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Latest World News Update > Blog > Business > Volatility in Indian stock market before the RBI Monetary policy results – World News Network
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Volatility in Indian stock market before the RBI Monetary policy results – World News Network

worldnewsnetwork
Last updated: April 4, 2024 12:00 am
worldnewsnetwork 1 year ago
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New Delhi [India], April 4 (ANI): Indian stock market closed in green on Thursday after the Nifty surged 80 points to close at 22514 and Sensex also gained 350 points to close at 74227. During the Thursday’s trading session, benchmark equity indices experienced volatility following a surge to new all-time highs, as profit-taking activities emerged. In the Nifty 50 list 31 shares closed in green while 19 closed in red.
“Moreover, shifts in market sentiment were influenced by comments from Federal Reserve Chair Jerome Powell, affirming the likelihood of rate cuts while emphasizing data dependence. These developments contributed to fluctuations in Treasury yields, with the 10-year yield hitting a four-month high before slightly retracting” says Varun Aggarwal, Founder and Managing Director, Profit Idea
Notable gainers included HDFC Bank, which surged by 3% to Rs 1,526, reporting an impressive YoY growth of over 100% in retail loans for Q4. Meanwhile, NTPC, Axis Bank, Power Grid Corporation, and Tata Steel also witnessed substantial gains.
Conversely, notable losers among Sensex constituents were IndusInd Bank, Sun Pharma, ITC, Reliance, ICICI Bank, and HCL Technologies. In the broader market, the BSE MidCap index remained flat, while the SmallCap index saw a marginal increase of 0.1%.
Soni Patnaik, Assistance Vice President, JM Financial says “Nifty today broke above its congestion zone of 22500/22530 via gap up today and even closed above it. Going forward, Nifty can test 22800++ levels as long as support of 22300 level is intact”.
On the global front, Asian shares rallied as investors awaited clarity on potential rate cuts by the US Federal Reserve. Amidst geopolitical tensions and supply disruptions, commodities saw significant movements, with gold reaching a fresh record of $2,304 per ounce. Oil prices surged to a five-month peak, driven by supply concerns stemming from geopolitical conflicts in Ukraine and the Middle East.
With the Monetary Policy result due tomorrow, the market can react after the announcement of results. (ANI)

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