Indian equity benchmark indices surged on Friday, led by gains in rate-sensitive sectors like financials, auto, and realty, after the Reserve Bank of India (RBI) kept key interest rates unchanged and maintained its growth forecast.
The BSE Sensex rose 364.06 points, or 0.55 per cent to 65,995.62, and the NSE Nifty jumped 107.75 points or 0.55 per cent to close at 19,653.50. Both indices posted weekly gains after two weeks of losses.
“Markets ended higher for the second straight day as the RBI kept the key repo rate unchanged, while maintaining the 'withdrawal of accommodation' stance. The positive takeaway was that Nifty recouped all of its last 3-day losses on the back of firm global cues. Sentiments got a lift after US Treasury yields retreated and as oil prices plummeted. Technically, Nifty’s biggest hurdles for Monday’s trading session is seen at the 19707 mark, while confirmation of strength is only above the 19907 mark,” said Prashanth Tapse, Senior VP (Research), Mehta Equities Ltd.
According to analysts, the Israel-Hamas conflict has introduced a huge uncertainty for the markets. Investors are advised to remain cautious and avoid taking risky calls. Markets are likely to make a muted opening on Monday.
“From the market perspective it is important to understand that even though the death and destruction are tragic, presently it is unlikely to cause major disruption in oil supplies thereby impacting major oil importers like India. But the situation will change if Iran, a major Hamas supporter, is drawn into the war. That can disrupt oil supplies causing a spike in crude, which can trigger a risk-off in the market,” Dr VK Vijayakumar, Chief Investment Strategist at Geojit Financial Services.
“This is a time to be cautious. Investors may refrain from taking big risks. Wait for the developments to unfold. Long-term investors can slowly accumulate high quality stocks on declines," he added.
The IT major said its Board of Directors would consider the buyback of shares on 11 October. Also, the company would announce earnings for July–September and April–September periods of FY24.
The Abu Dhabi Investment Authority’s (ADIA) subsidiary will invest Rs 4,966.80 crore for a 0.59 per cent stake on a fully diluted basis in Reliance Retail Ventures, a unit of Reliance Industries. The investment values the company at a pre-money equity value of Rs 8.381 lakh crore.
The public sector bank said its total business surpassed the Rs 22 lakh crore mark in the quarter ended September FY24, up 15.88 per cent over a year-ago period, according to provisional numbers. Total advances increased by 17.43 per cent year-on-year and 3.51 per cent quarter-on-quarter to Rs 10.25 lakh crore. The deposits grew 14.63 per cent year-on-year and 4.15 per cent quarter-on-quarter to Rs 12.49 lakh crore as of September 2024.
The pharmaceutical major has signed a partnership agreement with Juno Pharmaceuticals, a specialty pharmaceutical company in Canada, for the commercialization of its vertically integrated, complex formulation, Liraglutide, a drug-device combination for the treatment and management of Type 2 diabetes and obesity.
The public sector lender has appointed Sanjeevan Nikhar as the Group Chief Compliance Officer, with immediate effect. Previously, Nikhar was the chief general manager of the bank.