Produced by: Prashanti Moktan
Designed by: Mohsin Shaikh
RBI Governor Shaktikanta Das will announce the monetary policy committee’s decision at 10 am today (October 6) and all eyes are on the outcome for the repo rate. “Global and domestic risks have increased from the August policy. Rising crude oil prices and dollar are having an impact on the depreciating INR. With major developed market central banks seem to be setting up for a long pause at elevated policy rates, the Reserve Bank of India (RBI) has very little space to sound dovish. The RBI will maintain policy rate at 6.5% while aiming to keep liquidity tight,” said Suvodeep Rakshit, Senior Economist, Kotak Institutional Equities
The Enforcement Directorate has summoned Bollywood star Ranbir Kapoor today (October 6) for questioning in the Mahadev Book app scam, as per officials. He allegedly received payments for promoting a subsidiary app, which was backed by the promoters of the Mahadev Book app
Committed Cargo Care IPO is set to open for subscription today (October 6) and will close on October 10. The issue comes at a fixed price of Rs 77 apiece. Committed Cargo Care IPO shares will list on the NSE SME tentatively on
“Equity indices experienced a rebound on Thursday following a two-day decline, driven by increased gains in technology and financial stocks… From a technical standpoint, as long as the Nifty maintains the 19,450 level, the positive sentiment is likely to persist. Conversely, dropping below this level could make the uptrend vulnerable,” said Shrey Jain, Founder & CEO, SAS Online
“Despite Thursday’s rebound, uncertainty over more rate hikes going ahead coupled with slackening demand and recessionary fears would mean that markets are likely to witness strong bouts of intra-day volatility with a slightly negative bias in the near to medium term. Technically, as long as the Nifty is holding 19,450 level the positive sentiment is likely to continue. On the higher side, the 50-day SMA or 19,610 (Simple Moving Average) and 19,675 would be immediate hurdles. On the flip side, below 19,450 level, uptrend would be vulnerable,” said Shrikant Chouhan, Head of Research (Retail), Kotak Securities Ltd
“Bank Nifty bulls displayed resilience before the RBI policy announcement by maintaining support in the 44,000-43,800 range. Immediate resistance on the upside lies at the 44,400-44,500 zone. A breakthrough here could trigger short-covering, potentially driving the index towards the 45,000 mark, which currently has the highest open interest on the call side. The RBI policy decision may influence the near-term direction of the index,” said Kunal Shah, Senior Technical & Derivative analyst at LKP Securities
“From a technical perspective, Comex Gold found good support at the $1,815 level and saw some recovery. We anticipate Comex gold is likely to move towards the $1,833/$1,840 level until the price holds above $1,815. MCX Gold December future has resistance at Rs. 57,150 and supports at Rs. 56,700/56,550,” said Saumil Gandhi, Senior Analyst - Commodities, HDFC Securities
Crude oil prices extended losses on Thursday, with benchmark NYMEX WTI crude oil trading down by 1.80% at $82.88 per barrel against the previous close as signs of weaker demand and concerns about a slowdown in global growth sparked a sell-off in crude oil. “We anticipate that crude oil prices are likely to correct further from their current level after a short-term trend reversal. NYMEX WTI Crude Oil has resistance at $85.80 and support at $80.50. The MCX crude oil October contract is likely to trade in the range of Rs. 6,780 to Rs. 7,060,” said Saumil Gandhi, Senior Analyst - Commodities, HDFC Securities
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