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India's Third Giant Leap
This Could be One of the Biggest Opportunities for Investors
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- Todays Market
- Indian Stock Market News April 8, 2022
Sensex Snaps 3-Day Losing Streak, Ends 412 Points Higher; FMCG & Power Stocks Witness Buying Fri, 8 Apr Closing
After trading on a volatile note in the first half, Indian share markets rose sharply in the last hour of trade and ended firm.
Benchmark indices snapped their three-day losing run and settled higher as investors sighed a relief as the RBI decided to keep interest rates unchanged and maintain 'accommodative' stance despite liquidity unwinding by global central banks.
The RBI also announced revised inflation and GDP growth forecasts in-line with market expectations.
At the closing bell, the BSE Sensex stood higher by 412 points (up 0.7%).
Meanwhile, the NSE Nifty closed higher by 145 points (up 0.8%).
ITC and M&M were among the top gainers today.
Tech Mahindra and Maruti Suzuki, on the other hand, were among the top losers today.
The SGX Nifty was trading at 17,890, up by 160 points, at the time of writing.
The BSE MidCap index and the BSE SmallCap index ended up by 0.9% and 1%, respectively.
Barring IT, all sectoral indices ended on a positive note with stocks in the power sector, metal sector and FMCG sector witnessing most of the buying.
Shares of SRF and Linde India hit their respective 52-week highs today.
Asian stock markets ended in green as investors assessed the pace of the Federal Reserve's monetary tightening plans and news from Ukraine.
The Hang Seng ended up by 0.3% while the Nikkei gained 0.4%. The Shanghai Composite rose 0.5%.
US stock futures are trading on a positive note today with the Dow Jones Futures trading up by 106 points.
The rupee is trading at 75.86 against the US$.
Gold prices for the latest contract on MCX are trading down by 0.1% at Rs 51,850 per 10 grams.
Speaking of stock markets, Research Analyst at Equitymaster Aditya Vora has recorded a video discussing how Investing in stocks with high valuations can be a potential disaster for your portfolio.
You can watch the video on Equitymaster's YouTube Channel.
In news from the banking space, Bandhan Bank shares were in huge demand today. Shares of the private lender surged 4%, recovering from the day's low, after more than 50 m equity shares changed hands via block deals.
In early trade, around 50.14 m equity shares representing 3.11% of total equity of Bandhan Bank changed hands on the BSE, the exchange data shows.
As on December 2021, mortgage lender Housing Development Corporation (HDFC) held 159.36 m or 9.89% stake in Bandhan Bank.
Earlier this week, Bandhan Bank reported a robust pickup in business growth. It said the loan book crossed the Rs 1 tn-mark for the first time in January-March quarter, registering an increase of 16% compared to the same period a year ago.
In news from the edible oil space, shares of Ruchi Soya surged 15%, extending yesterday's rally after 66.15 m equity shares, which were allotted in follow-on-public offering (FPO), started trading on the exchanges from today.
On 5 April 2022, Ruchi Soya had approved the allotment of 66.15 m equity shares for an amount aggregating to Rs 43 bn, pursuant to the FPO issue.
The Baba Ramdev-led Patanjali Ayurved owns 98.9% in Ruchi Soya, while only 1.1% is with the public. Following the FPO, Patanjali's shareholding is expected to reduce to 81%, while public shareholding will rise to 19%.
Moving on to news from the mutual funds space, equity mutual funds attracted a net sum of Rs 284.6 bn in March 2022, making it the 13th consecutive monthly net inflow, amid a volatile stock market environment and continued FPIs (foreign portfolio investors) selling.
This compared with inflows of Rs 197.1 bn in February 2022, Rs 148.9 bn in January and Rs 250.8 bn in December 2021.
However, the debt segment saw a net outflow of Rs 1.15 lakh crore last month, after witnessing a net inflow of Rs 82.7 bn in February.
Overall, the mutual fund industry registered a net outflow of Rs 698.8 bn in March, as compared to a net infusion of Rs 315.3 bn in the preceding month.
We will keep you updated on the latest developments from this space. Stay tuned.
To know what India's top mutual funds are buying and selling, check out our recent article - Top 5 Stocks Mutual Funds Bought and Sold in February 2022.
For information on how to pick stocks that have the potential to deliver big returns, download our special report now!
Read the latest Market Commentary
Indian Share Market Update: Top Gainers and Losers
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