the passenger vehicles industry.

Maruti Suzuki chairman RC Bhargava said the company's investment in diesel technology when the fuel was much cheaper than petrol, as well as in new models and sales network helped it gain market share.

While Maruti Suzuki has been the leader in India's market for passenger cars and vans, it captured the top spot in utility vehicles (UVs) only in fiscal 2018. Despite a late surge by Mahindra &Mahindra helping the long-time leader inch ahead in the March quarter, Maruti Suzuki ended the year with a lead of 25,000 units and a 27% market share.

Maruti Suzuki share price ended the day up by 1.3%

And here's a note from Profit Hunter:

The banking stocks were in focus today as Reserve Bank of India (RBI) announced its monetary policy.

Until the policy was announced, the index was trading in a narrow range, between two trendlines. But as the RBI rolled out its policy, the index experienced sharp volatility and broke out of the upper trendline as see in the one-minute chart below.

All the stocks on the Bank Nifty Index traded on a strong note. Bank of Baroda (+6.40%), SBI (+5.50%), and ICICI Bank (3.60%) were the top gainers in the index.

It broke the upper trendline and rallied one-way to hit a high of 24,822. Finally, the index ended the session with a gains of 630 points at 24,760 (+2.60%).

Market participants were waiting for RBI policy to dictate the index's next trend. Since the index broke-out on the upside, will it continue to move up in the sessions to come? Let's keep track of it...

Bank Nifty Cheers RBI policy

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