Sensex Volatile After Rbi Keeps Repo Rate Unchanged At 4%; Indusind Bank, Titan Top Gainers

The Nikkei erased its losses and is up 0.1% while the Hang Seng fell 0.8%. The Shanghai Composite is trading down 0.1%.

In US stock markets, Wall Street indices recovered from an early tumble and closed higher on Thursday.

The Dow Jones gained 0.3% while the Nasdaq added 0.1%.

At home, Indian stock markets are trading on a positive note.

The BSE Sensex is down 78 points. Meanwhile, the NSE Nifty is trading down 27 points.

IndusInd Bank and Titan are among the top gainers today. Tech Mahindra, on the other hand, is among the big losers today.

The BSE Mid Cap index is up 0.5%. The BSE Small Cap Index is trading up 0.6%.

With the exception of healthcare, all sector indices are trading in the green, with shares in the power sector, energy sector and telecommunications sector witnessing most of the buying.

Shares of JK Paper and Bharat Electronics hit 52-week highs today.

The rupee is trading at 75.95 against the US dollar.

Crude oil prices edged higher but are expected to take a weekly loss after consuming nations agreed to release 240 million barrels of oil from emergency stocks to help offset disrupted Russian supplies.

The price of gold fell 0.2% to 51,800 for 10 grams.

Meanwhile, silver prices are trading up 0.1% to 66,766 per kg.

In global markets, gold remained rangebound as the dollar strengthened on the prospect of aggressive interest rate hikes by the U.S. Fed, partially offsetting safe-haven demand fueled by the ongoing conflict between Russia and Ukraine.

All eyes are on RBI’s crucial monetary policy announcement.

RBI Governor Shaktikanta Das today kept the repo rate unchanged at 4%. It also kept the repo rate unchanged at 3.35%.

Over the past 10 meetings, the MPC has left its interest rate unchanged and also maintained an accommodative monetary policy. The repo rate or short-term lending rate was last cut in May 2020. Since then, the rate has remained at an all-time low of 4%.

Market participants are closely watching the Reserve Bank of India’s inflation and growth projections in the wake of the continued rise in oil and commodity prices.

In banking news, HDFC Bank Chief Technology Officer Ramesh Lakshminarayanan said integrating HDFC and HDFC Bank’s IT systems will not be a complex operation.

The $40 billion merger between Housing Development Finance Corp (HDFC) and HDFC Bank was recently announced.

The main objective of HDFC bank will be to ensure front-end synergies, and it will also look at an IT platform to acquire and serve customers of both entities, Lakshminarayanan said in an interview. He added that the merger provides an opportunity to cross-sell HDFC and HDFC Bank products.

Note that the merger comes amid a technological transformation prompted by regulatory diktat last year for HDFC Bank.

The RBI had banned HDFC Bank from further digital launches and issuing credit cards until it resolved its digital issues. However, the restrictions were later lifted.

HDFC Bank’s stock price is currently trading down 0.3%.

Turning to news from the automotive sector, Tata Motors announced on Thursday that it has placed an order for 1,300 commercial vehicles with VRL Logistics.

The order includes a range of medium and heavy commercial vehicles and intermediate and light commercial vehicles, suitable for the logistics operations of VRL Logistics.

The vehicles were selected based on their superior handling, high fuel efficiency and low total cost of ownership, which will enable VRL Logistics to increase the efficiency of its fleet, Tata Motors said in a filing.

Tata Motors operates in India, the UK, South Korea, Thailand, South Africa and Indonesia, supported by a global network of 103 subsidiaries, nine associated companies, four joint ventures and two joint operations as of March 2021.

Shares of Tata Motors are currently trading up 0.7%.

You can watch the video where we compare Tata Motors with Maruti Suzuki and discuss if it will overtake Maruti in 2022.

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