Closing Bell: Nifty below 21,750, Sensex down 724 pts today; FMCG, bank top drag

Indian benchmark indices ended lower on February 9 with Nifty below 21,750 after RBI kept the policy rate unchanged. At close, the Sensex was down 723.57 points or 1.00 percent at 71,428.43, and the Nifty was down 212.50 points or 0.97 percent at 21,718.

We wrap up today's edition of the Moneycontrol live market blog, and will be back tomorrow morning with all the latest updates and alerts. Please visit https://www.moneycontrol.com/markets/global-indices/ for all the global market action.

Selling intensified after the RBI's monetary policy announcement in the first half with heavy selling in private banking scrips leading the slump. Banking industry has been facing liquidity issues in recent times and with the central bank's decision showing no signs of interest rate cut in the near term, investors slashed their positions in financial stocks. However, sharp gains in IT and oil & gas stocks helped markets pare losses, although underlying sentiment remains sluggish to negative.

Though FY25 GDP growth forecast has improved, the RBI remains vigilant on inflation & banking liquidity. The incomplete transmission of the cumulative 250 bps and the inflation ruling above the target level adds uncertainty about the timing of the interest rate reduction. The ripple effect was seen in the government 10yr yield, which inched higher. A large pocket of the market slid into red like FMCG, banks, and auto. FMCG got higher impacted by weak Q3 result and downgrade in volume growth, in the near-term, due to weak rural demand.

Nifty experienced a sharp decline as follow-up selling emerged following profit booking in the previous trading session. However, on the lower end, it found initial support at the 20DMA. The trend could weaken if it drops below 21,690, at which point the index may decline towards 21,500. On the contrary, if it remains above 21,700, we might observe a recovery in the near term.

The Nifty opened on a positive note however as the day progressed the Nifty drifted lower and closed in the negative down ~212 points. On the daily charts we can observe that the Nifty has witnessed a sharp decline from the resistance zone 22000 – 22050. Despite multiple attempts the Nifty has been unable to surpass the resistance zone. On the downside the 20-day moving average (21694) has been providing support. The hourly momentum indicator has triggered a negative crossover while the daily is still in buy mode and thus providing divergent signals. This could lead to consolidation from short term perspective. Overall, we expect the consolidation to continue with negative bias. On the downside, the Nifty can drift towards 21500 – 21435 zone where support parameters in the form of 40-day average is placed.

Bank Nifty witnessed a sharp decline and closed deep in the red. The consolidation of the last three trading sessions has been breached on the downside. We expect the weakness to persist and expect the Bank Nifty to drift towards 44430 – 44000 from short term perspective. On the upside 45500 – 45600 shall act as an immediate hurdle.

Markets traded under pressure on the weekly expiry day and lost nearly a percent. After the flat start, Nifty slipped sharply lower in the first half however it tried to trim losses in the middle but sustained decline in the private banking majors continues to weigh on the sentiment. Most sectors traded in sync with the move wherein FMCG, banking and financials were among the worst hit. Amid all, the broader indices showed resilience and managed to end on a flat note.

The fresh decline in the private banking majors and select heavyweights like ITC has again pushed the Nifty to its crucial support zone of short term moving average i.e. 20 DEMA. And, a decisive close below 21,600 would again push the bulls on the back foot. We thus suggest hedging the existing longs and waiting for clarity.

The Bank Nifty index experienced a robust comeback by bears, encountering substantial selling pressure following the RBI policy announcement. The critical support zone of 45500 has been breached and is now expected to act as a resistance level. Pullbacks towards this mentioned resistance are considered opportune levels for selling. The subsequent support is positioned at 44400, and a break below this level is likely to intensify selling pressure, potentially leading the index towards the 44000 mark.

Once again the level of 22,000 worked well for the Bears as after the status-quo decision by the MPC committee, a steep fall was seen in the private banking and FMCG stocks which led to a sharp correction in the Index as well. In the mid-session, an attempt at recovery was seen but another round of selling in the last session dragged the Index further lower to end the session at 21,717.95 with a loss of 212.55 points. On a sector-wise performance, PSU Banks and Media were the top performers while defence stocks resumed their uptrend after a minor consolidation. On the daily chart, the Index has made a big negative candle but defended the level of 21,700 as well as 21DMA support which can be considered as immediate support while the upside seems to be capped at 21,900. In case of a decisive breakdown, the correction may extend to 21,500 while on the higher side, a convincing close above 22,100 is a must for resuming its uptrend.

