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MARKET UPDATE: Sensex shed over 200 points to trade at 56,200 levels, while Nifty50 declined over 40 points to trade below 17,800 levels

MARKET UPDATE: Sensex shed over 200 points to trade at 56,200 levels, while Nifty50 declined over 40 points to trade below 17,800 levels

Friday, September 30, 2022

Opening Bell: Indian equity markets edged lower in today's(30 September 2022) trade ahead of the Reserve Bank of India's (RBI) interest rate stance post their 3-day monetary policy committee meeting. Experts expect the central bank to raise interest rates up to 50 basis points. Key indices Nifty50 declined over 40 points to trade below 17,800 levels and the S&P BSE Sensex shed over 200 points to trade at 56,200 levels. The broader markets, too, lost steam as Nifty MidCap 100 and Nifty SmallCap 100 dropped over 0.1 percent each. Reduced risk appetite coupled with rate hike fears brought volatility across sectoral pockets. Nifty Metal and Nifty Pharma indices held up with marginal gains, whereas Nifty Realty, Nifty Bank, and Nifty Auto indices were beaten down in trade. Read more

Will MPC raise repo rate 35-50 bps?

Will MPC raise repo rate 35-50 bps?

Monday, September 19, 2022

A heightened pace of policy tightening by central banks in advanced economies is increasing pressure on the RBI to continue front-loading rate hikes in order to maintain adequate interest rate differentials, analysts opined. Also, many financial experts expect the RBI to lower the GDP growth estimate to 7%. The Reserve Bank of India’s (RBI’s) Monetary Policy Committee (MPC) is likely to lift the policy repo rate by 35-50 basis points (bps) on September 30, as it seeks to bring back elevated domestic inflation within its target range.

MARKET UPDATE:Sensex climbed over 200 points to trade at 58,517 levels and Nifty50 rose 40 points to trade above 17,400 levels

MARKET UPDATE:Sensex climbed over 200 points to trade at 58,517 levels and Nifty50 rose 40 points to trade above 17,400 levels

Friday, August 5, 2022

The Indian equity markets steered in a positive direction after the Reserve Bank of India (RBI) hiked repo rates by 50 basis points (bps) to 5.4 percent. With this rate-hike cycle, the Indian central bank has raised interest rates by 140 bps so far. Frontline indices like Nifty50 rose 40 points to trade above 17,400 levels, whereas the S&P BSE Sensex climbed over 200 points to trade at 58,517 levels. Rate-sensitive sectors like Nifty Bank and Nifty Realty gain up to 0.4 percent. Nifty Auto, however, was down 0.1 percent in trade.

RBI raises repo rate to 4.9%; GDP growth estimate for FY23 at 7.2

RBI raises repo rate to 4.9%; GDP growth estimate for FY23 at 7.2

Wednesday, June 8, 2022

The Monetary Policy Committee (MPC) of the Reserve Bank of India (RBI) today(8 June 20 22) raised the repo rate by 50 basis points to 4.9 percent (bps), citing inflation concerns. It has also decided to remain focused on the withdrawal of accommodation to ensure that inflation remains within the target going forward while supporting growth. The committee has decided to retain the GDP growth estimate for FY23 at 7.2 percent, said RBI Governor Shaktikanta Das. On the assumption of a normal monsoon in 2022 and average crude oil price of $105 per barrel, inflation is projected at 6.7 percent in 2022-23, with Q1 at 7.5 percent; Q2 at 7.4 percent; Q3 at 6.2 percent; and Q4 at 5.8 percent, with risks evenly balanced. Read more

MARKET UPDATE: Sensex up 190 points to 55,298 and Nifty up 59 pts to 16,476

MARKET UPDATE: Sensex up 190 points to 55,298 and Nifty up 59 pts to 16,476

Wednesday, June 8, 2022

The Indian markets turned positive after the Reserve Bank of India (RBI) retained the GDP growth forecast at 7.2 percent today(8 June 2022). It, however, hiked the key repo rate by 50 bps to rein in inflation. This was the second raise in a row this year, which came in line with Street's expectations. With this, the repo rate now stands at 4.9 percent, up from 4.4 percent. RBI Governor Shaktikanta Das added that the MPC has decided unanimously to keep the policy stance ‘withdrawal of accommodation’. The BSE Sensex was up 190 points to 55,298 and the NSE Nifty50 was up 59 pts to 16,476. On the inflation front, the central bank raised the consumer price (CPI) or retail inflation forecast for FY23 to 6.7 percent from 5.7 percent. Sector-wise, Banks, Financials, Metals, PSBs, and Realty indices held nominal gains on the Nifty. While, Auto, IT, Pharma, FMCG, and Consumer Durables were the top losers, down up to a percent.

RBI raises repo rate by 40 bps to 4.40 per cent

RBI raises repo rate by 40 bps to 4.40 per cent

Wednesday, May 4, 2022

RBI Governor Shaktikanta Das today(4 May 2022) said the Monetary Policy Committee (MPC) has unanimously voted to increase the repo rate by 40 basis points to 4.40 percent with immediate effect. The Governor said that the MPC has also decided to remain accommodative while focusing on withdrawal of accommodation to ensure that inflation remains within the target going forward while supporting growth. Consequently, the standing deposit facility (SDF) rate stands adjusted to 4.15 percent and the marginal standing facility rate (MSF) to 4.65 percent. Read more

