Indian Share Markets End at Record High; Financial and FMCG Stocks Top Gainers
Closing

Indian share markets extended gains as the session progressed and ended on a strong note.

The Sensex, which crossed the 45,000-mark last week for the first time, continued momentum and rose more than 340 points today supported by financials, pharma and FMCG stocks.

At the closing bell, the BSE Sensex stood higher by 347 points (up 0.8%).

The NSE Nifty closed higher by 97 points (up 0.7%).

Adani Ports and UPL were among the top gainers today.

The SGX Nifty was trading at 13,421, up by 94 points, at the time of writing.

The BSE MidCap index and the BSE SmallCap index ended up by 1% and 1.3%, respectively.

On the sectoral front, gains were largely seen in the telecom sector, FMCG sector and finance sector.

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Asian stock markets ended on a negative note today. As of the most recent closing prices, the Hang Seng ended down by 1.2% and the Shanghai Composite ended down 0.8%. The Nikkei ended down by 0.7%.

The rupee is trading at 73.88 against the US$.

Speaking of stock markets, in his latest video, Brijesh Bhatia, Research Analyst of Fast Profits Reports, shares his learnings from 15 years in the market.

In the video, he explains what separates the few successful traders from every other trader in the market.

Tune in to the video to find out more:

In case you missed his very first Equitymaster video, you can watch it here.

In news from the commodity space...

Gold prices for the latest contract on MCX are trading flat at Rs 49,152 per 10 grams.

Gold prices were mixed today in Indian markets as optimism around Covid-19 vaccines roll-outs offset hopes of a US stimulus package being passed this week.

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In the previous session, gold futures had declined 0.2% to Rs 49,209 per 10 grams.

Speaking of the precious yellow metal, how lucrative has gold been as a long-term investment in India?

The chart below shows the annual returns on gold over the last 15 years...


As you can see, barring just two years - 2013 and 2015, gold has delivered positive returns in 13 of the last 15 years.

The recent price volatility in the bullion market has rattled many traders. Even with the recent volatility in prices, gold remains one of the best performing commodities this year to combat the fallout from the coronavirus pandemic.

In one of his videos, India's #1 trader, Vijay Bhambwani, talks about the investment case for gold, now that gold prices have started to fall. You can check out the same here: Two Very Important Updates for You

To know more about gold, you can check out our detailed article on investing in gold here: How to Invest in Gold?

Moving on to stock specific news...

Yes Bank was among the top buzzing stocks today.

Yes Bank including four other firms- Adani Enterprises, PI Industries, Hindustan Aeronautics and Jubilant Food-Works - are likely to get upgraded as part of the half-yearly market-cap categorization by mutual fund industry body Association of Mutual Funds in India (AMFI), which is expected to release a fresh list by January 5.

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As per a report in the Economic Times, ICICI Securities has assigned a high probability to the first four and a low probability for Jubilant FoodWorks for getting upgraded to large cap stock.

Note that AMFI categorises stocks into large caps, midcaps and smallcaps stocks based on the average market capitalisation every six months. Mutual fund schemes are required to align their portfolios based on the share categories.

ICICI Securities said it expects 4-5 switches between large caps and midcaps and 11-12 switches between midcaps and smallcaps.

The lower end of the size limit for large caps and midcaps have increased to Rs 276 billion and Rs 82 billion respectively based on market data for the second half of 2020 available so far.

As per a circular dated October 6, 2017 by the Indian stock market regulator, mutual funds have one month to align their portfolios as per the fresh list.

NMDC, MRF, United Breweries, Container Corporation, General Insurance, and Bank of Baroda may be recategorised as midcap from large cap.

Meanwhile, IndiaMart InterMesh, Laurus Labs, Navin Fluorine, Dixon Technologies, Alok Industries, AstraZeneca Pharma, Deepak Nitrite, Bombay Burmah and Suven Pharma are likely to be recategorized as midcap from smallcap.

As per market experts, if Yes Bank shares get upgraded to large cap as expected, then the stock may witness buying from mutual funds.

How this pans out remains to be seen. Meanwhile, we will keep you updated on all the developments from this space.

Moving on to news from the IPO space...

Premium biscuit-maker and leading supplier of buns to fast-food chains like Burger King and McDonald's, Mrs Bectors Food Specialities, is preparing up to launch its initial public offering (IPO) next week.

The move comes a few days within the Burger King IPO, which opened on December 2, which saw impressive response from stock markets and was oversubscribed 157 times.