Indian rupee ended flat at 82.96 per dollar on Thursday versus Wednesday's close of 82.97.

Post RBI policy, markets have witness profit booking particularly in private sector banking. However, we don’t expect a major selloff and this correction can be used as a buying opportunity. On lower side Nifty will find strong support around 21500-21400 levels and dips towards these levels can be used to initiate fresh long positions. From current levels in short term, upside will be limited and range of 22000-22200 will continue to act as stiff supply zone for index. Selected large Cap PSU banks and real estate stock looks positive and will be our preferred pick at this juncture.

: Indian benchmark indices ended lower on February 9 with Nifty below 21,750 after RBI kept the policy rate unchanged.

At close, the Sensex was down 723.57 points or 1.00 percent at 71,428.43, and the Nifty was down 212.50 points or 0.97 percent at 21,718.About 1341 shares advanced, 1908 shares declined, and 61 shares unchanged.

Biggest losers on the Nifty were Britannia Industries, ITC, Kotak Mahindra Bank, Axis Bank and Nestle India, while gainers were State Bank of India, BPCL, Power Grid Corporation, TCS and HCL Technologies.

Among sectors, auto, bank, realty, capital goods and FMCG down 0.6-2 percent, while oil & gas, power, Information Technology and PSU Bank up 0.3-2 percent.

BSE midcap index ended on a flat note and smallcap index down 0.4 percent.

Net profit down 42.9% at Rs 55.7 crore against Rs 97.6 crore and revenue at Rs 0.73 crore versus Rs 763.2 crore, YoY.

Net profit rose 22.5% at Rs 4,727.4 crore versus Rs 3,860.3 crore and revenue up 20% at Rs 23,571.8 crore versus Rs 19,639.1 crore, YoY.

-Hold call, target raised to Rs 3,500 per share
-Continues to surprise positive with significantly better than expected Q3
-Overall revenue growth came impressive on a normal base
-Sharply raise EPS forecasts again
-Underestimated ramp-up in Zudio as well as management execution

Sensex Today | BSE Realty index down 1 percent dragged by Godrej Properties, Brigade Enterprises, Sobha

-Equal-weight call, target Rs 433 per share
-Standalone revenue 5 percent lower than estimate
-EBITDA margin was up 100 bps, driven by beat in gross margin
-Standalone EBITDA of Rs 780 crore was in-line with estimate
-Standalone EBITDA margin of 18.1 percent fell 100 bps QoQ
-Peers, JK Tyres & CEAT saw QoQ EBITDA margin declines of 40 bps & 90 bps respectively
-Europe business (manufacturing + distribution) revenue at Rs 2220 crore was 10 percent ahead of estimate
-EBIT margin stood at 12 percent versus estimate of 7 percent
-Consolidated EBITDA of Rs 1,210 crore (18.3 percent Margin) was 5 percent ahead of estimate

Indian Rupee remained flat today as RBI maintained status quo in its monetary policy for the sixth consecutive time and left Repo Rate unchanged at 6.5, in line with street expectations. The Governor revised FY24 GDP projections higher at 7.3% from 7% and projected FY25 GDP at 7%. He also projected CPI in FY25 lower at 4.5%. However, Rupee lost earlier gains as domestic markets declined and US Dollar also recovered. The RBI did not provide cues on timing of rate cut or change in policy stance.

US Dollar eased on Wednesday for the second consecutive day as investors wait for more cues from Fed speakers and weak economic data. US trade deficit declined to $62.2 billion in December 2023 vs $61.9 billion in November 2023. However, Dollar recovered from lower levels as most Fed speakers continue their hawkish rhetoric. Fed officials said that they were in no hurry to cut rates until May at the earliest.

We expect Rupee to trade with a slight negative bias on expectations that US Dollar may recover amid hawkish Fed speak and geopolitical tensions. Israeli Prime Minister rejected a peace proposal by Hamas which may also lead to rise in crude oil prices. However, positive global markets may support Rupee at lower levels. Traders may take cues from weekly unemployment claims data from US and speeches by various Fed officials. USDINR spot price is expected to trade in a range of Rs 82.70 to Rs 83.30.

