Markets ended in the negative terrain after RBI raised rated by 50 bps as per market expectations. It has dropped the phrase “remain accommodative” from the stance and changed to focus on withdrawal of accommodation, signaling that the MPC sees the policy rate close to the pre-pandemic level.
Broad-based selling was seen in midcap and small cap segment stocks while the Nifty 50 outperformed. The recent buzz of raising the cap on the Equity investment limit in EPFO from 15% to 25% will provide a direct booster dose for the Nifty 50 Index as most of the funds would be deployed in Index ETFs and this may trigger a larger upswing of 2000-3500 pts.
The larger setup in Nifty 50 Index suggests that Wave (3) within V is due and which has the potential to rally towards 18020-18700 in near term.
It has dropped the phrase “remain accommodative” from the stance and changed to focus on withdrawal of accommodation, signaling that the MPC sees the policy rate close to the pre-pandemic level.
Nifty 50 Index
Stocks to watch
Positive Read Through
- Tata Power Commissions 450mwdc project for Brookfield Renewable
- Lupin gets USFDA nod for generic drug
- Tech Mahindra to acquire 26% stake in Huoban Energy for Rs 1.60 crore
- Wipro Says Petrobras Accelerates Toward Automation And Internal Customer Experience With Support From Wipro And Servicenow
- TVS Motors Launches $300-350 Million Fund Raise Process For Ev Arm; Citi Tapped As Advisor
- Rail Vikas Nigam: Co Says Agreement With Kyrgyzindustry For Infrastructure Projects In Kyrgyz Republic
- Tata Steel Buys Rs 1.65b Non-Convertible Shares Of TRF
- Deepak Nitrite Says Fire damaged part of Sodium; all other facilities safe in Nandesari fire
- Punjab National Bank To raise repo linked lending rate to 7.40%
Negative Read Through
- Vedanta: Co Pledges 5.8% Stake In Hindustan Zinc For Term Loan
- Future Retail – IDBI Trusteeship sold 18.62m shares of Future Retail at 7.35 rupees each
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