As per the news, the IPO is being driven by the private equity investors CX Partners and Gateway Partners who are seeking a partial exit.

The company manufactures and markets a range of biscuits under its flagship brand 'Mrs Bectors Cremica' and its bakery products under the brand 'English Oven'.

ITC & Britannia are the firm's key listed peers in the biscuits and bakery products segment while other branded rivals include Parle, Modern and Harvest Gold.

How the above IPO sails through remains to be seen. Meanwhile, we will keep you updated on the latest developments from this space.

Speaking of IPOs, so far this year, 12 companies have raised nearly Rs 250 billion through IPOs compared with Rs 123.6 billion raised by 16 companies in 2019.

Some of the companies that had deferred their IPO plans, now want to tap the market again on robust investor appetite.

Furthermore, nearly half a dozen companies are lining up to launch their IPO this month.

Companies like Suryoday Small Finance Bank, ESAF Small Finance Bank, Nazara Technologies, RailTel, Kalyan Jewellers and Antony Waste Management are among those that are conducting road shows and planning IPOs in December, The Economic Times mentioned in a report citing bankers.

In one of his videos, Vijay Bhambwani shares his thoughts on the recent spate of IPOs and what it means for the market.

You can check out the same here: My View on the IPO Market.

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


Sensex Trades Over 200 Points Higher; Dow Futures Down by 85 Points
12:30 pm

Share markets in India are presently trading on a strong note.

The BSE Sensex is trading up by 223 points, up 0.5% at 45,302 levels.

Meanwhile, the NSE Nifty is trading up by 62 points.

IndusInd Bank and Adani Ports & SEZ are among the top gainers today. JSW Steel and Nestle India are among the top losers today.

The BSE Mid Cap index is trading up by 0.8%

The BSE Small Cap index is trading up by 1.3%.

On the sectoral front, stocks from the telecom sector are witnessing most of the buying interest.

On the other hand, stocks from the automobile sector are witnessing most of the selling pressure.

US stock futures are trading lower today, indicating a negative opening for Wall Street indices.

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Nasdaq Futures are trading down by 10 points (down 0.1%) while Dow Futures are trading down by 85 points (down 0.3%).

The rupee is trading at 73.78 against the US$.

Gold prices are trading up by 0.3% at Rs 49,313 per 10 grams.

Gold prices were mixed today in Indian markets as optimism around Covid-19 vaccines roll-outs offset hopes of a US stimulus package being passed this week. On MCX, gold prices edged 0.2% higher to Rs 49271 per 10 grams. In the previous session, gold futures had declined 0.2% to Rs 49,209 per 10 grams.

To know more about gold, check out our article on how to invest in gold here: How to Invest in Gold?

Moving on to stock specific news...

Among the buzzing stocks today is ONGC.

ONGC Videsh (OVL), the overseas investment arm of state-owned Oil and Natural Gas Corporation (ONGC), has made a "significant" oil discovery in an onshore block in Colombia.

OVL is the operator in the block with a 70% stake. Geopark, an independent oil and gas company focused in Latin America, has the remaining 30% interest.

The company struck oil while drilling an appraisal well 'Indico-2' in CPO-5 block in Llanos Basin of Colombia. The well 'Indico-2' encountered a net pay of 147 feet which during initial testing produced oil of 35.2 degrees API in commercial quantity at the rate of 6,300 barrels per day.

This is the fourth commercial find in the block by OVL.

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Light oil was discovered in the first well 'Indico-1X' in the Indico field during December 2018, and to-date it has demonstrated a sustained flow of 5,200 barrels per day (BPD) with cumulative production of over three million barrels of oil so far.

CPO-5 is a large inland block covering an area of 1,992 square kilometres and offers multi-play exploratory and appraisal opportunities.

The company now plans to drill more wells to explore the other plays in the block in the immediate future. OVL is also undertaking additional 3D seismic data to map more drillable prospects in the other sectors of the block.

OVL has a stake in 7 exploratory blocks in Colombia. These are in addition to two producing blocks with Mansarovar Energy Colombia (MECL).

We will keep you updated on all the news from this space. Stay tuned.

At the time of writing, ONGC share price was trading up by 2% on the BSE.

Speaking of the stock markets, India's #1 trader, Vijay Bhambwani talks about how to get started with his cash calendar, in his latest video for Fast Profits Daily.

