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ETMarkets Evening Podcast: Will market hit fresh highs after RBI policy?

ETMarkets.com|
Jun 06, 2018, 07.47 PM IST
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You are listening to ETMarkets Evening Podcast.

This is Abhinav Kaul and here's a quick market wrap of the day, plus deep insights from top-notch market analysts.

First, it was a drop from the day's high, and then, a sudden spike.

That's how the market reacted to the RBI's policy review, as investors digested the fine print.

It was RBI’s ‘neutral’ stance that did the job, which means all options are open, depending on which way inflation moves.

That was a big positive for Dalal Street.

No doubt, the policy rate was hiked and for the first time in four-and-a-half-years by 25 bps to 6.25 per cent.

But investors gave a thumbs-up for retaining growth target at 7.4 per cent for 2018-19.

The rupee's new-found optimism and a positive trend in global markets pushed the mood barometer up, too.

The Sensex fell immediately after RBI's policy announcement, but quickly regained composure.

The gauge settled at 35,179, up 276 points. The gauge had lost 419 points in the previous three sessions.

The NSE Nifty finished higher by 92 points at 10,685.

Bharti Airtel, Tata Motors and Sun Pharma were the Sensex winners, rallying up to 4.55 per cent.

Buying was across the board, with all sectoral indices ending in the green on the BSE.

How are fundamentals looking? Let's see what Mayuresh Joshi of Angel Broking has to share.

Byte 1: Mayuresh Joshi

Let's talk about open interest a bit.

Balrampur Chini recorded the biggest spike in open interest at 36.88 per cent. NCC at 24.33 per cent and Repco Home at 22.90 per cent were among the other leading names.

Mr Joshi can you please take us through the outlook?

Byte 2: Mayuresh Joshi

NSE's green pocket was more pronounced. Out of the 50 in the bloc, 39 pulled ahead, 10 fell off and 1 unchanged.

What's going on in technicals? Dyneshwar Padwal of KIFS Trade Capital offers some clues.

Byte 3: Dyneshwar Padwal

Importantly, India VIX has eased 4.75 per cent, suggesting that volatility is on the wane.

What about F&O? What are your thoughts, Vijay Singhania?

Byte 4: Vijay Singhania

That’s all for now folks. Do check out ETMarkets.com for detailed market analysis and come back for our regular market podcast on Thursday morning. Have a wonderful evening ahead.

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