Rahul Gupta, Head Of Research- Currency, Emkay Global Financial Services

The RBI policy was very interesting and it felt like a quantitative easing programme. The key takeaway is that the RBI will continue to maintain the ultra-loose monetary policy and infuse liquidity for a long time as the COVID surge will keep imparting uncertainty to the growth outlook. The RBI has reiterated that growth is the priority. Also, CPI Q4 FY22 projection has been reduced to 5% from 5.2% earlier which means inflation will be moderated in the future, and this statement rules out any monetary tightening speculations. The forex market wasn't expecting such a dovish stance and the rupee got set on fire. The resistance in the USDINR spot has become support as RBI intervention was missing. The post-policy knee jerk reaction will simmer and the USDINR spot will trade in between 73.50-74.50.

Apr 7, 2021 4:14 PM

Ajit Mishra, VP - Research, Religare Broking

Markets witnessed a healthy rebound and gained nearly a percent, taking a breather after the recent dip. The banking stocks led the charge, thanks to the dovish monetary policy wherein the RBI left rates unchanged and maintained its accommodative stance. Finally, the Nifty index ended higher by 0.9 percent at 14,819 levels. With RBI policy behind us, the investors' focus would shift back to fundamentals and global cues. The rising COVID-19 cases and earnings announcement from companies would dictate the trend ahead. A decisive break above 14,900 in Nifty may result in a sustainable surge else consolidation will continue. Meanwhile, prefer hedged positions and focus more on the selection of stocks.

Apr 7, 2021 4:11 PM

Here are key stocks that moved the most on April 7

The Sensex ended 460 points higher at 49,662 while the Nifty rose 135 points to settle at 14,819. Get latest Market online at cnbctv18.com

Apr 7, 2021 4:02 PM

Apr 7, 2021 4:01 PM

Apr 7, 2021 3:56 PM

Manish Hathiramani, Proprietary Index Trader and Technical Analyst, Deen Dayal Investments

The Index moved up smartly but failed to get past 14,900-14,950. If we can conquer that level, we will scale higher to 15,300-15,400. The markets might face some resistance around the current juncture. On the downside, 14,600-14,700 has become a good support for the Nifty and if we disrespect this zone, we could break further and go down to 14,200-14,300.

Apr 7, 2021 3:50 PM

Sugandha Sachdeva, Vice president - Commodity and Currency Research at Religare Broking

The Indian rupee has went on to witness steep depreciation towards five-month lows as rising Covid-19 cases in the country have created an atmosphere of lingering uncertainty, posing risks to an already fragile state of recovery. Besides, the RBI in its monetary policy review has maintained a status-quo on policy rates for the fifth consecutive meeting, amid the pressures arising from the second wave of the virus which are likely to crimp demand and hurt the domestic currency. Facing the hurdle at 72.20 mark, the domestic currency has reversed course in a rather steep manner and looks poised to witness further depreciation in coming days, even as sustained portfolio inflows are still underpinning the local unit. Going forward, the domestic currency has near term support pegged at 74.50, while it is expected to trickle down further on the downwards trajectory in case of any breach of the same.

Apr 7, 2021 3:38 PM

Market At Close

- Market Closes Higher But Off Highs; ICICI, Infosys & RIL Top Contributors

- RBI’s Accommodative Stance Leads To A Gain In Bks; Nifty Bank Up Over 1.5%

- Midcaps Continue To Outperform Frontliners; Mkt Breadth Favours Advances

- Sensex Closes 460 Pts Higher At 49,662 & Nifty 136 Pts Higher At 14,819

- Nifty Bank Rises 490 Points To 32,991 & Midcap Index 317 Points To 24,333

- All Sectoral Indices In the Green; PSU Bank & Auto Top Gaining Indices

- Metals Continue The Gaining Momentum; JSW Steel Top Nifty Gainer, Up 5%

- Rupee Weakness Lifts IT Stocks; Nifty IT Up Over 1%

- Bharti Airtel Rises 2% & RIL 1% After 800 MHz Spectrum Deal

- Adani Group Stocks Under Pressure; Adani Ports Falls 9% From Highs

- Info Edge & Jubilant Food Rise On BMC’s 24x7 Home Delivery Comment

- IDFC First Bank Gains 4% After Q4 Biz Update; Deposits Up 43% YoY

Apr 7, 2021 3:37 PM

Closing Bell | The Indian benchmark equity indices ended higher Wednesday led across the board gains after the RBI kept policy rates unchanged but committed to a massive government bond purchase programme. The Sensex surged 460.37 points, or 0.94 percent to 49,661.76, while the Nifty ended 135.55 points, or 0.92 percent higher at 14,819.05. Broader markets supported the rally with midcap and smallcap indices ending over 1 percent higher each.

