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October 08, 2021 / 04:28 PM IST

Closing bell: Sensex jumps 381 points, Nifty at record close post RBI policy; IT, PSU banks rally

Among sectors, IT index was up nearly 2 percent and Reliance Industries was the biggest gainer. RBI kept the key rates unchanged and maintained the 'accommodative' stance.

  • IndexPricesChangeChange%
    Sensex57,107.15-1,687.94 -2.87%
    Nifty 5017,026.45-509.80 -2.91%
    Nifty Bank36,025.50-1,339.25 -3.58%
    Nifty 50 17,026.45 -509.80 (-2.91%)
    Fri, Nov 26, 2021
    Biggest GainerPricesChangeChange%
    Cipla966.7066.75 +7.42%
    Biggest LoserPricesChangeChange%
    JSW Steel628.65-52.25 -7.67%
    Best SectorPricesChangeChange%
    Nifty Pharma13797.10230.60 +1.70%
    Worst SectorPricesChangeChange%
    Nifty Metal5323.75-300.25 -5.34%

  • October 08, 2021 / 04:25 PM IST

    Expert's Take on Market

    "Domestic indices traded higher with optimism underpinned by dovish RBI policy and mixed global cues due to US jobs data awaited later in the day. RBI kept rates unchanged and maintained the status quo on accommodative stance. FY22 GDP growth was maintained at 9.5% while trimming inflation worries by lowering CPI forecast from 5.7% to 5.3%, provided the push to the market. On the sectoral front, the IT sector was in focus ahead of the result releases of sectoral majors while realty and FMCG succumbed to profit booking," said  Vinod Nair, Head of Research at Geojit Financial Services.

  • October 08, 2021 / 04:03 PM IST

    Expert's Take on AMFI Data

    "Interest to allocate in Indian equities continue, net sales is broadly positive in all categories of funds essentially in Multicap and Flexicap Funds. In addition to regular flows and incremental SIP inflows, NFO’s also have been creating a lot of interest amongst investors. It is also very encouraging to see much better inflows in dynamic/balance advantage funds as in current times of rising markets and premium valuations, this category of funds will allow to control risk of investors much more efficiently," said Akhil Chaturvedi, Head of Sales & Distribution at Motilal Oswal Asset Management Company.

  • October 08, 2021 / 03:50 PM IST

    Technical View on Market

    "Index closed a week at 17895 with gains of two percent on a weekly basis and formed a bullish candle on the weekly chart. Index has reached to strong hurdle zone of 17950 where we can see sort of double top formation & if index managed to cross above said levels decisively then we may see good move towards 18300-18500 zone in near term but if failed then we may see some more consolidation in the overall range of 17300-18000 zone, immediate support is coming near 17820-17730 zone," said Rohit Singre, Senior Technical Analyst at LKP Securities.

  • October 08, 2021 / 03:50 PM IST

    Expert's View on RBI Policy

    "As expected, the RBI kept key policy interest rates unchanged for an eight straight meeting (last cut was in the month of May 2020) in order to support economic recovery.  Also MPC has reiterated an accommodative stance to support sufficient liquidity and financial stability," said Nimish Shah, CIO – Listed investments at Waterfield Advisors.

    "Interest rates are under pressure globally and we have seen the 10-year US treasury yield jump up to 1.58% from the lows of 1.18% seen in Aug’21. This along with global tapering and stubborn inflation in India due to factors like crude prices, is likely to put pressure on interest rates. We expect the entire yield curve to move up gradually and the steepness in the yield curve to continue for some more time," he added.

  • October 08, 2021 / 03:40 PM IST

    Top Gainers and Losers

      Top Gainers and Losers
  • October 08, 2021 / 03:37 PM IST

    Market Close

    The benchmark indices extended rally for second consecutive session and as a result the market closed higher in four out of five sessions this week, driven by positive global cues, and RBI policy, and ahead of September quarter earnings.

    The Nifty50 ended at record closing high of 17,895.20 with gains of 104.90 points while the BSE Sensex jumped 381 points to 60,059.06.

  • October 08, 2021 / 03:27 PM IST

    Market Expert's View

    "With the RBI continuing with its accommodative policy, Indices remained firmly bullish through the day led by the IT Index as the street awaits TCS earnings and guidance. Reliance led from the front today with the broader markets seeing action across pockets like Exchanges and select Midcap names. State run Banks were sought after today in Afternoon Trade ahead of a Press Conference by the Civil Aviation Ministry," said S Ranganathan, Head of Research at LKP securities.

  • October 08, 2021 / 03:26 PM IST

    September AMFI Data

    Net equity inflow in equity and equity-oriented mutual funds at Rs 6,456.4 crore in September fell from Rs 8,056.79 crore in previous month. Total assets under management increased to Rs 36.74 lakh crore as of September 2021, against Rs 36.59 lakh crore in August 2021.

  • October 08, 2021 / 03:24 PM IST

    Expert's View on MF Flow

    "The relaxation in the lockdown norms across the country, resumption of business activities and vaccination drive gaining pace has improved growth outlook. This has aided the markets to touch new all-time highs on expectation of economic recovery, thereby side-lining the risk of a possible third wave of the pandemic. This secular bull run in the markets and high returns have attracted several investors towards equity mutual fund, as a means, to participate and benefit from this growth in the equity markets. Relatively lower returns from traditional investments have also made equity mutual funds attractive investment destination for investors. Additionally, with the SIP book growing consistently, equity oriented funds have been receiving robust flows," said Himanshu Srivastava, Associate Director – Manager Research at Morningstar India.

  • October 08, 2021 / 03:19 PM IST

    The systematic investment plan (SIP) inflow crossed Rs 10,000 crore for the first time, in September 2021, at Rs 10,351 crore against Rs 9,920 crore in previous month, according to the Association of Mutual Funds in India (AMFI) data.

  • October 08, 2021 / 03:11 PM IST

    Technical View on Market

    "The market witnessed some volatile movements and an attempt to hold the level around the Nifty50 Index level of 17,900. The market is going to be crucial for the short-term scenario to sustain above the 17,770-17,800 Nifty50 Index support zone. If the market is able to sustain the level of 17,770-17,800, It can witness higher levels of 18,000. The momentum indicators like RSI and MACD indicating positive momentum is likely to continue," said Ashis Biswas, Head of Technical Research at CapitalVia Global Research.

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