Nifty50: 17,784 ▲ 144 (+0.8%)
Sensex: 59,447 ▲ 412 (+0.7%)
- The market snapped its three-day losing streak after the RBI kept interest rates unchanged.
- In all, 42 of the Nifty50 stocks closed in the green.
- Focus is now expected to shift to the Q4 earnings season, which will start next week, starting with IT heavyweights TCS and Infosys.
Among the Nifty sectoral indices, Metal (+2.0%) and FMCG (+2.0%) were the top gainers, while IT (-0.08%) was the sole loser.
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| Top gainers | Today's change |
| Grasim | ▲ 6.0% |
| ITC | ▲ 4.7% |
| SBI Life | ▲ 4.3% |
| Top losers | Today's change |
| CIPLA | ▼ 2.3% |
| Tech Mahindra | ▼ 1.2% |
| Maruti | ▼ 0.9% |
For more updates on F&O, click here.
Here are the top stories of the day.
RBI leaves rates unchanged, cuts FY23 GDP estimates
The RBI has kept the interest rates unchanged at 4% and said that it will support growth for as long as necessary. It has also cut the GDP forecast for FY23 from 7.8% to 7.2%.
Further, the retail inflation forecast has been raised to 5.7% from 4.5% considering factors like high crude prices and escalating geopolitical tensions. RBI’s next interest rate decision meeting will be held during 6-8 June.
Capital boost for Adani Group companies
Three Adani group companies are set to receive $2 billion (about ₹15,400 crore) as capital from Abu Dhabi-based International Holding Company (IHC), through the preferential allotment route. IHC will invest ₹3,850 crore in Adani Transmission, ₹7,700 crore in Adani Enterprises and ₹3,850 crore in Adani Green Energy.
Adani Enterprises said that the funds will be utilised for the growth of the respective businesses and further strengthening of the balance sheet.
Chola Fin surges on strong Q4 update
Shares of Cholamandalam Investment and Finance Company surged 8% today after it reported a robust set of Q4 numbers. Its loan disbursals soared 58% year-on-year to ₹12,718 crore. This sharp growth was driven by its vehicle and loan-against-property segments.
Its collection efficiency also improved to 138% in the March quarter of FY22 from 120% in the same period last year. The management said that this will result in strengthening of its asset quality.
IPO corner
Fresh shares of diversified FMCG player Ruchi Soya started trading on the exchanges today. Against this backdrop, shares of the company surged 14% intraday. Ruchi Soya had launched the follow-on public offer (FPO) last month to raise ₹4,300 crore.
Good to know
What is a repo rate?
Repo rate is the rate at which the central bank of a country lends out money to the banks in an event of any shortfall of funds. Technically, repo stands for ‘repurchasing options’. When inflation is rising, central banks, like the RBI, may take measures to control inflation which include reducing the flow of money in the economy by increasing the repo rate.
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