Nifty50: 17,287 ▲ 311 (+1.8%)
Sensex: 57,863 ▲ 1047 (+1.8%)
- The US Fed’s rate hike was in line with street expectations, which triggered fresh buying in the Indian markets.
- Further, a line-up of rate hikes projected for 2022 also removes the element of uncertainty.
- Out of the Nifty50 pack, 46 stocks ended in the green, indicating broad-based buying.
- For the next week, expect the market to focus on the fourth wave of the pandemic and the developments in the Russia-Ukraine tussle.
All the Nifty sectoral indices, Realty (+3.1%) and Financial Services (+2.7%) were the top gainers, while IT (-0.2%) was the sole loser.
| Top gainers | Today's change |
| HDFC Bank | ▲ 5.3% |
| Titan | ▲ 4.5% |
| JSW Steel | ▲ 4.3% |
| Top losers | Today's change |
| Infosys | ▼ 1.0% |
| CIPLA | ▼ 0.8% |
| IOC | ▼ 0.4% |
For more updates on F&O, click here.
Here are the top stories of the day.
Godrej Properties soars on sales update
Leading realtor Godrej Properties announced that it sold 855 homes worth ₹1,650 crore under its Godrej Woods project in Noida within a year of its launch. This includes a sale of ₹1,141 crore in the current fiscal.
Other real estate stocks such as Brigade, Lodha, Prestige Estates were also up between 5% and 9% today, in line with overall market buoyancy. Meanwhile, the recent volatility in steel and cement prices is a cause of concern for the sector. Also, an overhang of interest rate hike persists in the rising inflation rate scenario.
PTC India Financial gets legal boost
Shares of the power-infra financier rose over 7% intraday after getting a favourable decision in the AP High Court. The court has directed power distribution company Danu Wind Parks (DWP) to clear all dues with arrears as per the power-purchase agreement within six weeks of the order.
PTC India Financial (PFS) had sanctioned debt to the tune of ₹286 crore to DWP for its two wind power projects in Andhra Pradesh. However, due to non-payment of dues, DWP was marked as a stressed asset by PFS
Interest rates to rise quicker?
In a move to combat soaring inflation, the US Fed has hiked interest rates by 0.25% taking it to 0.5% for now. The hike in rates will mean higher loan rates for consumers.
The rates could rise to as high as 1.9% by the end of 2022, faster than earlier expected. They could further increase to 2.8% in 2023. This is a steep rate hike trajectory. In general, a rising interest rate scenario doesn’t augur well for the equity markets in the long run.
IPO Corner
According to reports, IPO-bound Fab India is in talks with environment, social and governance (ESG) funds. The management of the clothing and furniture retailer said that it will decide on the investor line up after the market regulator approves its IPO. The company had filed its draft red herring prospectus with the SEBI in January this year
Good to know
Who is an angel investor?
An angel investor is an individual who gives capital to back small start-ups or entrepreneurs with their own capital, in exchange for an ownership stake in the company. Angel investors give an initial push to the start-ups to take off, as they invest at a very early stage of the company, at times even at the concept stage.
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