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Sensex Finishes in Green; RBI Keeps Repo Rate Unchanged
Wed, 4 Oct Closing | Karan Janani, TM Team

Indian share markets continued to trade higher in the afternoon and finished in green for fourth consecutive session. At the closing bell, the BSE Sensex closed higher by 174 points and the NSE Nifty finished up by 55 points. The S&P BSE Mid Cap finished up by 0.4% while S&P BSE Small Cap finished up by 0.8%. Gains were largely seen in pharma stocks, FMCG stocks and energy stocks. Meanwhile, metal stocks and software stocks witnessed majority of the selling activity.

Asian stock markets finished higher today with shares in Hong Kong leading the region. The Hang Seng is up 0.73% while China's Shanghai Composite is up 0.28% and Japan's Nikkei 225 is up 0.06%. European markets are mixed. The DAX is higher by 0.08%, while the CAC 40 is leading the FTSE 100 lower. They are down 0.32% and 0.13% respectively.

Rupee was trading at Rs 65.29 against the US$ in the afternoon session. Oil prices were trading higher at US$ 50.11 at the time of writing.

As per a leading financial daily, the Reserve Bank of India (RBI) kept interest rates unchanged today because it anticipates upside risks to retail inflation. It also slashed its growth projections for the current fiscal and raised its inflation projections.

The six-member monetary policy committee (MPC) kept the repurchase rate-the rate at which the central bank infuses liquidity in the banking system-unchanged at 6.00%. The central bank maintained its neutral policy stance but acknowledging sluggish economic activity, lowered its fiscal 2018 projection for gross value added, a growth metric, to 6.7% from 7.3%.

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On growth, the RBI reiterated need to revive sluggish private sector investment in order to give a fillip to the economy as well as improve demand for overall credit.

In other news from economy, the global ratings agency, Moody's Investors Service in its latest report has said that India will overtake China as the fastest-growing Asian market for petroleum products by the year 2018, on the back of a 6% demand growth in the sector.

As economic activity in China slows down, the report expected that China's refined product demand growth will moderate to 2.5-3% in FY18, which is nearly half of compounded annual growth rate of 5% in 2012-16. It pointed out that in absolute terms, China will still account for 48% of Asia's R&M sector's demand growth in 2018.

Despite the weakening growth numbers in China and India, the ratings agency believed that both the countries will continue to be the key growth engines for the sector in Asia, representing over 80% of the expected growth in 2018.

Given the oil sector's reliance on China and increasingly India, the report further mentioned that demand would face considerable risks if economic growth weakens materially below their expectations.

China Way Ahead of All Emerging Markets

Over the last two decades, China's share of world output went up from 6.3% to 17.8%. On the other hand, the share of emerging markets to world output has improved from 42.3% in 1996 to 58.1% in 2016.

This means over the last twenty years China has accounted for 11.5 percentage points out of 15.8 percentage points increase in the share of developing economies.

Moving on to news from pharma sector. Natco Pharma share price hit an upper circuit in today's trade and finished up by 20% as its partner Mylan N.V. has received approval from the US Food and Drug Administration (FDA) for generic version of multiple sclerosis drug copaxone.

Meanwhile, Cadila Healthcare share price surged 3.9% after the company said Zydus Cadila received final approval from the US FDA for Desmopressin Nasal spray solution USP.

Oil & gas companies finished higher after the government on Tuesday cut excise duty on petrol and diesel by Rs2 per litre. HPCL share price rose 2.5%, BPCL share price rose 1.4% and ONGC share price 1%.

And here's a note from Profit Hunter:

The Bank Nifty traded a bit erratically as Reserve Bank of India (RBI) announced its monetary policy.

Until the policy was announced, the index was trading in a very narrow range- less than 60 points. But as the RBI rolled out its policy, the index experienced sharp volatility as seen in the one-minute chart below.

Barring Kotak bank (+2.20%) and Yes Bank (+1.60%), all the stocks on the Bank Nifty Index did not move more than 1% for the day.

After the policy was announced, the index traded on a volatile note. It fell to a low of 24,060, but recovered immediately to hit a day's high of Rs 24,228. But the index slipped again to a low of 24,071. Finally, the index ended the session with a marginal gains of 9 points at 24,113.

The Bank Nifty index has been trading in a range broad of 23,800 - 25,100 since July 2017. So will the monetary policy uplift the index out this range and dictate the next trend or will it be stuck in the same range. Let's keep track of it...

Bank Nifty Traded Volatile Post RBI policy
 Cutting Losses Short in Bosch

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Mar 21, 2018 (Close)