Consolidated net profit at Rs 138 crore versus loss of Rs 347 crore and revenue was up 79% at Rs 3,288 crore versus Rs 1,948 crore, YoY.

Net profit up 40% at Rs 220.7 crore versus Rs 157.7 crore, YoY.

-Overweight call, target Rs 1,305 per share
-Topline better than estimate across all three segments
-Reported strong improvement in margins led by India branded F&B business
-Growth businesses rose at 42 percent YoY
-Their share in India branded business rose to 17 percent versus 13 percent in Q3FY23

Net profit up 49% at Rs 277 crore versus Rs 186 crore and revenue up 2.5% at Rs 2,320 crore versus Rs 2,264 crore, YoY.

Sensex Today | FMCG stocks under pressure; index down over 2 percent: 

Sensex Today | Market at 3 PM

The Sensex was down 877.66 points or 1.22 percent at 71,274.34, and the Nifty was down 252.70 points or 1.15 percent at 21,677.80. About 1329 shares advanced, 1915 shares declined, and 60 shares unchanged.

-Overweight call, target Rs 5,243 per share
-Volume growth improved to 5.5 percent in Q3
-Volume growth as management took a 2-2.5 percent price cut during the quarter
-Management remained focused on driving high-single-digit to low-double-digit volume growth

Sensex Today | Nifty Bank index down 1.4 percent; fell 1000 points from day's high

--Net Profit at Rs58 cr vs Rs6.4 cr (YoY)

--Revenue up 29.6% at Rs665.4 cr vs Rs513.5 cr (YoY)

--EBITDA at Rs35.4 cr vs Rs3.1 cr (YoY)

--Margin at 5.3% vs 0.6% (YoY)

--Net Profit down 3.9% at Rs37.4 cr Vs Rs38.9 cr (YoY)

--Revenue up 9.2% at Rs123.6 cr Vs Rs113.2 cr (YoY)

--EBITDA down 3.3% at Rs54.5 cr Vs Rs56.4 cr (YoY)

--Margin at 44.1% Vs 49.8% (YoY)

Rudra Gas Enterprise is coming out with an IPO on BSE SME platform. It is a fresh issue of 2248000 Equity Shares with face value of ₹ 10/- each.

The issue is a fixed price of Rs.63. The Lot Size 2, 000 Equity Shares. The reservation for Market Maker is 116000 Equity Shares. Reservation for retail is 1066000 equity shares. The Issue Opens on 8th February, 2024 and closes on 12 February, 2024.

Net profit up 89% at Rs 238 crore versus Rs 126 crore and revenue rose 13% at Rs 2,324 crore versus Rs 2,049 crore, YoY.

Despite January's volatility, equity mutual funds displayed resilience, recording an inflow of Rs 21,780 crore, up 28% from December. Moreover, Monthly Systematic Investment Plan (SIP) contributions reached an all-time high of Rs 18,838 crore, surpassing December's Rs 17,610 crore. This sustained confidence in equity MFs amidst market fluctuations underscores investors' commitment to long-term wealth creation strategies.

Net profit at Rs 58 crore versus Rs 6.4 crore and revenue up 29.6% at Rs 665.4 crore versus Rs 513.5 crore, YoY.

Net profit at Rs 8.6 crore versus Rs 3.1 crore and revenue down 2% at Rs 303 versus Rs 308 crore, YoY.

-Underweight call, target Rs 1,981 per share
-In Q3, company delivered slightly weaker than expected topline growth with better margins
-Double-digit growth in milk products and nutrition business is a positive
-Strong pricing and commodity deflation drove margin beat

Net profit down 27% at Rs 48 crore vs Rs 66 crore and revenue up 1% at Rs 1,047 crore vs Rs 1,037 crore, YoY.

Net profit jumped 23.6% at Rs 35 crore versus Rs 28 crore and revenue up 17% at Rs 429 crore versus Rs 368 crore, YoY.

Oil extended gains on Thursday after Israel rejected a ceasefire offer from Hamas, while a weaker dollar also supported prices.

Brent crude futures rose 35 cents, or 0.4%, at $79.56 a barrel at 0730 GMT. U.S. West Texas Intermediate crude futures climbed 31 cents, or 0.4% to $74.17 a barrel.

Wider Middle East tensions have kept the market on edge since October, with limited progress in talks to end the Gaza conflict.