In the video below, Vijay does a post-mortem of his amazing track record of 12 months of consecutive winning trades and shares what you can do in the future to ensure this track record is maintained.

Tune in here to find out more:

Moving on to news from the metals and mining sector...

Government Extends NMDC's Donimalai Iron Ore Lease After Two-Year Suspension

In a major relief for National Mineral Development Corporation (NMDC), the long-pending issue of Donimalai iron ore mine lease, which was suspended since November 2018, has finally resolved with the government endeavour.

The decision has not only paved the way for operationalization of the mine but is also a timely decision taken in a situation when steel companies are facing a shortage of supply of iron ore.

Exercising the power conferred to the Government of India (GOI) under Section 31 of the MMDR Act, 1957, the Government reached an agreement with the Karnataka government and the Ministry of Steel to extend the Donimalai iron ore lease.

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Donimalai iron ore mine, which has a total concession area of 597.5 hectares and estimated resource of 149 million tonnes, will increase the annual iron ore production in the country by 7 million tonnes per annum (MTPA).

Based on the existing high price of ore, it is expected that the mine will contribute around Rs 4 billion to the State Exchequer, during the ongoing financial year.

It will also take the nation a step closer towards the vision of the government to achieve 300 MTPA crude steel capacity by 2030-31 and will bring a sense of security for more than two dozen SMEs (with 100s of employees) near Donimalai area that were directly or indirectly dependent on NMDC for the supply of raw material.

The local community dependent on NMDC CSR activities stands to benefit from the lease revival.

Speaking of the metal sector, note that metal stocks have rebounded sharply from their March lows, with revival in both domestic and global demand.

Have a look at the chart below which shows returns of the major sectoral indices since 23 March 2020.


How metal stocks perform in the coming months remains to be seen.

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


Sensex Opens Flat Tracking Mixed Global Cues; ONGC & Bharti Airtel Top Gainers
09:30 am

Asian share markets are trading on a negative note today. The Hang Seng is trading down by 1.7% while the Shanghai Composite is trading lower by 0.7%. The Nikkei is down 0.6%.

US stock markets rose to record levels on Friday, notching another weekly advance, as traders shook off a disappointing US jobs report.

The Dow Jones Industrial Average ended up by 0.8% while the Nasdaq advanced 0.7%. Both indexes posted intraday and closing record highs.

Back home, Indian share markets have opened the day on a flat note.

The BSE Sensex is trading up by 56 points. The NSE Nifty is trading higher by 24 points.

ONGC and Bharti Airtel are among the top gainers today.

The BSE Mid Cap index and the BSE Small Cap index have opened the day up by 0.5% and 0.8%, respectively.

Sectoral indices are trading on a mixed note with stocks in the telecom sector and metal sector witnessing buying interest. Consumer durable stocks, on the other hand, are trading in red.

The National Stock Exchange has revised circuit limits of 302 stocks with effect from today. Market participants will track shares of Adani Gas, Angel Broking, Arvind Fashions, Central Bank of India, Emkay Global, SH Kelkar and Snowman Logistics as their circuit limit has been revised to 20% from 10%.

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The rupee is trading at 73.77 against the US$.

Gold prices are trading up by 0.2% at Rs 49,260 per 10 grams.

To know more about gold, you can check out our detailed article on investing in gold here: How to Invest in Gold?

Speaking of stock markets, in his latest video, Brijesh Bhatia, Research Analyst of Fast Profits Reports, shares his learnings from 15 years in the market.

In the video, he explains what separates the few successful traders from every other trader in the market.

Tune in to the video to find out more:

In case you missed his very first Equitymaster video, you can watch it here.

In news from the mutual funds space, continuing their selling spree for the sixth straight month, mutual funds pulled out Rs 307.6 billion from equities in November on profit booking.

With this, net withdrawal by mutual funds has reached to over Rs 280 billion in the first 11 months of the ongoing year (January-November), data available with the markets regulator showed.

According to the data, MFs pulled out Rs 307.6 billion from equities in November. This has taken the outflow to over Rs 684 billion since June.

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MFs withdrew Rs 144.9 billion in October, Rs 41.3 billion in September, Rs 92.1 billion in August, Rs 91.9 billion in July and Rs 6.1 billion in June.

However, they invested over Rs 402 billion in the first five months of the year (January-May). Of this, Rs 302.9 billion was invested in March.

