Indian Indices Continue Momentum Ahead of RBI Policy Review

Wed, 7 Jun 11:30 am

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After opening the day marginally higher, stock markets in India have continued their momentum. Sectoral indices are trading on a positive note with stocks in the healthcare sector and FMCG sector witnessing maximum buying interest.

The BSE Sensex is trading up 127 points (up 0.4%) and the NSE Nifty is trading up 35 points (up 0.4%). The BSE Mid Cap index is trading up by 0.5%, while the BSE Small Cap index is trading up by 0.8%. The rupee is trading at 64.46 to the US$.

Indian share markets are trading higher ahead of the Reserve Bank of India (RBI) monetary policy review today.

The RBI is set to announce its bi-monthly monetary policy today at 2:30 pm. As per the consensus, the RBI will most likely hold interest rates in its monetary policy review this week. However, it is expected that the Monetary Policy Committee (MPC) of central bank may lower its inflation forecast.

The RBI has projected inflation to average 4.5% April and September, and 5% in the latter half. However, as has been seen from the recent data releases, India's retail price gauge has dropped to a record low of 2.99% in April. This was seen because of the base effect and lower food prices during the month of April. This fall in inflation makes the case for a lower interest rate regime in the coming months. What decision the RBI will take remains to be seen.

However, market participants will look forward to RBI's commentary on inflation. This is because the implementation of GST and monsoon are about to have an impact on the inflation trajectory in the coming months.

In the news from initial public offering (IPO) markets, four companies are set to raise a total of at least Rs 50 billion from the primary markets this month.

The companies include Tejas Network Ltd, Central Depository Services Ltd, Eris Lifesciences Ltd and Au Small Finance Bank Ltd.

Also, the implementation of GST is said to fuel the ongoing rally seen in IPO markets. As per Ashishkumar Chauhan, the CEO of BSE Ltd, GST would prompt as many as 1,000 companies to sell shares to the public over the course of next four years. As per him, smaller firms that become tax-compliant due to the levy of GST will be more inclined to go public.

This can very well happen to be the case. Being tax compliant and keeping digital records will prompt more companies to get listed on the bourses. And the present optimism surrounding IPOs will give them a further push.

Given the ongoing buoyancy surrounding IPOs, as can be seen from the chart below, many expect that fund raising through IPOs would remain robust in FY18.

IPO Market Buzzing

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