Produced by: Prashanti Moktan Designed by: Mohsin Shaikh
It is day 2 of the RBI Monetary Policy Committee (MPC) meeting today (December 7) helmed by RBI Governor Shaktikanta Das. “Overall data prints released after October MPC are supportive for MPC to continue with its current “withdrawal of accommodation” stance. MPC is also likely to maintain the status quo on rates in the forthcoming policy announcement,” said Mandar Pitale, Head- Treasury, SBM Bank India
The Ministry of Finance's DIPAM has announced that the offer for sale in IRCON will open today (December 7) for non retail investors while retail investors can bid for the same on Dec 8. The government is looking to divest 8% equity including via the green shoe option with the OFS floor price fixed at Rs 154
“Nifty experienced a gap-up opening and exhibited volatility throughout the session. Ultimately, it closed positively near its all-time high. In contrast, Bank Nifty, on the weekly expiry, concluded the day near its lowest level at 46834.55. The market has traded Positive with the Sensex gaining 0.52 percent and closed at 69653.73 and Nifty was up by 0.40 percent intraday and closed at 20937.70 levels whereas Bank Nifty was down by 0.38 percent and settled at 46834.55,” said Shrey Jain, Founder and CEO, SAS Online
"Post-state elections, market optimism thrives, confirming policy continuity and meeting investor expectations. A robust FII reversal is fuelled by receding inflation and dropping yields in both US and Indian markets. The allure of Indian market gains post-China credit rating downgrade and decline in oil prices was followed by ease in geopolitical tensions... Despite a promising outlook, short-term profit booking may occur due to domestic premium valuation concerns. Further, lingering El Nino risks, a drop in reservoir levels, and reduced sowing may hold RBI to profoundly upgrade H2FY24 growth and reduce future inflation estimates," said Vinod Nair, Head of Research at Geojit Financial Services
"The index formed a hanging man pattern on the daily chart, suggesting the possibility of a bearish reversal. The bearish formation around the crucial resistance of 21,000 amplifies the bearish sentiment. The support lies at 20,850, below which the market may witness a healthy correction in the short term. On the other hand, a move above 21,000 might trigger a resumption of the bullish trend,” said Rupak De, Senior Technical analyst at LKP Securities
"The Bank Nifty index experienced profit booking at higher levels in anticipation of the upcoming key RBI policy event. Despite this, the overall market sentiment remains bullish. It is advisable to adopt a buy-on-dip strategy, maintaining a positive outlook as long as the index sustains above the critical level of 46,400. The immediate hurdle is positioned at 47,250, and a successful breach beyond this level is anticipated to pave the way for further upside momentum towards the 48,000 level,” said Kunal Shah, Senior Technical & Derivative analyst at LKP Securities
Revanth Reddy is set to be sworn in as the new Telangana CM today (December 7). The Telangana Congress chief will be India’s youngest state’s second CM after the Congress wrested power from K Chandrashekar Rao-led BRS during the Telangana Assembly Elections 2023. Notably, KCR’s party had ruled the southern state since its formation in 2014
Budget smartphone TECNO SPARK GO 2024 is set to go on sale starting today in India (December 7). TECNO SPARK GO 2024 price starts at Rs 6,699 and the budget phone features a ‘dynamic port’ similar to that of the iPhone 15’s dynamic island. TECNO SPARK GO 2024 will be available for purchase via retail stores and on the Amazon India website and app
Public sector OMCs including BPCL, IOCL and HPCL revise their petrol price and diesel price daily in line with international benchmark prices and forex rates. Petrol and diesel prices remained stable today in major cities