No relaxation in asset classification, provisioning norms for NBFCs : RBI

No relaxation in asset classification, provisioning norms for NBFCs : RBI

Friday, December 17, 2021

The Reserve Bank of India (RBI) has turned down the request of non-banking financial companies (NBFC) to relax asset classification and provisioning norms. This will give rise to bad debt numbers of such para banks on technical grounds while making asset quality norms standardised across banks and NBFCs. The para banks are now rapidly filling in the positions left vacant by the risk-averse banks, and their asset book is close to 20 percent of banks’ total credit. The NBFC lobby group Finance Industry Development Council (FIDC) had approached the RBI to offer relaxation in the NPA norms, but the RBI has declined to do so, according to the sources. Read more

RBI leaves key interest rates unchanged;economy better prepared to deal with Covid, says RBI Governor

RBI leaves key interest rates unchanged;economy better prepared to deal with Covid, says RBI Governor

Wednesday, December 8, 2021

The Reserve Bank of India’s monetary policy committee (MPC) today(8th December 2021) maintained key interest rates for a ninth straight meeting, retaining an accommodative stance amid the threat surrounding the Omicron coronavirus variant. Repo and reverse repo rates remain unchanged at 4 percent and 3.35 percent, respectively, said RBI governor Shaktikanta Das in a statement after a three-day meeting of the committee in Mumbai. The central bank maintained its FY22 GDP forecast at 9.5 percent and projected retail inflation to be at 5.3 percent. "Indian economy hauled itself out of its deepest contraction; we are better prepared to deal with Covid-19,” said the RBI Governor. "Given the slack in the economy and the ongoing catching up of activity, especially of private consumption, which is still below its pre-pandemic levels, continued policy support is warranted for a durable and broad-based recovery," he said. Read more

RBI deputy governor sees FY22 inflation at 5.7% or lower

RBI deputy governor sees FY22 inflation at 5.7% or lower

Thursday, September 16, 2021

The retail inflation fell to 5.3% in August and stayed within the Reserve Bank of India’s target range for two successive months. This could lead the RBI to revise the inflation projection for the current financial year. In the August review of monetary policy, RBI revised its inflation projection for the current financial year upward to 5.7% from 5.1% projected in the June policy review. Read more

Market rally would remain broad-based going ahead: Experts

Market rally would remain broad-based going ahead: Experts

Wednesday, September 15, 2021

Markets have been trading sideways ahead of the meetings of the two major global central banks – the US Federal Reserve and the Reserve Bank of India (RBI) – over the next couple of weeks. Market experts expect natural profit-taking to happen with rising markets, but do not see any meaningful correction unless there is a more aggressive taper stance by the US Fed. They are cautiously optimistic on markets for 2021, on surplus global liquidity, and benign interest rates. The US Federal Reserve (US Fed), prior to the pandemic, had an outstanding balance sheet size of $4.2 trillion as of December 2019, which doubled in size to $8.3 trillion. Likewise, the European Central Bank (ECB), which had a pre-pandemic balance sheet size of 4.7 trillion euros also saw a similar proportional increase in size to 8.2 trillion euros. This liquidity is providing support to asset inflation in high-risk asset classes, including emerging equities like India. Read more

Banks in India report loan fraud worth Rs 5 trillion

Banks in India report loan fraud worth Rs 5 trillion

Monday, May 24, 2021

Banks operating in India reported fraud of Rs 4.92 trillion as of March 31, 2021, which represents nearly 4.5% of the total bank credit, showed Reserve Bank of India (RBI) data, according to a reply to an RTI query. The data showed 90 banks and financial institutions reported a total of 45,613 cases of loan fraud till March 31, 2021. State Bank of India – the country’s largest lender – reported the highest amount of loans as fraud - Rs 78,072 crore as of March 31, 2021. SBI is followed by Punjab National Bank (Rs 39,733 crore), Bank of India (Rs 32,224 crore), and Union Bank of India (Rs 29,572 crore). The top five banks account for 42.1% or Rs 2,06,941 crore of the total frauds classified by the banks. Read more

RBI announces relief measures to cushion NPA blow from second Covid wave

RBI announces relief measures to cushion NPA blow from second Covid wave

Wednesday, May 5, 2021

The announcement of Reserve Bank of India(RBI) a fresh round of restructuring of loans for individual and small borrowers for up to two years is a start of a possible long-drawn battle, say analysts who hailed the timely action by the central bank but fell short of giving a verdict on the impact on the sector. The possible impact on the banking sector of the announcements is difficult to be assessed at the moment as the Covid-19 situation remains precarious, they say. “The RBI has done something, to begin with, which addresses the concerns of, both, the lenders and the borrowers because of the uncertainty due to the rising cases and subsequent lockdowns,” says an expert. He also adds that to pre-empt the situation and comment on the impact is extremely difficult right now because we don’t know how long the local lockdowns will stay or whether the vaccination drive will pick up sooner than expected to improve the economic situation.

RBI does not want rupee appreciate much?

RBI does not want rupee appreciate much?

Wednesday, December 16, 2020

A torrential foreign fund inflow in India’s equity markets is getting mopped up by the Reserve Bank of India (RBI), swelling its reserves and preventing the rupee from appreciating. The intervention is leading to two outcomes: It is not letting the rupee to appreciate and adding liquidity in the banking system to help the government borrow a record Rs 12 trillion from the market.

Relief on NPAs extended after govt tells interest issue being looked into

Relief on NPAs extended after govt tells interest issue being looked into

Thursday, September 10, 2020

Today(10th Sept.2020)The Supreme Court of India extended its interim order that no account is to be declared NPA till further orders after the Centre said an expert panel has been set up to look into the issue of interest being charged by banks on instalments deferred during the moratorium period due to the COVID-19 pandemic. The top court was hearing a batch of pleas which have raised the issue of interest being charged on instalments which were deferred during the moratorium period due to the COVID-19 pandemic. The top court granted two weeks to the Centre and Reserve Bank of India (RBI) to file the affidavit and place before it the decisions taken in this regard. Read more

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