Despite the withdrawals, the markets have continued to rise as flows from FPIs have been robust. Foreign Portfolio Investors (FPIs) have put in over Rs 1.08 lakh crore in the Indian equity markets during January-November period of 2020.

We will keep you updated on the latest developments from this space. Stay tuned.

Speaking of mutual funds, note that on September 11, the capital markets regulator issued a circular directing multi-cap schemes to deploy at least 25% each in large-, mid-, and small-caps. At present, such schemes manage Rs 1.47 trillion in assets.

Assuming every fund rebalances, the circular is expected to trigger a move of around Rs 280 billion from largecaps to smallcaps.

Richa Agarwal, lead smallcap analyst at Equitymaster, believes this move would be net positive for select smallcap stocks. As per Richa, there could be a speculative rally across smallcaps.

Here's what she wrote about it in one of the editions of the Profit Hunter:

    It would be myopic and imprudent to bet on any smallcap in the hope of a regulation driven rally.

    That said, you must invest in smallcaps selectively with long-term horizon in mind.

    Here's why...
    You see, despite the rally in smallcaps since March, there is still a huge valuation gap between smallcaps and Sensex.

    The ratio of smallcaps to Sensex stands at 0.37 now, as compared to long-term average of 0.44 times.

    This means certain smallcaps will witness a significant rebound, irrespective of regulations.

Richa believes this could be a once in a decade opportunity to get rich from select smallcaps.

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Moving on to stock specific news...

Marico and Dabur are among the top buzzing stocks today.

FMCG rivals Dabur and Marico are engaged in an advertising war over their honey products, alleging that the other one is making false claims in their ads.

While Marico has filed a fresh complaint with the Advertising Standards Council of India (ASCI), Dabur also plans to lodge a complaint with the advertising regulator Marico's Saffola Honey samples.

The ad was triggered after research and advocacy firm Centre for Science and Environment (CSE) said that ten brands of honey including Dabur, Patanjali, Baidyanath, Zandu, Hitkari and Apis Himalaya are adulterated with sugar syrup and failed a nuclear magnetic resonance spectroscopy (NMR) test. The CSE report has been denied by the brands.

Marico filed a complaint before ASCI on December 3 challenging Dabur's claim that Dabur Honey has passed the NMR test.

Without naming the brand, ASCI said it has received four complaints against honey brands over the past few months.

Earlier in October, the company had filed an intra-industry complaint, before ASCI, against Dabur's claim of "NMR Tested Pure Honey" for its product Dabur Honey. The claim was upheld by ASCI.

Marico share price and Dabur share price have opened the day up by 0.1% and 0.3%, respectively.

Moving on to news from the pharma sector, growth in pharma sales slowed down to 1% in November at Rs 128.3 billion, as acute therapies resumed their struggle after a brief sign of recovery, data from market research firm AIOCD-AWACS showed.

In October, medicine sales in India stood at Rs 135.4 billion, up nearly 10% year-on-year.

Anti-infectives medicine sales were up 0.2% in November at Rs 18.1 billion, against 6.6% growth recorded in October. Associated therapies like gastrointestinal drugs and pain and analgesics showed a 3.1% growth and 5.2% decline respectively.

Respiratory medicines sales slumped at a steeper 6.9% compared to 6.6% in October.

Barring Cipla and Glenmark Pharma, all top 20 drug makers either recorded single digit growth or a decline. Cipla and Glenmark recorded 12.6% and 14.5% growth respectively.

Sales of Micro Lab Mankind Pharma, Pfizer and GlaxoSmithKline Pharma were down 0.6-5.4%, the data showed.

For the country's largest seller of hydroxychloroquine, Ipca Laboratories' sales growth slowed to 4.9% during the month.

We are closely tracking this sector and will keep you updated on all the top news from this space. Stay tuned.

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


SGX Nifty Down 61 Points; Indicates Negative Opening for Indian Stock Markets
SGX Nifty

The SGX Nifty opened on a negative note today.

At 8:10 am, it was trading down by 61 points, or 0.46% lower at 13,266 levels.

Trends on SGX Nifty indicate a negative opening for Indian stock markets.

Asian stock markets have erased gains, hitting a record peak earlier in the session on hopes of a much-needed US stimulus package before year-end just as coronavirus vaccines roll out.

As of the most recent prices, the Nikkei is trading down by 0.2% and the Hang Seng is trading lower by 1.5%.

US stock markets rose to record levels on Friday, notching another weekly advance, as traders shook off a disappointing US jobs report.

