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Market Live updates: Indices extend gains, Sensex up around 175 points, Nifty above 16,450; Reliance,… – Moneycontrol

June 08, 2022 / 03:23 PM IST

RBI would pause for breath after December on hikes, says QuantEco’s Shubhada Rao
After Wednesday’s 50 basis points hike in the repo rate, the Reserve Bank of India still have 75 bps to go, Shubhada Rao, founder of independent research firm QuantEco Research Ltd. Rao pointed out that the RBI has raised its inflation forecast by a massive 100 bps, which shows that the central bank has anticipated every possible adverse effect. While the cash reserve ratio was untouched, she feel, it is still on the table to be used. Her assessment is that in February policy, the RBI could take a pause to assess if the government’s fiscal position is changing. The new fiscal year budget would be out and the fiscal position for FY23 would be known. The RBI would want to assess how the government’s fiscal position for the next year would be.  It could resume its rate hiking cycle in April.

June 08, 2022 / 03:11 PM IST

June 08, 2022 / 03:04 PM IST

Market at 3.00 PM
Indices remain under pressure after repo rate hike, Sensex trading lower by around 200 points, Nifty below 16,400
The Sensex was trading lower by 209.38 points or 0.38% at 54,897.26 and the Nifty was down 57.35 points or 0.35% at 16,359.3. About 1541 shares have advanced, 1734 shares declined, and 124 shares are unchanged.

Source: BSE

June 08, 2022 / 02:51 PM IST

ISMA increases 2021-22 sugar output estimate to 36 MT
Indian Sugar Manufacturers Association (ISMA) increases 2021-22 sugar output estimate to 36 MT. The country had achieved a sugar output of 35.7 MT till June 6 as compared to 30.7 MT during the same period last year. ISMA has inked contracts to export around 9.5 MT sugar for 2021-22 out of which 8.5 MT of sugar was exported during the period of October to May.

June 08, 2022 / 02:39 PM IST

Repo Rate Hike To Impact Home Loan Borrowers

“The repo rate hike by RBI will impact the home loan borrowers, both the existing as well as the new ones. The hike is positive for the banks and the NBFCs but it is a burden for the borrowers. RBI has raised its inflation forecast for FY23 by 100 basis points to 6.7%, citing supply shocks emanating from the Russia-Ukraine war and the consequent surge in commodity and oil prices. This is very worrisome,” Kunal Valia, Chief Investment Officer – Listed Investments at Waterfield Advisors said.

The rise in inflation will impact the purchasing power. Simultaneously, the borrowing cost has gone up too. This dual phenomenon will lead to a slowdown in the economy. Having said that, the repo rate is still lower than the pre-pandemic level of 5.15 percent. There is room for RBI to increase the repo rate up to 5.5%, he added.

June 08, 2022 / 02:32 PM IST

Short Build-UpBased on the open interest future percentage, Gujarat Gas, GNFC, Polycab India, Deepak Nitrite, Metropolis Healthcare, ICICI Lombard, SRF, LIC Housing Finance, Aditya Birla Fashion & Retail and Bata India saw highest short build-up.An increase in open interest, along with a decrease in price, mostly indicates a build-up of short positions.

Short Build-Up     Based on the open interest future percentage, Gujarat Gas, GNFC, Polycab India, Deepak Nitrite, Metropolis Healthcare, ICICI Lombard, SRF, LIC Housing Finance, Aditya Birla Fashion & Retail and Bata India saw highest short build-up.    An increase in open interest, along with a decrease in price, mostly indicates a build-up of short positions.

June 08, 2022 / 02:21 PM IST

RBI hikes repo rate by 50 bps to 4.9%. Should you invest in debt funds now?

RBI hikes repo rate by 50 bps to 4.9%. Should you invest in debt funds now?

Investing your hard-earned money in fixed income space is a tough call, given the anticipation of higher interest rates going forward

June 08, 2022 / 02:13 PM IST

June 08, 2022 / 02:09 PM IST

Market Update:

The market wiped out all gains in afternoon to trade lower with the Nifty50 falling below crucial support of 16,400 mark and the BSE Sensex shedding around 200 points, dragged by Bharti Airtel, Reliance Industries, ITC, IndusInd Bank, Asian Paints, Axis Bank, HUL, ICICI Bank, and Infosys.

However, Tata Steel, SBI, Bajaj Finance, Titan Company, Maruti Suzuki, Bajaj Finserv, TCS and HCL Technologies are top gainers.

June 08, 2022 / 02:04 PM IST

MRPL Gains 200% in 2 Months:Mangalore Refinery and Petrochemicals (MRPL) has been gaining strength since the end of March this year despite intermittent correction. It has rallied 200 percent in last more than two months.

MRPL Gains 200% in 2 Months :    Mangalore Refinery and Petrochemicals (MRPL) has been gaining strength since the end of March this year despite intermittent correction. It has rallied 200 percent in last more than two months.

June 08, 2022 / 01:56 PM IST

Fund Raising by Ujjivan Small Finance Bank

Ujjivan Small Finance Bank informed exchanges that the board has approved the proposal for raising of funds by way of issuance of non-convertible debt securities upto Rs 1,500 crore on a private placement basis, in one or more tranches, within a period of 1 (one) year from the date of seeking shareholders’ approval.

June 08, 2022 / 01:49 PM IST

Lupin Receives Tentative Approval from USFDA for Ivacaftor tablets

The pharma major said it has received tentative approval from the United States Food and Drug Administration (FDA) for its abbreviated new drug application (ANDA) Ivacaftor tablets which are available in 150 mg strength. This drug is a generic equivalent of Kalydeco tablets of Vertex Pharmaceuticals Incorporated.

This product will be manufactured at Lupin’s Nagpur facility in India. Ivacaftor tablets had estimated annual sales of $109 million in the US (as per IQVIA MAT March 2022).