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Benchmark equity indices surged, boosted by gains in auto, banking and IT stocks as well as RBI’s accommodative stance and commitment to support the country’s economy. The Sensex closed 1.76% higher at 58649.68 and Nifty closed 1.71% up to 17469.75.
The RBI’s Monetary Policy Committee kept key interest rate policy unchanged and maintained an accommodative stance. Repo rate stood at 4% and reverse repo rate was 3.35%. It estimated the country’s GDP will grow at 9.5% in FY22 and CPI inflation to be at 5.3% for the current fiscal year.
All sectoral indices closed higher. Top gainers were Nifty PSU Bank [2.5%], Auto [2.31%], IT [1.95%], Metal [1.83%] and Nifty Bank [1.82%].
India rupee wa little changed at 75.45 against the US dollar on Wednesday.
Stock in News Today
Reliance Industries Limited: The company’s Chairman pushed for using the USO Fund to subsidise smartphones for select groups to help penetrate the digital revolution. Mukesh Ambani was speaking at the India Mobile Congress and said that India must make sure the rollout of 5G technology standard for broadband cellular networks a national priority.
Airtel: The telco has signed a deal with Juniper Networks to expand broadband network coverage. The firm plans to cover 3 crore households in over 2,000 cities in the next three years. Under the deal, Juniper Networks will supply, install and provide support for upgrades to the MX Series routers and line cards.
Devyani International: Shares of the company rose more than 9% after brokerage firm Motilal Oswal Institutional Equities initiated coverage on Devyani with a buy rating and target price of Rs 190. The rating and target price was driven by KFC’s strong brand equity and operating metrics, increasing focus on delivery by Pizza Hut driving its turnaround, and robust growth led by rapid network expansion.
ABB India: The company has partnered with Indore Smart City Development Ltd (ISCDL) to deploy next-generation digital technology that enables continuous supply of electricity to homes and businesses. They want to replicate the same model in other areas of the city and position Indore as the model for smart city projects across India.
SpiceJet Ltd: The airline said that it would file an appeal in the Madras High Court against an order of the single bench of the high court directing the airline to wind up its operation. Justice Subramaniam of the Madras High Court had ordered the airline company to wind up its operation as the airline failed to make payments to a Swiss Maintenance, Repair, and Overhaul (MRO) service provider.
RattanIndia Enterprises Ltd: Shares of the company rose nearly 5% after Revolt Motors expanded its retail presence in Southern India. It opened a new store in Coimbatore, Tamil Nadu. This will be the third store in Tamil Nadu after it opened a store in Chennai and MAdurai. It is also the 18th retail outlet in the country.