The US economy added 245,000 jobs in November. That was well below a Dow Jones consensus estimate of 440,000. The unemployment rate, however, matched expectations by falling to 6.7% from 6.9%.

The Dow Jones Industrial Average ended up by 0.8% while the Nasdaq advanced 0.7%. Both indexes posted intraday and closing record highs.

Friday's jump led to their fourth weekly gain in five weeks. The Dow rose 1% last week while the Nasdaq Composite rallied 2.2%.

US stock futures are trading on a flat note, following a record-setting session as Wall Street searched for clues on additional fiscal aid.

Dow futures are trading down by 17 points or 0.1%, while Nasdaq futures advanced 0.2%.

Here are some key events due later this week:

  • Japan - GDP - Q3 - Tuesday
  • US Crude Oil Inventory - Wednesday
  • European Central Bank policy decision - Thursday

Back home, Bharti Airtel and IRCTC will be among the top buzzing stocks today.

To know the top cues in today's stock market session, check out the pre-open commentary here.

Stay tuned for more updates on Indian stock markets in the upcoming commentary.


5 Factors Behind the Stock Market Rally, RBI Monetary Policy Highlights, and Top Buzzing Stocks Today
Pre-Open

Indian share markets ended on a strong note on Friday.

The Sensex crossed 45,000-mark for the first time, as the RBI upgraded its GDP target for the current fiscal year and kept interest rates steady in the face of stubbornly high inflation.

At the closing bell on Friday, the BSE Sensex stood higher by 447 points (up 1%).

The NSE Nifty closed higher by 125 points (up 1%).

ICICI Bank and UltraTech Cement were among the top gainers.

Both, the BSE Mid Cap index and the BSE Small Cap index ended up by 0.4%.

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On the sectoral front, gains were largely seen in the banking sector, FMCG sector and telecom sector.

Market participants were tracking travel related stocks. IRCTC share price zoomed 15% as Covid-19 vaccine related optimism continued to boost travel related stocks. Meanwhile, InterGlobe Aviation and SpiceJet also surged in the range of 5-10% on Friday.

At 8:00 am today, the SGX Nifty was trading down by 52 points, or 0.4% lower at 13,275 levels. Indian share markets are headed for a negative opening today following the negative trend on SGX Nifty.

Gold prices for the latest contract on MCX were trading up by 0.1% at Rs 49,344 per 10 grams at the time of closing stock market hours on Friday.

To know more about gold, you can check out our detailed article on investing in gold here: How to Invest in Gold?

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Speaking of stock markets, the past month was a staggering one. Benchmark indices saw huge buying interest and went on to touch record-high levels.

The BSE smallcap index was up 13% in November.

The BSE smallcap index has risen more than 10% in a month only 6 times in the last decade.

Foreign investors (FIIs) invested a net amount of around Rs 650 billion in November. This is the biggest purchase by FIIs by a big margin so far.

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Will this rally in Indian share markets continue ahead?

We reached out to Brijesh Bhatia, our new team member and Research Analyst of Fast Profits Reports, for his view on the Indian stock markets.

Here's what he had to say...

  • The bulls celebrated Diwali with fireworks and started Samvat 2077 with a roar.

    The Nifty gained 11.4% in the month of November. 80% of the trading days ended on positive note. Midcap and Small Cap indices gained 15.5% and 13% respectively.

    We had 20 trading days in November 2020. 16 of them ended on positive note with 8 straight days of gains from 2nd to 11th November.

    The Nifty has now turned positive for CY2020 and has hit a new all-time high of 13,145.85.

    All sectorial indices ended on a positive note for the month.

    Metals (24.84%), Private Banks (24.25%), PSU Banks (23.63%), and Financial Services (22.84%) gained more than 20%.

    Sectors like IT (4.05%) and Pharma (5.30%) which has outperformed in the first leg of rally, were the underperformers.

    The stocks in Nifty 200 were on fire too. Out of 200 stocks, 179 ended on a positive note which means 90% stocks were in green zone.

    The broad-based buying indicates the momentum is still in the bull's favour. Entering the month of December, can this momentum prolong?

    Well, if we look at the seasonality chart for Nifty 50, December tends out to be the best month for bulls with an average return of 3.43% since 1996.


    Hope we have a Santa rally this Christmas too and end the pandemic year near all-time high levels!

You can read Brijesh's detailed profile here.

And in case you missed his first Equitymaster video, you can watch it now.