All the sectoral indices closed in the green led by banks, auto, IT and metal indices. On the Nifty50 index, JSW Steel, Wipro, SBI, IndusInd Bank and SBI Life were the top gainers, while Adani Ports, Tata Cnsumer, UPL, Titan and NTPC were the top losers.

Apr 7, 2021 3:36 PM

Apr 7, 2021 3:25 PM

Market Watch: Sanjiv Bhasin, Director, IIFL Securities

- The cost of money for HDFC Bank from this quarter onwards is the lowest it has been in 15 quarters. We have a buy and we think you will get Rs 100 by next week and we think that the underperformance of the Bank Nifty is time to put your money where your mouth is. I think HDFC Bank and IDFC First Bank are going to be outperformers from this quarter onward.

- M&M and Ashok Leyland are two names we are bullish on. We think another 20 percent upside in M&M by next 2 months is on the cards.

- Divi’s Laboratories is the largest player in the API constituent and it’s here to outperform. We have a target of Rs 4,500 and it may come within 4 months. The numbers from Divi’s will be strong this quarter, so aside from Laurus Labs, I would suggest Divi’s.

Apr 7, 2021 3:21 PM

Dixon Technologies’ CFO expects Rs 800-1,000 crore revenue in FY22 from Bharti Enterprises JV

Dixon Technologies has tied up with Bharti Enterprises to form a joint venture company to manufacture telecom and networking products like modem, routers, set top box, etc. Dixon will own 74 percent of the company and Bharti Enterprises will have the rest of the 26 percent. Speaking to CNBC-TV18, Saurabh Gupta, CFO of Dixon Technologies said that the joint venture will trigger domestic manufacturing for telecom and networking products and strengthen India’s electronic manufacturing sector.

“The joint venture company that we will form with Bharti Enterprises, we have filed all the necessary applications with the ministry of communications --that is the nodal ministry, to avail the benefits under the telecom PLI scheme of the Government of India. This would trigger more domestic manufacturing for telecom and networking products and this will strengthen India’s electronic manufacturing sector and contribute to the government’s vision of Aatmanirbhar Bharat,” he said. Read more.

Apr 7, 2021 3:16 PM

Global growth hopes keep shares near record high

World stocks took a well-earned rest near record highs on Wednesday, as an International Monetary Fund forecast of the strongest global growth since the 1970's this year and steady bond and FX markets kept risk appetite buoyant. While rising global COVID case numbers and geopolitical tensions between China and Taiwan and between Russia and Ukraine ensured it was by no means a fairytale, markets certainly had a Goldilocks feel again, Reuters reported. Europe's STOXX 600 perched just below the first record high it had hit in over a year on Tuesday. MSCI's 50-country world index was grinding out a sixth day of gains and Wall Street futures were pointing higher too.

Apr 7, 2021 3:07 PM

IDFC First Bank | The bank’s customer deposits in Q4FY21 rose 6.91 percent QoQ and 43.15 percent YoY. CASA deposits increased 13.46 percent QoQ and 122.74 percent YoY. Average CASA ratio was up 557 bps QoQ and 2,251 bps YoY.

Apr 7, 2021 2:58 PM

Nitin Shanbhag, Head - Investment Products, Motilal Oswal Private Wealth Management

While a status quo in terms of policy rates was factored in, the big positive has come in terms of the transparency of the OMO calendar through the G-sec acquisition programme (GSAP), which is likely to support and stabilize long term yields. In this regard, RBI has announced GSAP of Rs. 1 lakh cr in 1Q FY22, of which Rs. 25,000 cr would be conducted on 15th April’21. This has provided some relief to the 10-year g-sec yield.

Apr 7, 2021 2:53 PM

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