RBI retains real GDP forecast for FY23 at 7.2 percent
RBI retains real GDP forecast for FY23 at 7.2 percent even though it sees that the global stagflation concerns are growing and amplifying volatility in global financial markets. It beleives that the recovery in domestic economy remains firm with growth impulses becoming increasingly broad based while urban demand is recovering, rural demand is gradually improving. Capacity utilization has increased from 72.4% in Q3 to 74.5% in Q4 in manufacturing sector
MPC voted to raise repo rate by 50 bps to 4.90%
MPC voted to raise repo rate by 50 bps to 4.90% and decided to remain focused on withdrawal of accommodation
RBI Governor Das begins his address
RBI Governor Das said war in Europe is lingering and we are facing new crisis everyday which are accentuating supply chain issues.
The war has led to globalization of inflation but Indian economy has remained resilient in challenging times supported by strong macro-economy and buffers. The recovery has gained momentum and we will continue to be proactive and decisive in mitigating the fallout of ongoing geopolitical crisis on the economy. We remain focused on bringing down inflation closer to the target and fostering macroeconomic stability
Market at 10.00 AM
Indices at day’s low, Sensex trading lower by more than 200 points, Nifty around 16,350
The Sensex was down 293.18 points or 0.53% at 54,814.16 and the Nifty was down 80.1 points or 0.49% at 16,336.25. About 1225 shares have advanced, 1486 shares declined, and 154 shares are unchanged.
Source: BSE
Hindustan Oil Exploration Company (HOEC) commenced oil production and gas sales from Mumbai offshore wells
Hindustan Oil Exploration Company (HOEC) on June 8 announce that it has commenced oil production and gas sales from Mumbai offshore wells, namely D-1 and D-2. The company said that both the wells – D-1 and D-2 – have been individually brought online for production after successfully addressing the technical issues faced during pre-commissioning operations. The company has begun gas sales to Gujarat State Petroleum Corporation (GSPC) from ONGC’s gas processing terminal at Hazira.
Liquidity withdrawal expected as RBI is likely to hike rates today
Measures to tighten liquidity are expected to accompany a rise in Indian interest rates today, adding upward pressure to bond yields and increasing the need for central bank measures to support government borrowing. The rise in interest rates is not in doubt, because the governor of the Reserve Bank of India (RBI) said on May 23 that the decision woud be a “no brainer”.
Economists polled by Reuters expect a rise of 25 to 75 basis points. It will follow a 40-basis-point rise in May that kicked off the central bank’s tightening cycle, which economists expect to be relatively short.
Ravi Singh-Vice President & Head of Research-ShareIndia
Gold prices are rising a bid on weaker equities and geopolitical tensions. The dollar is easing again and will continue to support gold until there is some hawkish policy tightening by major central banks. The ECB meeting outcome is most awaited to get a clear trend in gold.
Buy Zone Above – 51100 for the target of 51300
Sell Zone Below – 50800 for the target of 50500
#OnCNBCTV18 | It has been 460 days since the last peak for emerging markets. India’s share in the EM index is going up, says Jonathan Garner of Morgan Stanley pic.twitter.com/wdsOPDZRsz
— CNBC-TV18 (@CNBCTV18Live) June 8, 2022
China’s tech stocks are rallying after the government’s latest batch of approvals for new game
China’s tech stocks are rallying after the government’s latest batch of approvals for new game raised hope that the industry is reviving. China’s entertainment regulator has approved licenses for 60 new games, a step which being seen as a move towards normalization. Beijing had cracked the whip on online gaming last summer, with regulators introducing measures to curb addiction.
Prashanth Tapse, Vice President (Research), Mehta Equities Ltd
Domestic equities are likely to see a gap up opening on the back of a strong upsurge in overnight US markets and early optimism in SGX Nifty. However, if the RBI’s rate hike decision meets street expectations, markets may price in the hike. The street suspects RBI will go for another 40-basis points rate hike. That said, RBI would also prefer to go slow on rate hikes in the backdrop of the government too responding to the inflation risks. The recent announcement on fuel tax cuts and reduction of import duties on edible oils will provide some comfort to the RBI. Besides the Reserve Bank of India, the European Central Bank is also set to meet next week with the outcome expected on June 9.
#StocksToWatch | Here’s the list of stocks that are in focus going into trade today pic.twitter.com/5HU8H6zR8N
— CNBC-TV18 (@CNBCTV18Live) June 8, 2022
#StocksToWatch | Here’s the list of stocks that are in focus going into trade today pic.twitter.com/5HU8H6zR8N
— CNBC-TV18 (@CNBCTV18Live) June 8, 2022