-Outperform call, target raised to Rs 285 per share
-Key message from Q3 result is that it has gained share in new bids in a much bigger market
-Gaining share in new bids driving its TBCB revenue win 68 percent YTD
-We expect regulated & competitive (RAC) equity CAGR to accelerate to 4 percent over FYY24-26

Net profit jumped 4% at Rs 19.8 crore versus Rs 18.7 crore and revenue down 12% at Rs 1,177 crore versus Rs 1,330 crore, YoY.

-Hold call, target Rs 2,475 per share
-Company outperformed peers on volume growth
-Revenue growth still higher led by product price hikes and due to continuing inflationary pressures in a few segments
-Gross margin expanded to a 12-quarter high & more than half of this was retained at EBITDA

Net profit rose 8% at Rs 135 crore vs Rs 125 crore and revenue up 1% at Rs 1,006 crore vs Rs 993 crore, YoY.

Net profit up 13% at Rs 22.5 crore versus Rs 20 crore and revenue up 12% at Rs 193 crore versus Rs 172 crore, YoY.

-Downgrade to hold, target cut to Rs 860 per share from Rs 1,140 per share
-Soda ash fundamentals weaken & previously exceptional margins normalise
-Expect a brief period of rebalancing
-Like company for its strong market positioning, FCF generation & capacity expansion plans
-Downgrade as cut earnings driven by weakening soda ash fundamentals

Sensex Today | BSE Power index up 1 percent led by Power Grid Corporation, JSW Energy, Tata Power

Loss at Rs 24.2 crore versus profit of Rs 13 crore and revenue up 42.6% at Rs 138.6 crore versus Rs 97.2 crore, YoY.

-Equal-weight call, target raised to Rs 3,675 per share
-Q3 beat on topline & margins
-Unchartered growth & profitability execution in FY24 raises conviction in growth sustainability
-Growth sustainability will lead to upward earnings revisions
-Management says business performance & growth momentum are encouraging
-To continue with its expansion agenda

Net profit down 98.4% at Rs 0.3 crore against Rs 19.6 crore and revenue down 3.2% at Rs 403.2 core against Rs 416.4 crore, YoY.

Net profit rose 29.8% at Rs 28 crore versus Rs 21.6 crore and revenue up 9.5% at Rs 146.4 crore versus Rs 133.7 crore, YoY.

Sensex Today | BSE Bank index down nearly 1 percent dragged by AU Small Finance, Axis Bank, ICICI Bank

Suven Pharmaceuticals shares traded 3 percent higher on February 8 after, as sources told Moneycontrol, global private equity player Advent International initiated a merger process between Suven Pharmaceuticals and Cohance Lifesciences.

"Through the merger, Advent seeks to create a top end-to-end contract development and manufacturing organisation (CDMO) and merchant active pharmaceuticals ingredients (API) firm which caters to the pharma and specialty chemical markets," one of the sources said.

Suven Pharma is a listed CDMO while Cohance Lifesciences is an unlisted company which was formed to create a new brand entity for three formerly Advent-acquired companies, RA Chem Pharma, ZCL Chemicals, and Avra Laboratories, in the API and CDMO space. Read More

Sensex Today | Market at 1 PM

The Sensex was down 500.08 points or 0.69 percent at 71,651.92, and the Nifty was down 135.50 points or 0.62 percent at 21,795. About 1444 shares advanced, 1764 shares declined, and 65 shares unchanged.

on ITC Q4 Result

-We regularly review our stake in ITC
-Shareholding offers us opportunity to release & reallocate some capital of ITC
-Actively working on completing regulatory process for paring ITC stake
-Will update at the earliest about monetising stake in ITC

:

Despite slight volatility in January, the market closed flat on a month-to-month basis. Equity schemes experienced a surge in inflows, reaching approximately ₹21,780 crores in Jan’24, compared to ₹16,997 crores in Dec’23. Sectoral/thematic and small-cap oriented funds were the primary contributors, with contributions of ₹4,804 crores and ₹3,256 crores, respectively. However, this was lower than the previous month's flows. Multi-cap category funds also witnessed a significant increase, reaching ₹3,038 crores in Jan’24 from approximately ₹1,852 crores in Dec’23.

