Sensex Trades Lower After RBI Hikes Repo Rate by 50 bps; Nestle & Bharti Airtel Top Losers

Wed, 8 Jun 10:30 am

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Asian share markets are higher today, following gains on Wall Street, with tech firms seeing huge buying interest on hopes a long-running crackdown on the sector by China is coming to an end.

The Nikkei is up 0.9% while the Shanghai Composite is down 0.7%. The Hang Seng stood out as the big gainer and rose 2%.

In US stock market, Wall Street indices rallied late on Tuesday to end higher for a second straight day as technology and energy shares gained.

The Dow Jones added 0.8% while the Nasdaq jumped 0.9%.

Back home, Indian share markets are trading on a negative note.

Benchmark indices opened in green following the trend on SGX Nifty. Soon, markets erased gains and turned flat ahead of the Reserve Bank of India's (RBI) monetary policy outcome.

The Monetary Policy Committee unanimously took a decision to increase repo rate by 50 bps to 4.90%.

It was expected that the RBI will deliver a second rate hike of calendar year 2022 in this meeting. Last month, RBI raised the repo rate or short-term lending rate by 40 basis points.

FII & DII data is tracked. FIIs remained sellers to the tune of Rs 22.9 bn while DIIs remained net buyers to the tune of Rs 13.1 bn.

The BSE Sensex is trading down by 281 points. Meanwhile, the NSE Nifty is trading lower by 76 points.

Tata Steel and NTPC are among the top gainers today. Nestle, on the other hand, is among the top losers today.

The BSE Mid Cap index is down 0.6%. The BSE Small Cap index is trading lower by 0.5%.

Sectoral indices are trading mixed with stocks in the healthcare sector and FMCG sector witnessing most of the selling.

Metal stocks, on the other hand, are trading in green.

Aluminum companies in India are trading on a positive note with Hindalco leading with gains.

The three listed REITs in India are trading in green today. According to a US$44 bn wealth manager backed by Bain Capital, Indian infrastructure and REIT investments present a good opportunity for investors seeking a hedge against inflation.

Shares of Adani Power and KSB hit their 52-week highs today.

With volatility easing, several Indian stocks have delivered multibagger returns in quick time. However, there's still doubts whether a bear market will follow or will the markets rise going ahead.

In this volatile period, steer clear of overvalued stocks and look out for growth stocks instead. This will help you in finding the best multibagger stocks in India.

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The rupee is trading at 77.67 against the US$.

Gold prices are trading down by 0.2% at Rs 50,889 per 10 grams.

Meanwhile, silver prices are trading down by 0.4% at Rs 61,995 per kg.

Crude oil prices edged up ahead of data on US oil inventories, with crude futures supported by tight supplies and recovering fuel demand as China's top cities relax Covid-19 curbs.

Speaking of stock markets, CEO of Equitymaster Rahul Goel talks to Saurabh Mukherjea, arguably one of India's best known money managers, in the latest episode of Investor Hour podcast.

In this fascinating episode, Saurabh reveals details of one of his biggest investments calls to-date and how it changed everything.

Tune in to the below video to know more:

In news from the pharma sector, Zydus Lifesciences is among the top buzzing stocks today.

Zydus Lifesciences has received final approval from the US health regulator to market Adapalene and Benzoyl Peroxide topical gel, used to treat acne, in the US market.

A combination of Adapalene (a retinoid) and Benzoyl Peroxide (an antibiotic and skin-peeling agent), the gel is used to decrease the number and severity of acne pimples.

The drug will be manufactured at the group's topical facility at Ahmedabad.

Zydus Group now has 315 approvals and has so far filed over 420 abbreviated new drug applications (ANDAs) since the commencement of the filing process in fiscal 2003-04, the company said in an exchange filing.

Note that shares of the company are nearing their 52-week low and are in a downtrend since the start of the year.

For more details, check out ZYDUS LIFESCIENCES company fact sheet and quarterly results.

In news from the engineering sector, Rites has signed a memorandum of understanding (MoU) with Grands Trains, a railroad company of Senegal, for technical cooperation in the railway sector.

The transport infrastructure consultancy and engineering company last month reported good results.

Total revenues rose by 20.9% to Rs 7.7 bn as against Rs 6.3 bn in the year ago quarter. This was due to strong performance in consultancy, leasing and exports.

The company's operating revenue, excluding other income, soared by 21.5% to Rs 7.4 bn.

For full year, Rites logged highest-ever operating revenue of Rs 25.8 bn.

The company highlighted that its overall growth in revenue mirrored the growth in all segments except turnkey, which it said has started picking up from January-March 2022 quarter.

Rites share price is currently trading up by 0.3%.

Speaking of engineering and infra stocks, have a look at the chart below to see how the infra index has performed over the years:

The increased capex plans, backed by government's announcements on the production linked incentive (PLI) schemes has pushed the index higher in the past one year.

Global supply chains are shifting away from China and India is a key beneficiary of that trend.

Moving on to news from the fertilizer space, the government is firming up a plan to develop alternative sources of plant nutrition, including biofertilisers and organic fertilisers, which will replace urea-based fertilisers.

This move is aimed at making India 'Atmanirbhar' in fertiliser production and controlling the year-on-year increase in fertiliser subsidy on the back of rising input cost.

According to a senior government official, a long-term plan is being put in place for in-house production of these nutrients to cushion the farmers from abrupt price rise.

In April this year, the government had substantially enhanced the fertiliser subsidy by Rs 1.10 lakh crore, over and above the Rs 1.05 lakh crore budgeted for 2022-23.

This took the total fertiliser subsidy for the fiscal to a record high of Rs 2.15 lakh crore for 2022-23.

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

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

For information on how to pick stocks that have the potential to deliver big returns, download our special report now!

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