RBI Monetary Policy Highlights, Barbeque Nation Hospitality Debut, and Buzzing Stocks Today

Thu, 8 Apr Pre-Open

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Indian share markets witnessed positive trading activity throughout the day yesterday and ended on a positive note.

Benchmark indices edged higher after the RBI's decision regarding various policy rates received favourable response by market participants.

At the closing bell yesterday, the BSE Sensex stood higher by 460 points (up 0.9%).

Meanwhile, the NSE Nifty closed higher by 138 points (up 0.9%).

JSW Steel and Wipro were among the top gainers.

Adani Ports, on the other hand, was the top loser.

The BSE Mid Cap index ended up by 0.8%, while the BSE Small Cap index ended higher by 1.3%.

On the sectoral front, all sectors were trading in green with stocks from the auto sector, banking sector and finance sector witnessing most of the buying interest.

Shares of Graphite India and Vinati Organics hit their 52-week highs.

Gold prices for the latest contract on MCX were trading up by 0.9% at Rs 46,345 per 10 grams at the time of closing stock market hours yesterday.

Speaking of the current stock market scenario, after the recent volatility in the stock market, the fears of a correction have only grown and those who were bullish a few days ago are turning bearish.

But is this the right way to think about trading? How should you react to this?

India's # trader Vijay Bhambwani answers these questions in one of his videos for Fast Profits Daily.

Tune in to the below video to find out more:

Top Stocks in Focus Today

Jindal Steel and Power will be among the top buzzing stocks today.

Jindal Steel and Power (JSPL) share price reported a 34.4% year-on-year (YoY) rise in its output for the January-March quarter.

Sales grew 37.4% YoY during the quarter ended March 31.

During the January-March period of 2020-21, the company produced 2.07 million tonne (MT) of steel, compared to 1.54 MT in the year-ago quarter, JSPL said in a statement.

Its sales during the quarter rose to 1.91 MT from 1.39 MT a year ago. For the entire FY21, the company's output stood at 7.51 MT, up 19.2% from 6.30 MT in the preceding fiscal.

Adani Ports and Special Economic Zone (APSEZ) share price will also be in focus today after the company posted better business performance in the month of March 2021 and in Q4FY21.

The company's handled cargo volume in the month of March 21 stood at 26 MMT, a YoY growth of 41% and 23% on a month-on month-basis.

In Q4FY21, the company registering a YoY growth of 27% in the handled cargo volume at 73 MMT, while it registered a volume of 247 MMT in FY21 registering a growth of 11% on YoY basis.

In the container segment, the company handled 7.22 Mn TEU's in FY21, registering a growth of 16% on YoY basis.

Barbeque Nation Hospitality Jumps after a Tepid Listing

Barbeque Nation Hospitality will be among the top buzzing stocks today.

Casual dining chain Barbeque Nation Hospitality made a lackluster debut on the bourses yesterday. The stock of the company was listed at 2% discount over its issue price but bounced back during the closing market hours and ended 20% higher on the BSE.

Barbeque Nation share listed at Rs 489.8 apiece on NSE, a 2% discount against issue price of Rs 500. Due to stock market's positive upward rally post the RBI policy outcome yesterday, the share price of the stock surged 20% to Rs 587.8 on NSE.

The initial public offering (IPO) of the company was held via book building process. The price band of the IPO was fixed at Rs 498-500 per share.

The IPO was registered with subscription of 5.9 times on its last day on March 26. It received bids for 29.9 million equity shares against the offer size of 5 million equity shares. Out of the reserved portion, non-institutional investors part and retail investors part was subscribed by 3.1 times and 13.1, respectively.

The Rakesh Jhunjhunwala backed firm raised Rs 4.5 billion from its IPO held from 24 March to 26 March 2021.

How the stock performs in the coming days remains to be seen. Stay tuned as we keep you updated on all the news from this space.

RBI's Monetary Policy Committee Leaves Repo Rate Unchanged at 4%

The Reserve Bank of India's (RBI's) six-member monetary policy committee, headed by Governor Shaktikanta Das, announced the outcome of its bi-monthly monetary policy review yesterday.

Given the rise in the spread of coronavirus and the imposition of fresh restrictions to contain the virus spread, the RBI decided to maintain status quo on the benchmark repo rate, the rate at which the central bank lends short-term funds to banks, at 4%. It also kept the accommodative monetary stance unchanged today to nurture a fragile economic recovery.

The policy announcement, the first for the fiscal, came days after the government maintained the RBI's target to ensure inflation within the 2-6% band for five more years.

It also fulfilled a long-standing demand of bond market participants of having an open market operations (OMO) calendar of sorts, through which the central bank would commit its periodic support to the market.

RBI Governor Shaktikanta Das said in his monetary policy statement for April that the RBI will pre-announce a secondary market government securities (G-Sec) acquisition programme to commit its support to the market. For the first quarter, it will buy bonds worth Rs 1 trillion from the secondary market, starting April 15, when it will buy bonds worth Rs 250 billion.

To know what's moving the Indian stock markets today, check out the most recent share market updates here.

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