Large caps demonstrated positive contributions this month, reversing the net outflows experienced in December 2023. This shift in trend is in line with valuation differentials among large v/s mid and small caps, suggesting that large caps/flexi caps oriented schemes may attract higher flows in the future. In the Hybrid category, MAF observed notable inflows of ₹7,079 crores, a significant increase from ₹2,420 crores in the previous month.

Overall, investor sentiment remained bullish, supported by the market's persistent strength. Market and investor sentiment leading up to the general elections year remain positive.

Shares of Just Dial zoomed over 12 percent on February 8, a day after the company allocated 9,375 equity shares with a face value of Rs 10 each to some of its employees.

This allocation follows the exercise by these employees of vested options granted to them under the relevant Employees Stock Option Schemes of the company.

Consequent to the allotment, the issued, subscribed and paid-up share capital of Just Dial has increased to Rs 85.5 crore, comprising 8.5 crore equity shares having a face value of Rs 10 each. Read More

-Buy call, target Rs 2,000 per share
-Q3FY24 sales/EBITDA/PAT were in-line
-Domestic business delivered strong performance with 14 percent YoY growth
-CDMO sales declined 7 percent YoY, but management guided for run rate to rebound in Q4
-EBITDA margin improved QoQ as lower RM prices were reflected in the quarter
-Management guided for FY25 margins at 25-27 percent

Foreign portfolio investor Smallcap World Fund Inc sold 5,10,449 equity shares, equivalent to 1.03% of paid-up equity in Navin Fluorine International via open market transaction at an average price of Rs 3,099.7 per share. These shares were valued at Rs 158.22 crore. Smallcap World Fund held 1.27% stake in Navin as of December 2023.

Sensex Today | BSE Midcap index touched fresh high of 40,282.49; Cummins, New India Assurance Company, Zee Entertainment Enterprises top gainers

Life Insurance Corporation of India, Star Funds S A Sicav-SIF-Star International Fund, iShares Core MSCI Emerging Markets ETF, Pimco Rae Emerging Markets Fund, and BREP Asia II Indian Holding Co V (NQ) Pte Ltd sold 3.17 crore equity shares in the housing finance company, which are valued at Rs 126.33 crore.

However, Mahima Stocks, Shubhi Consultancy Services LLP, Singularity Growth Opportunities Fund II, Camellia Tradex, Sapphire Intrex, Monet Securities, Plutus Wealth Management LLP, ACM Global Fund VCC, SG Realtor, and Aalidhra Textool Engineers bought 2.87 crore equity shares worth Rs 116.02 crore in Indiabulls Housing.

-Neutral call, target Rs 1,685 per share
-Management intends to provide more clarity on outlook in April earnings call
-There should be better visibility into client budgets as well by April
-Client sentiment hasn’t changed much so far
-Company wants to be at top quartile on both growth & margins
-Management compensation is also designed with that in mind

The Brihanmumbai Municipal Corporation has declared Welspun Enterprises as L1 bidder for a design build and operate (DBO) contract for development of new 2,000 MLD water treatment plant at Bhandup complex including civil, mechanical, electrical & instrumentation. The project is to be designed and constructed within a period of 48 months and is to be comprehensively operated and maintained for a period of 15 years thereafter. The total contract value excluding GST is Rs 4,128 crore.

It’s a supervisory action on Paytm
We provide time to regulated entities to take necessary action
Action to protect consumers, and financial stability
Suitable steps will be taken to ensure customers’ interests are protected
As a responsible regulator we will ensure inconvenience if any to consumer is minimised

-Buy call, target Rs 1900 per share
-Continued high focus on asset quality, profitable business & market share gains
-Growth in core profitable business likely to remain faster than industry
-Margin should gradually improve
-Any improvement in system liquidity would accelerate margin improvement process
-Branch expansion to continue at 10-20 percent on a rolling 12M basis
-Company is not targeting any loan growth number in near term
-However, plans to keep gaining market share over medium term

loss at Rs 8 crore versus profit of Rs 16.5 crore and revenue down 8% at Rs 953 crore versus Rs 1,036 crore, YoY.

Star Housing Finance: Perennial Emerging Growth Fund has bought 5 lakh equity shares in the company at an average price of Rs 62.94 per share.

Indiabulls Real Estate has offloaded 4,21,91,964 equity shares or 0.78% stake via open market transaction at an average price of Rs 12.15 per share, valuing at Rs 51.26 crore. Indiabulls Real Estate held 4.08% stake in the company as of December 2023.