Top Stocks in Focus Today

Among the buzzing stocks today will be Bharti Airtel.

According to the Telecom Regulatory Authority of India, Bharti Airtel surpassed Reliance Jio in new mobile subscriber addition in September after a gap of four years.

Bharti Airtel led mobile subscriber growth in September 2020 with a net addition of 3.8 million new customers. It was followed by Reliance Jio with net addition of 1.5 million and BSNL with 78,454 new customers.

Vodafone Idea was the biggest loser as it lost 4.6 million subscribers during the reported month. MTNL and Reliance Communications lost 5,784 and 1,324 customers, respectively.

The total telecom subscriber base in the country increased marginally to 1,168.7 million in the reported month from 1,167.8 million in August.

Market participants will track Interglobe Aviation (IndiGo) share price and SpiceJet share price as it was reported that airlines in India will be able to sell seats up to 80% of their pre-covid capacity on domestic flights, up from the existing 70%, in a further relaxation of restrictions in the sector hammered by the covid-19 pandemic.

Granules India share price will also be in focus today as the US Food & Drug Administration (USFDA) has approved the abbreviated new drug application (ANDA) filed by Granules Pharmaceuticals (GPI), a wholly-owned foreign subsidiary of Granules India, for Penicillamine capsules USP, 250 mg.

Penicillamine capsules are indicated in the treatment of Wilson's disease, cystinuria, and in patients with severe, active rheumatoid arthritis who have failed to respond to an adequate trial of conventional therapy.

Top Factors Why Indian Stock Markets Rallied to Record Highs Last Week

Firm Global Cues: Global stock markets were buoyed on Friday amid positive macroeconomic data flow from China, US stimulus negotiations, and developments on the Covid-19 vaccine front.

India's Covid-19 Vaccine News: Prime Minister Narendra Modi last week said India's vaccination programme against Covid-19 would begin as soon as a go-ahead from scientists is given, and asserted that healthcare workers involved in treating coronavirus patients, frontline workers and old people suffering from serious conditions would be inoculated on priority.

In his closing remarks at an all-party meeting with leaders of various political parties to discuss the pandemic situation, Modi said experts believe the wait for vaccine will not be long and it may be ready in a few weeks.

Bluechips Continue Momentum: Indian share market ended at record highs on Friday as bluechip stocks including Asian Paints, Mahindra and Mahindra, Maruti Suzuki, Tata Steel, Tech Mahindra, Titan and UltraTech Cement hit their fresh 52-week highs.

Revised Growth Prospects: The RBI revised its forecast of economic growth for the current fiscal year (2020-21) to minus 7.5% compared to its earlier forecast of minus 9.5%.

Banking Stocks Rally: The Nifty Bank index rose 2.3% to cross the 30,000-mark on Friday. Banking stocks gained after RBI announced to keep system liquidity in surplus.

We will keep you updated on how these factors develop in the coming days and what effect they have on Indian stock markets. Stay tuned!

RBI Monetary Policy Meet: Interest Rates Unchanged; Economic Growth Forecast Revised

In news from the banking sector, the Reserve Bank of India (RBI) maintained benchmark rates at the same levels of 4% in its policy meet on Friday. The reverse repo rate stays at 3.35%.

This was the third meeting on run that the central bank chose to keep the rates unchanged.

Shares of interest rate sensitive sectors, mainly financials and automobiles, were trading firm after the RBI's decision to keep interest rates unchanged.

The RBI maintained the status quo on the benchmark lending rates in view of persistently high inflation and a lower-than-expected contraction of the economy.

Here are the key highlights from last week's monetary policy:

The RBI revised its forecast of economic growth for the current fiscal year (2020-21) to minus 7.5% compared to its earlier forecast of minus 9.5%. RBI governor Shaktikanta Das said the change in forecast has been prompted by a surge in demand in both rural as well as urban areas.

The second half of the fiscal year is expected to show positive growth despite disruptions caused by coronavirus pandemic, he added.

Das said that retail inflation is seen at 6.8% in third quarter, at 5.8% for Q4FY21, and 5.2-4.6% in H1 FY22.

RTGS system to be made 24x7 in next few days. From January onwards, the limit for contactless card transaction will be upped from Rs 2,000 to Rs 5,000 per transaction.

Regarding NBFCs, Das said a regulatory framework review is needed. Das also committed to do whatever is required to maintain stability of the financial sector. Near-term stability issued has been handled, he added.

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