Friday 14 December 2018

Markets Steady Ahead Of RBI Board Meet Outcome

Posted by suhani varma on Friday, December 14, 2018 with No comments


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Equity benchmark indices were oscillating between its gains and losses in the morning session on Friday, indicating cautious sentiments of investors ahead of the Reserve Bank of India’s board meet outcome later today.

The Sensex was trading 14 points up at 35,943 levels, while the Nifty gained 4 points to trade at 10,795 levels. Market breadth on the NSE was marginally positive with 792 shares advancing, 724 declining, and 531 shares remaining unchanged.

Reserve Bank of India's (RBI) new Governor Shaktikanta Das will steer his first RBI board meeting on Friday, December 14. The newly appointed governor met with seven public sector banks on Thursday discussed the relaxation of prompt corrective action (PCA) norms along with easing of the February 12 circular on one-day default, according to a LiveMint report.

Among shares, Indian Oil Corporation (IOC) was leading the gainer’s group by gaining 3% on the NSE. Bharti Airtel, UltraTech Cement, Grasim, and Indiabulls Housing Finance also climbed 2%. On the other hand, HCL Tech was leading the loser’s group by declining 2% followed by Hero MotoCorp, Kotak Mahindra Bank, UPL, and IndusInd Bank, which fell 1% down each.

Shares of IOC were up as the company’s board approved a proposal for buyback of over 29.76cr shares at Rs149 apiece. The total amount for the consideration will not exceed Rs4,435cr. 

Further, telecom stocks are also trading higher as the telecom tribunal on Thursday revoked Telecom Regulatory Authrority of India (TRAI)'s new norms on predatory pricing stating that the norms did not have the required transparency. 

Further, all sectoral indices are trading in the green except Nifty IT, Media, and Metal indices.

Incidentally, the Volatility index, India VIX, is trading flat at 0.03% up.

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