The monetary policy of the Reserve Bank today put new life in the sluggish market. Before the policy, the market started with a decline, but after the announcement of the policy, the market gained momentum.
In the first MPC meeting of FY24, RBI Governor Shaktikanta Das announced no change in interest rates. This was a big surprise for the market. Like the previous MPC, the interest rates in this MPC will remain the same at 6.5%.
In the next few moments of this announcement, the market changed its stance and gained momentum. Realty shares gained 2.84%. This strength continued till the first half. But in the second half, weekly expiry and profit booking were also visible.
Sensex today worked in the range of 430 points. In the end, the Sensex closed at a height of 4 weeks at 59,832.97 with a gain of 144 points, improving by more than 300 points from the lower levels. There was buying in 17 of its shares and selling in 13.
Nifty also broke the level of 17,600, today Nifty made an intraday high of 17,638. The Nifty dived back nearly 90 points and reached 17,555 till profit booking in the market in the second half. The market showed recovery and volatility in the last one hour. The Nifty weekly closed at 17,599, up 0.24% or 42 points on the day of expiry. There was buying in 30 of its shares and selling in 20.
TOP GAINERS
- Adani Enterprises (+3.3%)
- Bajaj Finance (+2.97%)
- Tata Motors (+2.6%)
- Bajaj Finserv (+1.93%)
- Sunpharma (+1.5%)
TOP LOSERS
- HCL Tech (-1.74%)
- ONGC (-1.5%)
- ICICI Bank (-1.09%)
- Axis Bank (-0.99%)
- Tech Mahindra (-0.97%)
Realty shines through RBI-MPC
There was no change in the repo rate. Its direct impact was clearly visible on the realty stocks. All realty stocks were seen trading strongly and realty index gained up to 2.84%. Today there was a buying trend in select pharma stocks as well.
Due to fall in rupee, selling was seen in IT stocks and the index lost about 0.73%. Apart from this, 0.54% selling was seen in FMCG. However, there was not much movement in banking stocks.
Better performance of midcap and smallcap
Midcap and Smallcap outperformed Nifty on the day of weekly expiry. Midcap gained 0.65% and there was buying in 27 shares. Smallcap gained 0.81% and bought 33 shares.
Recovery in shares of Adani Group
Today, mixed business was seen in the shares of Adani Group at the time of opening, but till the closing, all the 10 shares closed strong. NDTV, Adani Transmission and Adani Green Energy gained 5.0% each.
How was the overall market performance?
The effect of RBI MPC was positive on the market. There was buying in 2,387 shares. There, there was selling in 1,141 shares. There was no change in 108 shares.
The biggest jump in realty this week
Realty jumped 2.84% on the day of the weekly expiry and was the biggest gainer this week. Realty, Smallcap100, Pharma, Media and Auto outperformed Sensex and Nifty indices.
Nifty strengthened for the second consecutive week
Nifty is doing better since last 2 weeks. Before this, Nifty was broken for 3 consecutive weeks.