Sensex Today live: Stock Market Highlights: Sensex snaps 7-day losing streak,

Indian shares rose on Friday to record their best quarter in a year, boosted by banks and metal stocks, after the country’s central bank hiked its key policy rate for the fourth straight time as expected to bring down persistently high inflation.

The NSE Nifty 50 index ended up 1.6% at 17,094.35, and the S&P BSE Sensex gained 1.8% to 57,426.92. Both the indexes posted their biggest percentage jump in a month, breaking a seven-day losing streak.

The Nifty and the Sensex ended up more than 8% this quarter.

The Reserve Bank of India (RBI) has now raised interest rates by a total 190 basis points since its first unscheduled mid-meeting hike in May but inflation continues to remain stubbornly high – a phenomenon that is affecting much of the global economy.

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Sterlite Power postpones IPO plans on current market volatility

Sterlite Power on Friday announced deferring its Rs 1,250 crore-IPO in view of current volatility in the stock market. In August 2021, the company had filed the Draft Red Herring Prospectus (DRHP) with markets regulator Sebi. The Initial Public Offer (IPO) was to be worth Rs 1,250 crore.”Sterlite Power, a leading private sector power transmission infrastructure developer and solutions provider, announced the postponement of their plans to go public through an IPO,” it said in a statement.Pratik Agarwal, Managing Director of Sterlite Power, said that given the volatility in the current markets and the limited window available under the currently filed DRHP, it has been decided to withdraw the DRHP.

Fed’s hawkish approach to tame inflation through aggressive interest hikes was a misfortune for the domestic market’s bull-run. Although the domestic economy is buoyed by solid fundamentals, the stock market’s appetite for risk has been hindered by the rising worry of a worldwide recession. As the 10yr yield spread between India and US fell to a multi-year low, foreign investors have started departing from the Indian market. This, along with increased interest in the dollar as a safe haven option, forced the rupee to trade at its all-time low levels. Domestic investors have been turning to IT and pharma companies, which have been in a consolidation phase for the past year and are now benefiting from the INR depreciation. However, an in-line rate hike along with the RBI’s confidence in the economy’s growth momentum helped the domestic market to alter the losing streak. The choice to maintain inflation at 6.70% with a slight reduction but a sound GDP prediction of 7.0% demonstrates the Indian economy’s resiliency

– Vinod Nair, Head of Research at Geojit Financial Services

Markets recovered sharply on Friday and gained over one and a half percent, tracking firm domestic cues. The beginning was downbeat however the Nifty index recovered in no time and witnessed strong momentum post the MPC’s monetary policy outcome. It finally settled at 17,094.35 levels; up by 1.64%. All sectors contributed to the move but it was banking and financials which topped the gainers’ list.The rebound was overdue but the key is to hold the gains amid the feeble global cues. We feel the recovery would strengthen above 17,200 in Nifty while 16,800 would continue to act as critical support. Meanwhile, participants should stay focused on overnight risk management and prefer index majors over others.

– Mr. Ajit Mishra, VP – Research, Religare Broking

Nifty snapped its losing streak as the index posted a gain after seven consecutive days of correction. On the lower end, it found support at 16800 and moved up. On the daily chart, the index has formed a bullish engulfing pattern. The daily RSI is seen to be entering the bullish crossover. Going forward, the trend may remain bullish with an upside potential of 17300/17500. On the lower end, 16950/16800 may continue to act as crucial support for the short term.

– Rupak De, Senior Technical Analyst at LKP Securities

With most key events now behind, market finally found some strength on Friday. After 7 consecutive fall, Nifty witnessed strong rally and closed with gains of almost 300 points. It also reclaimed the 17,000 zones, making the short term technical view positive. Nifty can now move towards 17,500-17,700 zones with key support around 17,000 and 16850. Auto and consumption sectors would be in focus ahead of monthly sales data and high demand in the ongoing Navaratri festival. Pharma sector is seeing some value buying as market focused on defensive names in times of global uncertainty.

– Siddhartha Khemka, Head – Retail Research, Motilal Oswal Financial Services

Rupee ends volatile week on strong note after RBI raises rates

The Indian rupee strengthened on Friday at the end of a volatile week, after the Reserve Bank of India…

Read More: Sensex Today live: Stock Market Highlights: Sensex snaps 7-day losing streak,

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