India Stocks Review:Up as RBI retains growth view despite COVID shock

Informist, Wednesday, Apr 7, 2021


By Joe Milton


MUMBAI – Indian equities remained buoyant after the Reserve Bank of India today stated that economic activity was normalising despite the resurgence in COVID-19 cases, and retained its GDP growth view for the current financial year at 10.5%.   


The central bank kept key interest rates unchanged and reassured ample liquidity in the market with an accommodative stance. 


The liquidity stance has helped to maintain stability in stock markets as of now because any change in this rate would have hampered the valuations, said CapitalVia Global Research in its note. The market reacted positively, and Nifty Bank seemed on the road to recovery and is expected to reach 34500 by this month, it added.


Nifty Bank was one of the top performing sectoral indices today, and closed at 32991.20 points, up 1.5% from the previous. However, this gain was largely backed by covering of short positions.  


Strong momentum will be seen in Nifty Bank index once it crosses 34200 points, said an analyst. 


Overall market was less volatile compared to previous sessions, and Nifty 50 closed at 14819.05 points, up 135.55 points or 0.9%. Sensex ended at 49661.76 points, up 0.9% or 460.37 points.  


Real estate companies were broadly positive with Indiabulls Real Estate gaining nearly 4% as RBI announced special refinance facility to all India financial institutions with 100 bln rupees towards National Housing Bank.


The prevailing low home loan rates are already attractive for homebuyers, and with auspicious occasions like Gudi Padwa and Akshaya Tritiya, sales are expected to rise on discounts and flexible payment plans from developers, said Bhushan Nemlekar, director at Sumit Woods Limited.  


Many non-banking finance companies gained as the RBI extended classifying bank lending to the sector as priority sector lending until Sep 30.   


Nifty Metal moved further north and touched its all-time high for the second day today. The index closed at 4325.45 points, up nearly 1%, led by MOIL Ltd, JSW Steel, Welspun Corp, and APL Apollo Tubes. 


Recent price hikes by steel companies will augur well for them, and apart from metals, energy companies and mid-tier information technology companies are expected to perform well in the near term, said Anish Teli, managing partner at QED Capital Advisors.


Among stock-specific action, profit booking pulled down Adani Ports and Special Economic Zone by 2.5% to 814.75 rupees.


Shares of Barbeque-Nation Hospitality ended nearly 18% higher from the issue price at 587.80 rupees after listing at a discount.   


* Among Nifty 50 stocks, 43 rose, 7 fell 
* Among Sensex stocks, 27 rose, 3 fell

* On the NSE, 1,264 stocks rose, 621 fell and 371 were unchanged

* On the BSE, 1,837 stocks rose, 1,111 fell and 184 were unchanged 

* Nifty IT: Up 1.1%; Nifty Pharma: Up 0.5%; Nifty smallcap 250: up 1.4%

BSE                                          : National Stock Exchange
Sensex: 49661.76, up 460.37 pts (0.94%)      : Nifty 50: 14819.05, up 135.55 pts (0.92%) 

S&P BSE Sensitive Index                         Nifty 50
Lifetime High: 52516.76 (Feb 16)               : Lifetime High: 15431.75 (Feb 16)
Record Close High: 52154.13 (Feb 15)           : Record Close High: 15314.70 (Feb 15)
2021 1st day close: 47868.98 (Jan 1)           : 2021 1st day close: 14018.5 (Jan 1)
2021 Closing High: 52154.13 (Feb 15)           : 2021 Closing High: 15314.70 (Feb 15)
2021 Closing Low: 46285.77 (Jan 29)            : 2021 Closing Low: 13634.60 (Jan 29)
2021 High (intraday): 52516.76 (Feb 16)        : 2021 High (intraday): 15431.75 (Feb 16)
2021 Low (intraday): 46160.46 (Jan 29)         : 2021 Low (intraday): 13596.75 (Jan 29)
2020 Closing High: 47751.33 (Dec 31)           : 2020 Closing High: 13981.95 (Dec 30)
2020 Closing Low: 25981.24 (Mar 23)            : 2020 Closing Low: 7610.25 (Mar 23)
2020 High (intraday): 47896.97 (Dec 31)        : 2020 High (intraday): 14024.85 (Dec 31)
2020 Low (intraday): 25638.90 (Mar 24)         : 2020 Low (intraday): 7511.10 (Mar 24)
2019 High (intraday): 41809.96 (Dec 20)        : 2019 High (intraday): 12293.90 (Dec 20)
2019 Low (intraday): 35287.16 (Feb 19)         : 2019 Low (intraday): 10583.65 (Jan 29)
2018 High (intraday): 38938.91(Aug 28))        : 2018 High(intraday): 11760.20 (Aug 28)
2018 Low (intraday): 32483.8 (Mar 23)          : 2018 Low (intraday): 9951.9 (Mar 23)
2017 High (intraday): 34005.37 (Dec 26)        : 2017 High(intraday): 10515.10 (Dec 26)



Edited by Maheswaran Parameswaran



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