The Rs 570-crore public issue of Jana Small Finance Bank was completely subscribed by February 8 morning, the second day of bidding. Investors sent in bids for 1.01 crore equity shares against the IPO size of 1.01 crore.

Non-institutional investors, or high-net-worth individuals, took the lead, picking up 1.47 times their allotted quota of shares. Retail investors bought 1.35 times the portion set aside for them, while qualified institutional buyers (QIBs) bought 14 percent of their quota of shares.

Employees purchased 34 percent of the Rs 13.5 crore- worth of shares set aside for them. The price band of Rs 393-414 a share.

RBI in its monetary policy has kept the CPI Inflation target for next year at 4.5%. The potential GDP growth seems to be above 7% as RBI has projected growth of 7% even when global growth is slowing. As capex increases in the economy, we feel we may have potential growth rate of 8% with CPI inflation around 4%.The government along with RBI is working together to have high growth and low inflation in the coming decades, which auger well for our economy. On the liquidity front, they have stated they will be doing two-way operation to keep liquidity in balance, they are aiming for overnight rates to trade around policy rates of 6.5% as RBI stance continues to be withdrawal of accommodation. Given the geo-political uncertainty, RBI does not want to lower its cautious stance and put the Target of CPI inflation of 4 percent at risk.

The debt market has reacted slightly negatively due to no statement of easing liquidity, but the long-term positive lies in their commitment to bring CPI inflation to 4% level. We should see 10-year yields going down to 7% in the coming days as monthly CPI inflation cools down below 5% in following months.

The public offer of Capital Small Finance Bank recorded 63 percent booking on February 8, the second day of bidding, as investors purchased 51.62 lakh equity shares against an offer size of 81.47 lakh.

Retail investors led the race, picking up 88 percent of the portion set aside for them, followed by non-institutional investors who purchased 50 percent of the reserved portion. Qualified institutional buyers or QIBs were yet to warm up to the issue, buying only 29 percent of their allotted share.

Capital Small Finance Bank aims to raise Rs 523.07 crore through its public issue of 1.1 crore equity shares at a price band of Rs 445-468. An amount of Rs 157 crore was raised from anchor investors on February 6, a day before the IPO was floated.

Sensex Today | Market at 11 AM

The Sensex was down 497.64 points or 0.69 percent at 71,654.36, and the Nifty was down 137.70 points or 0.63 percent at 21,792.80. About 1408 shares advanced, 1772 shares declined, and 64 shares unchanged.

Revenue down 13.51% at Rs 203.86 crore versus Rs 235.69 crore and net profit down 53.53% at Rs 15.23 crore versus Rs 32.78 crore

Sensex Today | Nifty Bank index down nearly 1 percent

Zomato has announced liquidation of step down subsidiary Zomato Vietnam Company (ZVCL) with effect from February 2. Lunchtime.cz s.r.o., step down subsidiary of Zomato, in Czech Republic has also been liquidated with effect from February 6.

Petronet LNG, the joint venture of Bharat Petroleum Corporation (BPCL), has executed a long-term LNG sale & purchase agreement with Qatar Energy for the purchase of approximately 7.5 MMTPA liquified natural gas (LNG) on a long-term basis. LNG sale & purchase agreement is a renewal of the existing agreement signed on July 31, 1999, which was set to expire in April 2028.

Cummins India has reported standalone profit at Rs 455 crore for quarter ended December FY24, growing 26.3% over a year-ago period, driven by healthy operating numbers. Revenue from operations increased by 16.2% YoY to Rs 2,534 crore for the quarter with domestic sales rising 36% YoY to Rs 2,177 crore and exports up 40% to Rs 325 crore during the quarter.

The RBI has kept monetary policy unchanged, as broadly expected, with no change in interest rates or policy stance (Both with 5-1 voting.) Further, the Governor again emphasized the importance of achieving a 4% inflation target.

The Bank forecasts real GDP growth at 7% in FY25, with inflation at 4.5% versus 7% and 5.4%, respectively in FY24. (FY25 growth forecast has been revised up, keeping inflation broadly unchanged.)

Overall, there were no major announcements, hinting at an imminent easing. The RBI has been managing daily liquidity with overnight infusion, as and when required. We don't see easy monetary policy anytime soon, especially with such strong growth.